All Forum Posts by: Edward Burns

That is also negotiable between you and the listing broker, but would usually be a 50/50 split between agents. You are the one contracting for their services, and have the right to determine what you are willing to pay for the service. By the same token the listing agent can refuse the listing if he feels it is unreasonable. Negotiate just like you would when buying a house or car. You don't get if you don't ask.

Again, if the property is in good to excellent condition, price fairly, and located in a hot neighborhood, you should have no problem. While they are used to the standard 6%, a good agent can determine the amount of effort he(she) needs to put into the deal to make it work. So if it appears to be a quick easy sell for them, they will be more willing to work with you.

As to other things to do during the assessment period. Check all the current leases. But I would not worry about environmental testing.

Seeing that you have a similar size property already that 1 maintenance man can handle, would be go with two at the beginning and reduce that to one after the deferred maintenance is caught up. If all three maintenance men are good (the two at the new place and the existing one) I would find a way to keep all three until one leaves on his own volition.

I would negotiate with a full-service listing agent for a total real agent fees of 5%. If like you say, it should be an easy sell, they should welcome the work. While not saving the $7.5 K or $6.5K you will still save probably $4K (I guessing based on your numbers) and still get good service.

If you list on MLS with a discount broker, and buyers are steered away from you, you now have a stale listing that has cost you holding fees in the meantime. Switching then to a full-service agent might still carry animosity from some agents with it. In addition, based on your numbers I am guessing the house is in the price range of $400-500K so every month it goes unsold, you are probably at over $1K in carrying cost.

The answer to your question is it depends on what you want, can afford, and make a profit on. 5 properties in the first of investing is a lofty goal, good luck.

Welcome to Bigger Pockets and good luck in your new career endeavor.

By public adjuster, I am assuming you mean an independent adjuster, one who does not work full-time for your insurance company. Either way, the adjuster is there to provide estimates of repair costs to the insurance company so that the company can decide how to proceed. You do not have to accept their estimate.

With the tenant definitely refund the deposit and prorated rent as a minimum. The tenant is facing unexpected costs and grieve do to this. While not suggesting you allow yourself to be walked over, since you owe them the money simply pay that, and tell them to keep in touch that you have find out what is happening from the insurance company (and that can take some time).

And I live in Northern Illinois, not much different. So you an average of 30 days of snow, even if it used 1 gallon of gas per snowfall, you are looking at 30 gallons of gas * $4.00/gal. or $120.00 for the year. A lot cheaper than having an outside company or doing it yourself.

Vacant property!

If they are willing to handle the snow removal, I would have no problem buying the gas for them. The benefit to me would far outweigh the cost, IMO.

Interesting question. The normal parking space width, if I remember correctly is 9 feet wide, thus for two vehicles you would need 18ft of width for the cars. When you add in the swing circumference of a walk-in doorway (assuming it opens inwards), you need to add 3ft. So the minimum width in my opinion would be 21ft. I would go 22x22