All Forum Posts by: Michael Shadow

Hello Dave, Welcome to BiggerPockets.

-Michael

It depends on the value of the property and also how great the deal is. If it's a $40k property don't expect a $2k referral fee. If it's a $1m property a $5k fee isn't out of order. I make my referral fees in line with how great of a deal it is and how much homework the birddog has done for me.

-Michael

We're not seeing the impact on the residential rental market yet but the commercial rental market has been getting hammered. I know a landlord that is advertising his commercial space for 2 months free and he still is not getting calls on it. He just wants to get a qualified tenant in there to pay the utilities over the winter.

-Michael

Yikes, I don't think that thing would work where I live. In the winter the snow melting off the roof would run into the gutter and probably freeze on contact with the filter material. After a little while this would create an ice dam which would then continue up the roof backing water up under the shingles causing roof damage eventually.

Another issue I see with it is that it would eventually get plugged up with grit and dirt then water wouldn't flow into your gutter anymore and probably begin to flow where you do not want it to flow. Possibly creating another backup problem like the winter scenario above.

-Michael

Dan,

Well your laptop is on it's way to making you money by spending time at BiggerPockets. Even better yet by being here it's going to help keep you from loosing your butt at the same time.

It sounds to me like you're starting out doing some birddogging. Once you find the deal you hand the whole thing over to the investor? Is that how you have made the arrangements?

-Michael

Your drive-by can now consist of looking at bing.com's birds eye view on their maps to get a good idea of what the house looks like. Google street maps may also work, depends on your area.

Also if you did take one of those guru courses what ever you do do not use their question list. Sit down and make your own list of questions in your own order.

-Michael

Hello Dan, Welcome to BiggerPockets. What area of REI are you ready to start investing in?

-Michael

If he posted a classified ad then it means he is getting more desperate to sell it.

Personally I would knock 10k off my offer and go back at him and tell him he has 24 hours to decide if he wants to take it or not. Obviously the email was a load of bull. You're already overpaying for it. If he doesn't bite on a reduced offer with the time limit I'd walk and find another deal.

Always remember in a real estate deal the buyer has the power, you can always make another deal elsewhere. Even more so in a soft market.

-Michael

Hello Jeff, Welcome to BiggerPockets. What area are you looking to start wholesaling in?

Serve them a notice similar to this one, you do have in your lease that they are required to keep the property clean, neat and orderly as well as remove garbage on a weekly basis right? Spell out what part of the lease they violated

LANDLORD'S NOTICE TO VACATE

Date:
August 15, 2009

To:
Mr Tenant
123 anystreet
yourbuilding, ST 00000

To the above Tenant and all others now in possession of the below described premises:

123 anystreet
yourbuilding, ST 00000

You are hereby requested to quit, vacate and deliver possession thereof to the undersigned on or before AUGUST 30TH, 2009.

This notice to vacate is due to your following breach of tenancy:

UNAUTHORIZED GUEST(S) STAYING MORE THAN 3 DAYS
FAILURE TO OBSERVE QUITE HOURS ON 7 AUGUST, 2009
SMOKING IN A SMOKE-FREE BUILDING AND APARTMENT

YOUR UNAUTHORIZED GUEST(S) MUST VACATE IMMEDIATELY.

Should you fail, refuse or neglect to pay your rent, cure the breach, or vacate said premises within 15 days from service of this notice, we will take such legal action as the law requires to evict you from the premises. You are to further understand that we shall in all instances hold you responsible for all present and future rents due under your tenancy agreement.

Thank you for you cooperation.

Mr. Landlord