All Forum Posts by: Steve L.

Get out and look at those comps. Try to find out who the seller is. In my farm area, there are lots of REO sales and a few retail sales. They will have wildly different prices. But, the condition will be very different. Usually, you can tell based on the seller. If you drive by, a recent REO sale will often be undergoing renovations. If you see construction under way, or it looks like its JUST been renovated and sold cheap, it was probably a fixer.

Sometimes factors that don't appear in the records. Basements, lot sizes, second floors.

Also, there are sometimes non-obvious dividing lines. The same house can sell for 20% more in one neighborhood than another, even though they're very close.

Always be conservative when determining ARV. In the MLS it should also shows deals that sold as "CASH". These deals should most likely be removed as well.

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Do you mean an Earnest Money Deposit? Pretty much any offer you submit through a RE agent will require some sort of refundable deposit.

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Why wouldn't you get an agent help you? Let the bank pay the commission, should not cost you extra?

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Originally posted by Mike Rubino:

sorry to bump an old thread, but I am looking to purchase a 4 unit in the South bay somewhere.

Have you looked at the MLS for costs of 4 units in South Bay. I am guessing they won't even come close to cashflowing.

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Originally posted by Chris A:

Wells Fargo doesn't scan the deposits. I wish they did. Is that normal?

Wells Fargo does not for me. US Bank scans front and back of all deposit slips for me. Very handy...

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Originally posted by Mr_Investor:

Why not set up something like Paypal or some online rent pay account.

And give away 2-3% of net rents?

Chris - does your bank scan deposit slips and make them avaliable online? Can you look that way?

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Originally posted by Rich Weese:

Here is my solution. I give all my tenants deposit slips to an account at a bank with 23 branches in my area. They run by the closest bank, put address on the slip and I get money, LOTSA money!! I don't have to wait for the mail, or worry about being available after hours, etc. I'm sure you could also tell your tenants that to pay your mgr, they must receive a receipt or the rent didn't count.. That will also work. Rich

Rich that seems like an interesting idea. So you just look at the scanned deposits and track who has/hasn't paid?

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We going to keep things pretty quiet. We purposely have made it so 3 projects should all finish about 2 weeks after New Years, so we can market them then.

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All Forum Posts by: Steve L.

Steve L. has started 34 posts and replied 1220 times.

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Post: accepting rent payments in cash?

Post: accepting rent payments in cash?

Post: accepting rent payments in cash?

Post: Marketing during this Hooliday season