All Forum Posts by: Chris John

@Patricia Steiner

Thank you for clarifying that.  I don't know enough about who's responsible for what in terms of buying and selling agents, but I do know that as a buyer, my agent has typically been very involved in coordinating the appraisal and making sure it's getting done.  I was really confused by Russell's comment, but it makes sense that the selling agent is technically responsible but the buying agent has a big incentive to make sure it goes well.

@Jayden Hamilton

Such a great question that takes me back to my first purchases.  I was so petrified that I'd miss something obvious.  I still don't know much about actual construction, but have learned tons anyway. 

I had a handyman that was kind enough to walk through a few of my first investment properties with me (post-offer acceptance, but pre-purchase) and pointed out what he thought needed to be done and what he'd charge (knowing that he'd end up with the business).  This gave me an eye of what I thought would need to be done and what it would run me for future properties.

I still get inspections to make sure I'm not missing something major like bad wiring, major pluming, or foundation issues, etc.  Even if I thought I knew what I was looking at, I still probably wouldn't trust myself.  For me, it's worth spending the $500 or so on an inspection to keep me out of a nightmare scenario.  I just had an inspection on a 6plex in Jacksonville that spared me a ton of headaches.

Good luck!

@Craig Janet

"So what are you going to do if the next realtor is rude?"  I'd hope the seller would walk again.  We all should.  It's easy.  Realtors are making tens of thousands of dollars on a deal.  They need to earn this.  It's not a given.

"Are you going to weasel out of the deal again?"  Well, the next time the seller weasels out will be the first time.  If conditions aren't met, conditions aren't met.

Are you completely serious or just trying to hop people up?

@Mary M.

That's sweet of you.

@Mary M.

It's hard to feel like you're not willfully missing the point, but that's fine.  Best wishes

@Account Closed

"Hell I’d gladly pay a 30% income tax"

I could be wrong (and I'm sure I'll be corrected if I am), but I think the top tax rate is 37% national and 13% (at least in California), so I'm guessing you're not alone in being happy to pay 30% income tax.  Plus property tax, plus sales tax, fees, licenses, tolls, etc., etc., etc.

"If you are so underwater that you’re only making $150 a month and will
be completely broke if someone misses a month or is late then you
shouldn’t be owning Edgar property in the first place."

So, it's fine to be in a position to not pay your rent, but it's no ok to be in a position to own a rental if the profits aren't high enough or if you don't have enough money to overcome government intervention?  Weird logic, imo.

@Sam Albury

Great post.  Thanks to you and to everyone else for the contributions on it. 

I can honestly say that this could've been me and that I have never personally done a final inspection.  I know my realtor was a pro, so hopefully he was doing them without my knowledge?  Anyway, now, I'll definitely be aware of this moving forward.

Thanks again

@Ryan Hurst

My property manager more than pays for himself because he runs it like a business.  I was too busy and too nice to keep rents at market.  Honestly, I had no idea how below market my rents were until hiring him. 

If you know you're willing to run it like a business consistently, maybe give it a run.  If not, I'd strongly consider a good manager that will.

Good luck!

"NinjaRMM LLC, a remote-monitoring and management company, quietly has moved its headquarters to Austin from San Francisco."

What else to expect from a ninja?

@Adam Olguin

Sorry.  I have no advice, but wanted to comment just to keep an eye on potential answers for future reference.  Good luck, but you might find this tough to pull off in Kalifornia.