All Forum Posts by: Gohar S.

Can anyone provide feedback on costs for the programs?  any additional thoughts after going through the programs and been able to execute per their guidance?

@Nicholas Blaylock

The two times I've switched jobs in my career this far, I am always transferred the funds to am IRA.

Job 1:. I had my personal Roth IRA funds with Fidelity Investments. At this time, being 26'ish, I did research and moved my Fidelity IRA funds and my company 401k funds to Vanguard mainly bc of fee's.

I kept my personal Roth IRA and Rollover IRA into separate accounts. But I did combine my Roth 401k over to Roth IRA.

Job 2:. Transferred all to Vanguard to rollover accounts, mix of traditional and Roth.

Be sure you do this transfer bank to bank.....and do not take holdn funds as that may get complicated. This is a great time to convert to Roth bc stocks are lower today .

@Kyle Spearin

It is a great market! My appreciation isn't typical bc I bought for approximately $350k back in 2010 I believe as the housing market hadn't recovered yet. And today, it's booming (or was), precovid, and value is some where between $420k and $450k. So decent for me.

My goal is to 1031 this once I have enough experience into a small/large multifamily ideally.

In the meantime, try to get 3 to 5 SFH or duplex to fourplex.

@Jay Hinrichs

Thanks for this helpful information! I was also thinking to go through one of those sites for "list on MLS" for $150+ but this is a better strategy.

I may actually go ahead and get the PSA review.

Will also advertise, 1 Yr. Home Warranty, Closing Costs ($5k), and Inspection paid for by Seller if closed to entice first time buyer as they will have almost zero out of pocket except for down payment and a bit of escrow. As an a strategy as well. Especially, if no buyers agent.

quick update:  first 24hours, I got tons and tons of buzz.... unfortunately, it was all realtors trying to list the property and offer a discounted commission of 6%!! Some even wanted to "preview" the site in present covid19 conditions.  After I provided candid feedback, they "got another appt" and will find another time. crickets.

Also, lesson learned, should have put in my zillow posting:  "Will pay Buyer's Agent Commission".  Will do this when i update my pricing.  

191 views with 6 saves according to Zillow....pretty good. 

I just used "realestaterocks" and its still active today! :-)

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $350,000
Cash invested: $110,000

Originally personal property and ended up moving out of state. Rented it out for the past 6yrs. with 1 2-month vacancy. On tenant #2 right now.

Goal would be in the future, hopefully 2021 or 2022 to perform a 1031 exchange and utilize these funds for a small to mid-size apartment complex.

What made you interested in investing in this type of deal?

Was planning to move back to NC so wanted to keep this property so decided to rent it out.

How did you find this deal and how did you negotiate it?

n/a - moved from liability to income!

How did you finance this deal?

Conventional 30-yr...then transitioned to a 15yr. before I knew what I know today

@Darren McGillvrey

I appreciate the insight here! I did not think of that, rather thought I may get a buyer with no representation in which case I could go the lawyer route or find an agent who would be willing to transact for a fee.

Yes, I do plan to give commission to buyer's agent....will negotiate that as part of each offer.

Am in a strong location and homes have still sold less than 7 days in my neighborhood where they are priced fairly. I plan to do the same....fair price and just save on the listing commission. End up with a $10k to $15k in savings.

@Frank Ygarza

I use cozy for my rental property in NC and works well. But the free service results in a delay in receipt of funds. You can pay a fee to get around that.

But now use zelle and receive my rent in 2 days bc zelle has a daily limit of $2k and my rent is beyond that for my SFH.

@John Collins

1). How did this buyer learn of your property being for sale?

2). There is typically a clause that if you sell the property within x period of time after termination of contract you will owe a fee. Whether or not they try to collect the fee is on them. Have you reviewed the contract?

3). There should be a clause if the agent is representing the buyer and seller what the fee is. If the fees are the same regardless of who bring the buyers, that's poor contract management for you.

4). If you were unhappy, why not immediately address the concerns, whatever they were and give the agent an opportunity to succeed?