All Forum Posts by: Shari Posey

Will--
How did you make this contact or was it someone you already knew?

I used to attend some huge REO conferences and the agents were crawling over the asset managers like ants at a picnic. It was kind of disgusting--at least not my style. At the last one I went to a few years ago one of the old-timer REO kings in our area said nowadays to make connections you have to plunk down some serious cash wining & dining, golf, strip clubs, etc. These were just agents trying to get listings but I can only imagine this is true for investors trying to buy a portfolio of 20-100 homes as well. Is it?? How does it really work in 2013?

In my So Cal market, almost everything under $700k is getting multiple offers. Actually, sometimes over $700k, too. Under $450k it's investors and homeowners competing against each other. Yesterday I previewed a dump priced at $460k with 30 offers on it in a neighborhood where I had a client buy a nicer house 5 months ago for $425k. That's 29 other buyers who are still looking for property!

So Cal the market is peaks and valleys all the time. Although up until last year I thought it would be more gradual. Maybe we just don't learn our lesson.

Plenty of normal home buyers here are able to get loans.

Personally, I haven't seen what you guys are talking about with the hedge funds buying up dozens of properties in Long Beach but maybe they are doing it and I'm unaware.

I might try to make it but just for the first hour or so. I hate to admit this, but it's also a pleasure trip and talking real estate isn't what I originally had in mind before I discovered this meeting :)

Just management (mostly leasing assistance more than ongoing management) for a couple of condos.

Phillip, can you name some names for those of us who don't live in Vegas but are looking for a good property manager?

I'm going to be in Vegas that night BUT how long will the meeting last? Do you have the meeting portion prior to dinner or both at the same time? What is the agenda?

Robert, 85 days on the market is nice. I'm used to 1-7 days on the market! I might have a chance in the north Texas area. I used to live in Plano--I'll check it out.

Nice job Mike Galloway! The only thing I would have changed (from a Realtor perspective) is upgrade the master tub to a deeper one, which don't cost much more money and looks more luxurious.
By the way, I'd like to know more about the restucco process that is as cheap as painting. Is it a special process?

Christopher--Do not use laminate counters or flooring! Even in low-end homes people want granite and tile. For a kitchen you should be able to find cheap close out travertine tile.

Put a dishwasher in.

If you can find cabinets that go all the way to the ceiling, that's what I would choose. We have an investor in our area that is doing all of his rehabs with white IKEA cabinets and the houses sell fast!

I guess it depends on the type of neighborhood where the house is located. Is it middle-class or upper middle? If so, make the kitchen nice--it sells the house.

Christina--I doubt you are following this thread but I'll post it anyway.

First of all, the person who "won" the property didn't win it; they paid your delinquent HOA dues & late fees that you didn't. Sorry to sound harsh but I'm sure the HOA gave you several warnings of what would happen if you didn't pay them. (In California, it's the law to inform the owner what will happen so they have the chance to pay before the sale--it's a long process with plenty of opportunities to pay.)

As a board member and condo owner in several HOAs, delinquent dues are a huge burden. Getting rid of dead-weight is not an easy process and not taken lightly in foreclosing on an owner but it's the only way to stop the bleeding.

So I would expect the new owner wants to make money on their unit and it will also be a relief to the HOA to having a paying owner again.

Great additional tips!!!

Honestly, it really makes agents and buyers pissed off when we see bad rehabs--it's a lack of respect for both the agent who has to waste time showing these homes and the buyer who is making most-likely the biggest financial decision.

(I wouldn't even call most of them "rehabs" because they are mostly just putting a little lipstick on and flipping.)