All Forum Posts by: Marc Freislinger

Tenant-caused damage is paid for by the tenants. Everyone has overflowed a toilet, but if it's cleaned up promptly it doesn't cause damage. (I have 3 kids under 7, I know all about this.)

I would let them know that the cost of the repairs will need to be paid with the next months rent. This should be a fairly quick and easy fix for you to be able to get showing again.

Other people have said pretty much everything I would say, but I would like to respond to the above quote. I generally ignore requests from members who have very low post counts AND who don't introduce themselves during the request. The reason for this is to limit the amount of junk I receive. I do not think I have ever denied anyone who introduced themselves. Of course, this is just me, but I think introductions are very important when requesting colleague status. If you already do this, I would just have to say you are asking the wrong people. Or maybe people who get too many requests to respond to them all.

The amount of knowledge in these forums is unreal. Given some effort and networking you can easily achieve anything you want to achieve. If you are confused by something, ask a question! You cannot learn this business if you're afraid of making mistakes or asking questions.

I've actually found it's still easier to "play dumb" at times when dealing with people. Done right, it can give people the impression they are more important than they really are, and they will give you more help than they otherwise would. :mrgreen:

Sorry for killing your thread Josh, I was actually interested in others' replies.

Working with homeowners:
1. Set realistic expectations. This is by far the most important, and I could elaborate on this for days. Buyers need to be aware of the general condition and prices of properties where they are looking. Agents should set a realistic expectation for price reduction from LP. Buyers should know what sorts of things may show up during inspection based on the age and condition of the home. Buyers can get all freaked out when things come up that are very common for certain age properties. When comping a property for making an offer, they should use comps of similar quality to ensure a reasonable offer price. Nobody benefits from a low-ball offer if the deal falls apart. Sellers should also be made aware of a reasonable comp for the age/condition/location. Even if they don't listen, they should be prepared for what sorts of offers they will receive.

2. Be available. For buying agents This means to both their client and the listing agent. Smooth closings require a lot of communication and can involve tight deadlines. For listing agents, this is even more important. You should be available for questions and, if needed, for access.

3. Work for a win-win scenario. Many agents will probably not agree with me on this, but I think a win-win scenario is possible in most situations, and should be sought after. Too often I see agents pushing way too hard to get the lowest possible price for their clients. While the clients may appreciate this in the short term, it can cause tension between all parties and cause a deal to fall apart later on over seemingly minor things.

Working with investors:
1. Be available. Similar to working retail, agents are paid to be available. I shouldn't have to find properties on my own, but if I do, I will want information and comps as quickly as I can get them. This may mean I am sending you properties that are not on the MLS as well, so you should be knowledgeable on other methods of getting information.

2. Provide all the information. I've seen agents selling homes based on rent. This rents for $800, so we're selling it at $40,000. The investors need to know that the comps in the neighborhood are only $23,000. They will need to sell sometime.

3. Provide solid numbers. Your ARV and rent estimates should be based on solid comps. Solid comps mean similar condition, age, location. I think this is the hardest thing for agents to do. Over-inflating ARV will cost you future business, and underestimating will cost you deals.

Some types of locks require that you pop the cylinder out of the lock in order to reverse the direction. This is pretty easy with basic tools. I've re-keyed dozens if not hundreds of locks between my time in apartment maintenance and property management. What type of lock is it?

To clarify,

You bought a condo 2 years ago. You noticed the noise months later. Now, 2 years later, you want the developer to owe you something?

You can sue anyone for anything. I do believe you will have a couple of different issues working against you here though. One, are you within the timeline that you can come back on the developer? I do not know the CA rules. Two, have you tried to resolve it yourself at a reasonable cost? $1500 seems reasonable for your sanity to me. Did you offer to pay for the repairs? Three, the developer may not have to disclose the noise issue if they were not aware it was an issue. I doubt they lived in your unit. I assume that you knew where the elevator was located, so I am afraid it may have fallen on you to determine if the proximity was an issue.

Just my thoughts. Some of the others here may be more helpful in the "suing the guy with the money" department.

You need to get permission to show the property. The contract should require reasonable allowance for you to do your DD. If you have been upfront with everyone, let the sellers know that your end buyers need to come and look at the home. If you haven't (not recommended), you can tell the homeowners that you have contractors coming by to look. By law, you do not have to use the state contract to sell/buy a property (someone correct me if I'm wrong), but if you are going through the MLS, the brokers will probably require it.

I tend to agree. The properties on the MLS have generally already been passed over. The first thing I do with a wholesale "deal" is look it up on the MLS. If it's there, I usually end my DD. Often, the list price is well below the price my "wholesaler" is trying to sell me on.

This is true. Unfortunately, these deals are not found/made on the MLS. At least in my experience.

I would really love some elaboration here. If you have figured out a way to buy properties (and make a profit) with out needing to perform this important piece of DD, I'd pay for the information.

There is a very important distinction between everyone else not seeing value where it is, and you seeing value where it is not. When you are buy a long-listed property on the MLS, you are telling the world that you can do what everyone else cannot. Are you ready for that as an investor? The more important note here (for a wholesaler), is that if none of the experienced investors scouring the MLS have thought it was worth it, will your buyers list? Chances are, there are more investors on the MLS than on your buyers list.

Grammar and the ability to communicate well are vital to any business. Why would you want to make it any more difficult for your buyers/sellers/whomever to understand you than is necessary? You will only lose business this way.

With an estimated $10k in repairs and eviction costs, my maximum offer would be $4,654.99. Of course, that would only give a 16% return on a cash purchase. This is assuming you'd be using it as a rental at the current rate, not tearing it down and building 4 spec homes on it.

What is your objection with him moving out early? He has to pay the full amount regardless, unless your mother told him that he didn't. If that's the case, I'd point to the part in the lease where it says all agreements must be in writing, and let your mother know that you will handle tenant issues in the future.

He can move out whenever he likes, just let him know that it does not effect the amount of rent that he owes. He has to pay rent for the entire period of his 30 day notice.