All Forum Posts by: Gail W.

I started this thread to keep from threadjacking another thread that is trending here.

     I am new to this type of real estate investing. Of all the properties I have bought over the years, (a whopping eleven properties) I have only purchased with the help of a real estate agent once. He was great he knew what I wanted found it for me and helped through a difficult closing. That being said, in the past year as I am beginning to try to put together a buy and hold portfolio I have had a different experience. The 3 properties that I have managed to close on I found off market and put the deals together myself.

     I did look at a house that I wanted to offer on where the managing broker of the agency sent me to look at the place by myself, I went directly back to the office and they were already closed I sent her a text and told her I wanted to write an offer. She text me back right away saying she was busy that evening but would call the next day. I waited 4 days then called the listing agent who said he would get in touch with my agent for me. By the time she got back to him the house was under contract.

     Second time I called an agent it was the listing agent who had a house i was very interested in. She tried to talk me out of looking saying it didn't fit for me. I insisted I wanted to see it and she made an appointment for the next evening. I got a call about 2 hours before our appointment saying the house had been sold. I suspect she had another investor she wanted to show it to and I helped the process along.

     Just recently I sent an email to an agent I had talked to before to get a look at a bank owned property. I got no response. So I emailed the listing agent and didn't get a response. Next I called the listing agents office and got to talk to a young hungry agent who has been working diligently to make this deal happen even though she doesn't seem to know much about investing.

I am not bashing real estate agents, I am just trying to get an idea of what I am doing wrong in talking to agents. I realize I am just small time and I have a very short track record, (just buying SFH this past year) but I would think if I am too small for the top producers maybe they could refer me to a newer agent who is trying to get a start too. I would like to hear from some of the top producers who may be able to give me some advice.

     Here in South central Illinois, it seems to me investors have slowed their buying but not stopped entirely. I do believe rents may come down a little but not a lot as the rents are already fairly low compared to the rest of the country. This area is hard hit by a loss of jobs and HIGH taxes. Property taxes are very high here and state income tax also so landlords and tenants both take the tax hit. Appreciation has been slower here than elsewhere in the country except for the last couple of years, so maybe the correction will wipe out any gains in value since 2017 or 2018.

     In any case just my 2 cents. That and $1.50 will get you a cup of coffee most places. 

The septic tank certainly needs inspected, but what I would be more worried about is if the property is on well water. I have never lived in a place that didn't have a well and I am well versed in how to take care of the well and pump, but I would not consider buying a property that had well water only as a rental. The maintenance could become a real pain to deal with not to mention liability. 

@Mashika Johnson I would suggest that you have the well water tested as part of your due diligence, and have a qualified person (here in Illinois a plumber) look at your well pumps.

The septic tank certainly needs inspected, but what I would be more worried about is if the property is on well water. I have never lived in a place that didn't have a well and I am well versed in how to take care of the well and pump, but I would not consider buying a property that had well water only as a rental. The maintenance could become a real pain to deal with not to mention liability. 

As far as why the OP may have closed the account it may be that he was overwhelmed by all the questions. Especially the ones that were asked and answered over and over again. I of course am just guessing, I have no real knowledge of why the OP decided to close the account.

100 percent paid on both of my occupied units before the first, in Central Illinois. However both families have one spouse laid off since the 1st. 

I was ready to move on a house in mid March. I had made an offer which was turned down and the counter offer came back a couple of weeks later, which I was set to accept. I backed out of the deal because I felt like it was an ok deal but not a great one. I am ready to buy another house in this market, but my criteria has changed considerably. Lending standards at my local bank have changed too.

I have 3 SFR's. One is empty and the other 2 paid early.

7 months for me in true reserves (cash set aside for the specific purpose.) I have other securities but I would not use those except in a dire emergency. Also I have been very lucky, I only have three properties, one is vacant and the tenant in one of them got a large amount back on taxes and paid rent ahead for 6 months. The last one is a nurse so I am assuming she will probably be sick at some point, and since I consider her and all the rest of the health care workers heros I will do anything I can to help out there. 

Done. I backed out of an OK deal 2 weeks ago. My plan is to make improvements on my existing properties for now.