All Forum Posts by: Eric VanKirk

Have you thought about when you want to schedule the next event?

Finally got back into my account! I got locked out after I had them update my email address, then had a root canal that ended up cracking in half and caused my tooth to require extraction, then forgot about everything. I saw I missed the meet up on the 6th. I'm down for the next one, baring any major tooth issues, and I SO hope there are none. Hope to see everyone at the next one!

Eric VanKirk

713-806-7197

Hey Nicholas!

I'm very interested in joining the meetup. I'm pretty open to afternoon or evening meetups. Just let me know when you decide and I'll do my best to be there!

Cheers,

Eric

Is anyone still active in the Houston Area?

Permitted or not, it is attached to the house so how could the appraiser not take it into account?  If it is a buy and hold I would take the appraisal as is and if the seller wants to fight it then let them, otherwise it is an oversight in your favor.  Just expect this if you go to sell it in the near future, and work with the city to get it changed.  

@Taylor Burns When you say the properties put you in a negative cash flow, is that in the hundreds of dollars or thousands of dollars. The way I look at it is I definitely want to pay as little as possible while house hacking, but paying a few hundred dollars a month while others pay the bulk of my mortgage is the goal. As long as I am not paying more than market rents for my portion then I believe it is worth considering. My big question is, how much will I be netting when I move out? If your PITI is $2,500 and you are getting $700 a room, that leaves you with $400 to make up the difference. This means if you moved out and could potentially get $2,800 in rent you would have $300 per month in income. Are you comfortable with that? That is how I look at my house hacks.

     I assume you are looking at 4 bedrooms to maximize your income, but don't ignore three bedrooms with a basement in which you could possibly add another bedroom and/or bathroom.  If you can have a separate entrance to the basement you could potentially rent that unit out for even more.  Just a thought.

As for the direct mail marketing I have been doing that for years in regard to pre-foreclosures with much success. If you are trying to find something off market then I would warn that the return comes through continuous marketing, and takes time. While still looking on the MLS keep an eye out on your drive and, if you see a house that looks interesting, check out the public records, write the owner a letter, or several, and see if they are interested in selling. You may even find a great owner finance or lease option this way.

Thanks!  Have either of you used a lease option on either a current or expired listing?  Do you involve the previous agent at all if it were expired?  And how would you structure the commission on an active listing?  

I have heard mixed responses when asking about representing myself in real estate in CO.  I was a Realtor in FL and did many flips and buy and holds where I, as the Realtor, was the buyer, and then seller on flips.  I always disclose my intention for the property and never had issue.  Since I have been selling real estate in Colorado I have heard that I should not represent myself when buying real estate.  I would be truly grateful to hear from active CO realtors doing investment deals and how they handle the acquisition and sale of any flips, buy and holds, lease options, etc.  Thank you for any information.

Eric VanKirk

I always love when I show up to a listing presentation and have the sellers show me a "Zestimate" and ask why my number is different.  It allows me to show my expertise in pricing properties and the detail I go through to make sure their house sells for the highest price the market will bear.  The first few times I was a little frustrated at the time it took to defend my  number and worry the next agent  would take the listing regardless of whether or not they could sell the house at that price, but now I welcome it.  I almost prefer it...

Unfortunately I have been in situations like this before.  I once had a listing where the buyers came straight to me instead of going through their Realtor as they were told by another seller that the reason they didn't get the last property was because of having an agent.  The seller's agent had found a buyer and convinced his sellers to go with his buyer, very illegal and unethical.  I have also seen agents withhold offers in order to buy the property for themselves, also illegal and unethical.  Your best bet is to have your agent contact the listing broker's employing broker and let them know the situation and request to be present when your offer is presented.  Depending on the property, I like to be present during as many offers as I can, whether for myself or my clients, so as to present the strongest offer possible.  It's hard to negotiate on your client's behalf if all you're doing is presenting a piece of paper and checking yes or no.  That isn't negotiating, lazy Realtors just think it is...