All Forum Posts by: Heidi Rogers

Great advice, Joel. I always enjoy your posts. I've never heard the burnout statistics for real estate agents before--what are the main causes of burnout in your opinion?

It seems that it would be considered fraud, but because the client's name was on the account, albeit only as a depositor, Wells Fargo saw that as good enough to issue a credit card to him. (Yes, Wells Fargo was the only bank involved in this fiasco, one in Wyoming, one in Ohio.) I know sometimes banking institutions have trouble communicating between states. Maybe that was part of the problem. Wells Fargo is also at fault because they were alerted when my uncle first noticed a credit card on the account (at that time the balance was $1000) and they didn't take care of it. A year and $25,000 later, they still aren't taking responsibility. He's been fighting this a year, has spent money on lawyers, trying to clear his name with collections and the credit bureaus, and he's decided just to end it by paying. Lesson learned.

I haven't seen any negatives mentioned about having tenants drop off rent payments at the bank, but here's something to think about. My uncle set up a Deposit Only account at Wells Fargo authorizing a real estate client to make deposits. This client was not a signer on the account, only able to deposit. The client used this account to open a credit card, racked up $26,000 in debt, and disappeared, leaving my uncle responsible for the debt. After trying to resolve it with the bank, the police, lawyers, and the FBI, my uncle is still on the hook for $10,000 and will have to eat it to keep his own record clean.

Smart investing and good deals result in profits wherever you are. Resort areas are almost a niche of their own. Because there's a lot of outside money coming in. Month to month rentals might not do as well as vacation homes. Second homes might have a bigger market than single family primary residences. The nice thing about resort areas is that they tend to keep their value during downturns because rich people can afford to buy a second home anytime, especially when the markets are down.

I'm stuck on this one, too. Can I approach the seller as someone interested in buying the house, then offer to list it if they don't like my offer? When do I have to disclose that I'm a licensed agent? Can wholesaling be done as a side job and not involve the brokerage at all?

Joe, the name of my company is At the Sea Vacation Rentals. It's brand new and we are actively recruiting new owners. Yes, You valley folks are a huge part of our tourist economy over here!

JD, so you like the carpet tiles. Do you think it's a go for a rental? Or is it too institutional to be considered an upgrade?

Thanks for the warm welcome, everyone! I'm looking forward to connecting with other Oregonian investors to get a feel for the markets.

What does everyone think of carpet tile? I know they are popular in hospitals, hotels, etc. We are thinking of putting them in our 4plex, at least in the bedrooms, halls, possibly living area. There is a variety of prices and qualities available--anywhere from $0.99 to $5.00 a square. Does anyone have any experience with this stuff? Is the easy installment and replacement worth the extra cost?

Congratulations on your purchase! I don't think it's a good idea to remodel the inside of the unit while your tenant is living there. It's a big inconvenience for them and could be a liability for you. The outside of the building should be fine to work on. It sounds like you made a good investment--cash flow positive and you don't have to spring for repairs right away.