All Forum Posts by: Jim Cummings

@Taylor Rodriguez. if you need another alternative check out the Real Estate Business School in Austin. Have known the owner, Wayne Morgan for a number of years. Dynamic engaging presenter. https://www.buildmyrebusiness.... 

Think you can find some Groupon Coupons for savings. 

@Parth Desai. First advice before you do anything else, consult an Attorney and get a solid partnership agreement in place. An agreement that covers among other things; how to dissolve the partnership, what happens if one wants to sell and the other partner doesn't.  

You are probably friends now, but business can disrupt the friendship. Is one person aggressive, the other passive. Think through all the worst case scenarios, and have solutions in writing.

Good luck. 

@JD Martin. Recognizing you grew up in NYC and recounted several times that NYC had been down for the count, and came back.

Do you think with the current Mayor and double trouble in Albany intermixed with sky high and rising taxes, very regressive quarantine policies, new found ability to work remotely, high & rising crime, homelessness, etc., etc., etc. will not sharply curtail the interest in the Big Apple?  

@Adam Amato. If you are primed to go, have done your homework, etc., GO for it in Milwaukee. May 2023 is a long time in the future and plans change over time. 

If you are ready - DO it NOW!

@Derek Meyer. If you have rental comps, I would provide those to the Appraiser. There are several shortfalls to your plan.

1. Unless you have people ready to move in over the next few days, the Appraiser will have done their field work, i.e., visited the property, determined the comps they plan to use, etc. before you can get it rented. 

2. On a Duplex, Unlike true Multi-family (5+ Units or more), the basis for Appraisal will be size (Sq Ft), bedrooms, baths, living areas, garages, etc. Those types of details, as opposed to strictly on an NOI basis used for 5+ Units.

3. Most likely, the current owner will not allow you to rent the units while they own them. And you can not legally rent something you don't own or have Owner's permission to rent out. 

Hang in - it will be your property in a few weeks, and you can go for it.

@Tyler Evans. Look into any state / local Covid restrictions that might prevent you from giving tenants a 30-Day Notice to vacate. Otherwise, sounds like a solid deal.

@Gregory Mizzi. Regardless of where you decide to move to, I think there is a lot of wisdom in Bigger Pockets Podcast # 448

https://www.biggerpockets.com/blog/biggerpockets-podcast-448-dion-mcneeley

@Cristina Enriquez. The BEST of all "thank you" to an Agent is to use them to assist in purchasing and selling your investments - agent makes a payday (commission >  whooopppeee - Money)!  

That doesn't mean if you find a good off-market deal you have to get the agent involved if there is no provision for the agent to get paid.  If you have the ongoing relationship - the agent will most likely assist with pricing even knowing there is no payday involved at the current time.  

A good intelligent agent will look at what the "Lifetime Value" of a client is; and act accordingly. For instance, I've had clients in which I did 5, 6, 7 transactions with over a 15-20 year period. Did I take care of their real estate needs - you betcha - I did!  For some other clients, several transactions with Mom & Dad and then several of the children. What is the "Lifetime Value" of that type of Client? 

if those folks had questions involving Real Estate or even other questions, you know I went the extra mile to assist, knowing there was no direct payday involved in that particular interaction. 

You plant the right seeds and harvest a bountiful crop!

@Tim V. Under the CDC guidelines you are NOT prevented from filing for eviction. What is being held up, put in abeyance, forestalled, whatever the correct legal term is the action of removing the tenant from the premises. 

Was listening to a podcast earlier today from a couple Landlord / Tenant Lawyers that emphasized these points. Their thoughts were - go ahead and file now - if the JP is hearing cases - and you have a good case - you'll probably win. But the physical removal of the tenant probably will not happen if it's just for non-payment.  Now there is a CDC prescribed form the tenant has to provide you to be able to invoke the inability to pay due to Covid provision of the CDC guidance. 

Good luck with this one. it will be tough, but if you remain in the residential investment arena - it will not be your last.

@Cristina Enriquez. I suggest you talk with a few - decide which ONE you feel most comfortable with and which one seems to provide you the best service and go with that ONE agent as long as they can access data for all your areas of interest. 

Due to the geographic span of the Houston Market an Agent from Clear Lake probably is not a good fit for a property in The Woodlands, and vice versa.  

Now on the other side of the coin, you need to assist the agent, send them business, etc. Good effective relationships need to satisfy the needs of both parties.