All Forum Posts by: Brandon Vukelich

@Travis Reed it says in your title that you are a real estate agent yourself. Are you surfing Zillow in other markets?  Depending on what you're looking for, local wholesalers may be able to send deals your way.  Do you not see the value in having a solid agent on your team to locate, negotiate and close deals?  

Either way, sounds like you're speaking from the investor side. I'd be curious if you have a standard offer process for listings 30+ DOM. There are deals to be found that hit the market day one and stale listings may be sitting for a good reason, research into the scenario is key before throwing out verbal offers.  Which (BTW) don't mean a whole lot to me personally on my listings.  I've had so many verbals shot my way. I tell them to go ahead and write it up but then most buyers never actually submit anything, in writing.

Also, unless you sign and accept a dual agency agreement, that listing agent is going to be solely representing the best interests of the seller.  Not sure how many deals you've done so I'm not questioning your experience.  If you're relatively new, a veteran listing agent can usually navigate a deal that favors a seller when dealing with an unrepresented and inexperienced buyer.

Historically, agents have done a poor job conveying our value to buyers and sellers.  When someone questions whether to have an agent assist or not, it is common to underestimate the value working with an experienced agent/broker.  My last four transactions saved my buyers (new investors), anywhere between $30-50k per deal in the $475k-600k range, plus navigated them through inspections, appraisals, existing tenants, etc.  If you're a well seasoned investor, then I would say you have a chance of handing a deal better than bringing in a novice agent to assist.  I can also appreciate that not all investors/buyers truly need just any average agent on their side of the negotiating table.  Many agents can kill deals as well but my clients depend on me to help them find deals, analyze deals, negotiate favorable terms, navigate challenges and get them to closing.

@Ethan Wilson more details would be very helpful.  We don't expect you to share the address but what do the current numbers look like, what are the seller terms, etc.  I don't know if you're looking for $100k or $1MM.  Please send a DM with more details.  

In WA state we start as "brokers" then after 2 years (MIN) along with more continuing ed and another exam can obtain a Managing Broker's license.  After that we can obtain a designation to manage one or more real estate firms as the Designated Broker.  That's me.

I think we (agents/brokers) are better off trying to clear the confusion between agent/broker and Realtor.  Not every agent/broker is a Realtor but every Realtor is either an agent/broker/salesperson/etc that pays their dues for the "R."  Being called a "Realtor" is more frustrating than the agent/broker confusion, IMO.

 

Sorry to hear that @Suraj Guptha.  Don't mess around or delay, contact a RE attorney like Brian Hanis in Kent,  Landlord Tenant Services in Seattle or Dimension Law in Tukwila.  I'm curious, are you self-managing the property?  If so, are you a member of RHAWA?  If not, I highly recommend you join it, otherwise it is best these days in WA to use a professional PM.  Especially if you are a novice landlord in the area. I hope you're able to minimize your losses and resolve it quickly.

Congrats on passing the exam @Hillary Fox!  I'm curious, why at this time, are you considering leaving the nursing field for a career in real estate?  What is it that attracted you to making it a full time career change?  Appreciate the insight as I have a draft completed on my book for new agents and we're going through updates/additions.

@Jason Brown I'm not sure why anyone (that's not an attorney) would draft their own contracts.  Any real estate attorney in your state should already have a contract to provide you or customize something for you for a few hundred bucks or so.  Keep in mind you are transacting in real estate and that comes with A LOT of liability.  As others mentioned, you may also try connecting with a licensed real estate agent in your area and they may be able to assist with a pre-printed document available.  

@Pepper Bradford yes very subjective.  For example, we have many in the greater Tacoma area that are 80+ years old.  Really depends on what has been maintained and updated over the years.  There can be a lot of issues with knob & tube wiring, galvanized pipes, orangeburg sewer lines, etc. But as an example, one of my clients purchased a 1910 duplex that is in very decent condition and doesn't give them much headache.  Although I love the character in the 100-yr old properties, as a personal preference, I prefer to stick with 1950's or newer.  I just like the design/solid construction of most mid-century properties better and the larger floorplans. Plus the more traditional styles that developed over time, such as a side-by-side rambler duplex or stacked (shoebox) 4-plex.  Best wishes on your search!

Hey @Jim Doyle, house hacking a SF with ADU/DADU or small MF is the way to go. If you go FHA, yes, it will be tough to get properties in the Puget Sound region to cash flow after a year or two with only 3.5% down. Properties in our area need a good chunk of down payment (equity) to reach +CF. Otherwise, you would need to find something that is really underpriced (with maybe great seller financed terms) with room for rehab and catching up the units to market rents. If you're new to investing locally, I urge caution for Seattle. Landlord-tenant laws are nuts in our area, particularly Seattle and now Federal Way with many other cities following their lead. Western WA is still a great place to invest. Historically strong jobs, good appreciation, rent growth, etc. If you're trying to stay near to Seattle core, you may want to consider the better areas of Renton or Kent. Best wishes on your journey!

Not sure if you're speaking about multiple offers on a wholesale deal or traditional listing.  We're not seeing many multiple offers anymore on traditional listings but if that occurs (and don't have a pre-set offer review date), I'll notify all parties to submit highest and best by (day/time).  Give them all a day (or whatever the seller prefers) to revise their offers, if they decide to do so.  Then I will plug in all of the significant terms and conditions into a spreadsheet in order to summarize each offer for the seller.  The seller is given all offers to review in their entirety but we use the spreadsheet to highlight best terms in each.  I'll answer any questions or provide input as needed but ultimately the seller needs to be the one making the final selection.  

I will notify all parties before updating the listing status.  This is VERY important and missed by many agents.  It looks really bad for a buyer to get an update on their app about the listing going pending before they hear it from their agent.  Don't be that listing agent.  Notify all parties about the decision prior to updating the status of your listing.

If it's a wholesale deal, same.  Let all potential buyers know a day/time to submit highest and best.  Pick one and notify all parties.  Don't leave them hanging.  Does that help at all?