All Forum Posts by: Karen Margrave

Monica, was it you that posted on short sales, you find sellers behind in payments, get an agent at another office to do a one party listing where they agree not to show the property to anyone else, you submit an offer to the bank and purchase the property? If so, is that legal? If so, sounds like a great plan!

A question - Was the man you hired a "licensed contractor" or an "unlicensed" handyman? All to often people wanting to "save" money hire unlicensed contractors, only to end up with costly problems, later realizing that hiring a licensed contractor in the first place would actually have saved them money.

Seriously, you don't know what happened? First off, you hired someone that has another job going and is working your job as a side job, meaning by definition, it's a side job, and gets time as he has it available. Then, you refer him to someone else that has multiple houses? To add insult to injury, you are saying how you want to hire him for other jobs. Why? Now you're on here asking what happened? YOU happened.

In addition, thinking that if a contractor is successful and drives a nice truck, they aren't motivated is ridiculous. Does that mean as an investor you need to live in a shack to prove you invest your money in your business, of course not. If a contractor is good at their job, they make money, and can afford cars, trucks, houses, etc. On the other hand, the fact one drives a junker doesn't mean they aren't a good contractor, their priorities just might not be their truck! Crazy theory in other words.

Find a contractor that wants the job, and has the time to do it. Pay them good rates (contractors have bonds, licensing, insurance, etc. that they have to pay), have a set date work needs to be finished by, and don't pay for work that hasn't been done. Put the contract IN WRITING. You don't want to find someone that starts a job and can't finish it, because most contractors won't come in behind another due to liability issues, unless you pay them really good for the risk.

You do realize that many of the people on those shows are actually paid actors don't you? Though some of the situations are real, they are dramatized. Also, many of the jobs were done in high end southern California areas, before the market crashed.

Though design ideas are easily adaptable, don't base how you handle your day to day business on these shows.

As for inspecting the work, contractors are licensed, bonded and insured, and they are responsible for their work. Check their license. Get references. Pay on time as stipulated in the contract. Also, remember to tell them upfront that you are going to be the inspector on the job and your experience or lack of as a contractor, and what portions of the job you will be inspecting, so that they can figure that into the timeline, and their costs.

When it comes to marketing do you do both email marketing campaigns AND direct mail, or strictly direct mail. Why?

We relocated to a new area, having come from a smaller city where we were very well established, but was hit extremely hard by the crash. We now need to start finding investors/buyers for projects we are planning. We mostly develop new (SFR, and small commercial office condo projects which are sold to owner/users or investors (we handle lease up for investors if necessary).

I'm just curious with your experience, which marketing has been most effective for you. You are marketing to property owners, we need to market to investors/buyers, however results should be comparable for both. Plus any other input is appreciated!

I know this is a change of subject, but this group seems to be experienced in marketing, so... When it comes to marketing do you do both email marketing campaigns AND direct mail, or strictly direct mail. Why?

We relocated to a new area, having come from a smaller city where we were very well established, but was hit extremely hard by the crash. We now need to start finding investors/buyers for projects we are planning. We mostly develop new (SFR, and small commercial office condo projects which are sold to owner/users or investors (we handle lease up for investors if necessary).

I'm just curious with your experience, which marketing has been most effective for you. You are marketing to property owners, we need to market to investors/buyers, however results should be comparable for both. Plus any other input is appreciated!

I remember when real estate contracts in California were legal size paper, two sided, one page. Now thanks in part to all the complicated contracts and disclosures involved, many buyers/borrowers don't have a clue as to what they're signing, and hence the isues with mortgages! Personally, I think the simpler the contract the tighter and better the contract.

William T. You're so right! When I first got my R.E. license, interest rates were 18%, everyone thought I was crazy getting into the business then. Every buyer I worked with, I was thrilled to be able to find them their first home, a house for their family, a retirement property, and every seller to be able to accomplish their goal, etc. Not really paying attention to it, within only a few months I had made the million dollar club at a time when properties in our area over $80,000 were rare, and I was one of the top producing agents for the year. Someone once said, do what you love, and you'll never work a day of your life.

Nick Weidner the definition of market value is what a willling seller and willing buyer come to terms on. If you purchase a home for $30,000 and other similar homes in the neighborhood have sold for more, establishing value, then you were lucky and purchased below market value and have a great deal. On the other hand, if a large number of homes in the neighborhood have been foreclosed on and sold in the $30,000 range, until someone starts fixing them up and reselling for higher numbers, you have purchased a home at its current market value. If that neighborhood has potential to command higher sales prices once foreclosed properties are rehabbed and resold, then it can be a good deal. That's where doing your homework, and KNOWING your market comes in.

Sounds like a sweet deal to me. Call a few places on insurance and get rates. Good luck.