All Forum Posts by: Canesha Edwards

@Mitzi Tena

If you’re sure the property is off market and doesn’t have PM in place then, yes. As an agent you don’t want to impose if the property already has representation.

@Sean Moore

Hey Sean,

I try to avoid doing business with friends and family all together because things always seem to go bad. However, I do understand your problem. So, here’s my 2 cents.

I would treat them like any other tenants, charge the regular rent amount, etc. Don’t change anything about how you would normally do business. Just my opinion.

Best,

Canesha

@Jordan Manning

Hey Jordan. Couple of questions.

Will this be on a deal by deal basis? Or are you creating a partnership for long term investing situations?

You need to clearly define what your responsibilities and the responsibilities of the private investor. What’s the Equity split once the property is sold? You mentioned the investor providing the 10% only. So, will you pay for any other fees that maybe be associated with the flip? Permits, interest on the loan, etc?

I recommend sorting all of this out. Find a template on google and draft something that’s custom to your situation. Then have a lawyer look over it to make sure everything is in order from a legal perspective in terms of the laws within your state.

Hope this helps.

Best,

Canesha

@Jesse Howard

Welcome and congrats on taking the step to get started in RE. To Address your first question.

I would look for an agent that is also an investor. I’ll always ask the question, if they are investors themselves. If they don’t invest, maybe they have investor clients who they work with.

As far as finding a mentor.....they are not necessarily needed. I think this is a limiting belief. Information is super accessible so you can find answers to your questions on the internet or in a book. Help yourself before you look for help from someone else. If you want to house hack, there are plenty of books you can read in regards to that. Have you decided on an area? Have you analyzed the Market? What are the market rents for the area you want to invest in?

Have you talked with a bank about getting pre-qualified for a loan. Are you financing via FHA or a conventional loan?

A mentor is someone to help you avoid pitfalls and obstacles along the way. You have to take the first step. My challenge for you is to take the information I provided and find the answers to those questions. Then come back here with a deal for the experienced investors to help you analyze. This is how you learn.

Hope this helps. PM me if you have any other questions, always happy to help.

Best,

Canesha

@Justin Engel

Hey Justin. I believe in being straight forward always. So, if you want someone who can be both your agent and property manager- state that upfront. Or whatever your expectations are, make it clear in the beginning.

@Kevin Knowlton

Sounds like a plan. Best of luck!

@Kevin Knowlton

I say go for it. Run your numbers and offer whatever works for your strategy. The seller will probably entertain the offer if the property has been on the market long enough. Even if they don’t accept, there is zero harm is making the offer. What we do know for certain is that you’ll never get the deal if you don’t make the offer.

Best,

Canesha

@Vincent D'Amato

I will look at the average days on market for that given area and use that to determine if the property has been on the market for an unusual amount of time. You never know why a property sits on the market. Could be that the property is over priced. This is typically the case but not always. Maybe the seller can’t provide a clear title. Maybe something is being found during due diligence that buyers don’t like. Or the property doesn’t appraise well. You never really know until you do some digging.

I would think the longer a property sat on the market, the better chance at a sweet deal. Just my two cents.

Best,

Canesha

@Mitzi Tena

Congrats on passing your test! Speaking it into existence! Just putting that out there! :) Have you decided on a brokerage to join?

Now- you are absolutely correct this is a golden opportunity for you as a new agent. However, depending on the location of the property, the owner is probably receiving plenty of calls and mail about the property.

Still- I suggest writing a hand written letter to the owner. In the letter I would explain just as you stated that you live in the area and noticed the vacant property. Also, include your suggestions about managing the property. If the owner has multiple properties, this could just be a property that he doesn’t pay much attention to. If you don’t receive a response, no biggie. Keep sending letters. You will soon learn the importance of follow-up as an agent.

Hope this helps.

Best,

Canesha

@Justin Engel

Hey Justin. Welcome.

As an investor, I would look for an agent that also invest. You want someone who is honest and will tell you when a property is overpriced. You also want someone who has the ability to give you solid rehab estimates or has vendors who can take care of this. Even if the agent refers you to a contractor- always do your due diligence on the person. Ask for references, pictures of previous work, etc. This is Especially important if you are investing out of state- you have to trust your agent and contractor to be your boots on the ground.

In terms of property management you want a licensed company. Questions to ask:

1. What’s the PM fee and what all services does this include?

2. Inquire about the marketing plan.

3. Tenant selection process?

4. Rent collection and landlord payment.

5. How does the company handle late rent.

6. How are maintenance requests handled? Does the company have in-house maintenance workers? Or is this outsourced?

This is just my opinion of course. Others might tell you different. Hope this helps.

Best,

Canesha