All Forum Posts by: Brandon Vukelich

You could state "selling as-is" or "seller willing to address health or safety items identified." I don't think you need to overcomplicate it but I don't know the inspection process in your state. On my listings, we sometimes will state "seller to do no repairs" but generally buyers are welcome to submit any/all requests they want. My clients (sellers) can accept, reject or counter the buyer's requests. 

I also believe the inspection process relies a lot on how the buyer's agent prepares their buyer for the inspection. Which will obviously vary greatly. Currently in our market, I advise buyers going in that we are only looking for major safety or health concerns (foundation issues, mold, rodents, etc.) and we're not going to beat the seller up over broken light switches or a loose handrail. I've been involved in many transactions where the buyers want to ask for a crazy list of things. I generally try to talk them off the ledge and focus on big ticket items that nearly every buyer would want addressed (i.e. major sewer line issue). But to each their own.

Come from a perspective of offering value, be a solution provider. Listen to the needs of the seller and their plans after (hopefully) selling. Maybe they decided to rent it out. Offer a PM referral. Maybe they plan to do a 1031. Offer a 1031 QI referral....and so on. The last thing they likely want to hear is how great you are at selling homes. That can come later.

Congrats @Shulem Meir Silverstein on getting a license! Can't speak to NJ specifically but in general, expired listings get bombarded by agents. It's basically a free lead gen source so many chase those as well as cancelled listings too. Make sure you are SUPER efficient with your script and attempt to differentiate yourself from the crowd of one-trick-pony agents that just want the listing. Try to offer value and possible alternative solutions for the property owner. Best of luck!

Welcome @Devin Bowbliss. Do you have a buy box established and funds lined up for purchase and rehab? Deals <$500k still go quick if they are decent flip opps. Just FYI, you'll be hard pressed to find a basic flip that just needs cosmetic upgrades. Everyone would love those but even the ugly & nasty deals are super competitive if there is profit to be made. You'll likely come across a lot of "deals" presented by wholesalers with crazy low rehab estimates and unrealistic ARVs pitched. Take extra time to do your due diligence on the first one. If you break even, count that as a success as you'll likely learn a ton (aka education) as well. Best wishes on your journey!

@Nick Ortega no Plan B if you're serious about being a real estate agent long term, dig in. Focus on a niche, have conversations with people every day about real estate. There are a lot of activities you can concentrate on from free to a few hundred bucks. Phone calls, texts and emails are free. Door knock your neighborhood, offer to hold open houses, both are free. Create content, network, invite your sphere to coffee, lunch, drinks, etc. Take some RE courses to improve your knowledge, competence and skills.

I get it though, we all have bills to pay. If your situation is more dire, nobody should knock you for trying to provide for yourself and/or your family. But if you want to be successful in RE, you're going to need to work on building that sphere as big as possible, as quickly as possible and that usually means engaging people on a daily basis. Best wishes on your career!

@James Jordan have you confirmed with a lender that you won't qualify for a conventional loan with 3-20% down? If your credit is decent, you may not need to go FHA. Slightly easier to sell a conventional offer to a seller vs an FHA offer, since FHA appraisals are a little more picky.

Lots of buyers are waiting but unfortunately, they are waiting for lower rates which is going to trigger more buyer competition and likely higher prices again. You don't want to be involved in the insanity of 2020-early 2022. A popular guru phrase: "Time in the market is better than trying to time the market." Keep in mind, if you're considering anything less than 25% down, either way the deal will likely struggle to cash flow if/when you move out. House hacking is more of strategy to get started in real estate ownership and stop paying other people's mortgages (aka rent). I personally believe it is better to be out of pocket $2500/mo and own something vs paying $2300/mo and renting. But to each their own. Best wishes on your journey!

@James Jordan start with lenders first. An agent can't help you until we know what you can afford and they type of financing you're planning to use. Seek referrals vs. googling something or going straight to Better or Rocket. Any experienced agent should have 2-3 good local lenders to refer. Good to speak to your CPA but you're likely a long ways out from needing an attorney for anything. Put that on the back burner.

Yes, Seattle and Tacoma suck for small housing providers. I still own in North Tacoma which is a lot different than East Tacoma, so neighborhoods matter. Depending on your budget, shooting for a duplex in Seattle or South King will cost quite a bit more than a duplex in Spanaway/Parkland. Not sure how familiar you are with the neighborhoods and small multifamily pricing. If you're planning to house-hack, you're going to have an advantage over non-owner occ investors. If you're going to self-manage, please consider joining the Rental Housing Association of WA. If you have any questions about certain neighborhoods in King and Pierce or need input on particular multifamily properties, send me DM. Best wishes on your journey!

A few comments on your figures:

1. Unfortunately, most deals in any decent areas seem to take over 25% down to make work. Have you played with 30% or 35%?

2. Shop your PM fees. If it is a Single Family, you may be stuck at 10% but if duplex or larger, you may be able to negotiate 8 or 9. I'm assuming it is a SF at that price in Tulsa. Have you connected with KeyRenter or more than one PM?

3. Closing costs seem high at 4% unless you're accounting for 6 months impounds or reserves.

4. Again, not sure if this is a SF or MF but 7% vacancy is possibly high (depending on any current lease in place or if it's currently vacant) and depending on the age/condition, you might be able to tweak maintenance and capex. 

As @Caleb Brown mentioned about the 1% rule. Super unlikely to find that anymore in Tulsa, I've looked at some rougher deals in Tulsa that were 0.9% but you may be in the low 0.7s for better neighborhoods, based on rents in place and current asking price. Most deals take time to improve returns and are not stellar from day one after closing. Best wishes on your search!

@Erin Ramsey let's connect. I'm a DB/MB that owns an STR. Maybe we can work something out.

Deals first, then buyers. If you have a good deal to shop, the buyers will flock to it. Just need to post it in any real estate group, craigslist, etc. They buyer list is easy to build once you have decent deals in hand to pitch. 

As @Cara Lonsdale also stated: "learn your business, especially the contract paperwork you will be using. There are way too many people getting into wholesaling that are working at such a high risk level because they don't know their contracts, and are just an angry client away from litigation that could jeopardize their whole operation. Know your duties to disclose, and be transparent." 

She is offering you gold advice right there. You're not selling candy bars or a used Xbox on Craigslist. Have an attorney in your state draft your property contract docs to use. There is a lot of liability in real estate transactions. Best wishes on your success!