All Forum Posts by: Kate B.

Wayne, the license is all I need.   Yes, there are dos and don'ts with the license itself.   

I have not been using the MLS. I use google. I'll see how it goes and put it out there.

Thanks.  Both listing people are aware I got my license because it happened the same week I was dealing with them.   I will be upfront about it, I guess, and ask how they want me to go about seeing the property, by myself with the codes and keys, or come along.

I thought I read something about this before, but a search didn't bring it up.

On St. Patrick's Day, I learned I got my license as an independent real estate broker in NY.  It took 5 days because I am a lawyer.   I am now looking at properties in NY for a new primary home -- looking only at 4 plexes right now, and living in one unit.   I have not taken the time of any real estate agents, so I am not leaving anyone unpaid.  I have only sent brief emails to listing agents.   My question is when do I bring up the subject of a co-broker agreement?  I have narrowed my current choices to two properties about 35 minutes apart.  Should I include requiring a co-broker agreement before I submit an offer, when I submit it, or what?   My gut says sooner, in case there is an issue I will just skip that property.  For example, I want to see the properties, and I wonder how to manage that.

Thanks!

Kate

One more thing......  the townhouse will be my new primary residence, so I am exploring getting a mortgage on that.

With all the help here and sensing what works for me, here's the plan:

Take out a commercial loan on property #4, MFH, which will solely be an investment property.  Do not cash out properties already owned.   Pay cash for the townhouse I want to buy near family and roots, which is property #5.   I could reverse the order and buy the townhouse first, since I would like to rent out the first two SFHs and my current MFH and see how it goes before buying another investment property.  My current MFH is renting nicely, but I have work to do on the SFHs to get them ready to rent (mostly take my stuff out).   

Thanks again! Discussion helps me sort through my questions! I happen to have an excellent lawyer here in MA so I know where to go for legal advice. I was mostly trying to understand loans, and what benefit there is to leverage and what risk. I have NO interest in an LLC. I know they are easy to penetrate. I expect to look into umbrella insurance, but last time I did I saw some things I did not like. My gut is not to have unnecessary debt, but I see some situations were it can help with moderate risks. I think it would be okay to have one leveraged property, which is the direction I am going. I am setting limits because I want to do the work myself, and I am approaching my happy limit.

Thanks for the discussion here!   I learned something from every reply.   I am inclined to buy a fourth property, a three family, with a mortgage solely as an investment, and possibly a fifth (a townhouse) for my own use near family and roots.   To answer a previous question, my plan is to only live on the first floor of the three family I currently own, and the townhouse if I buy one.   Two of the houses I already own will be rented, I think.  Might sell if a good offer comes along.

I now own three properties, the last two purchased with cash and the first has a paid off mortgage.  The first was my primary and the next was my second home and the third is a multi family and I live on the first floor.   I alternately think about selling or renting one or both of the first two properties.  One thing I have not spent enough time considering is trying to take a loan to get the cash out, then renting.   Is this possible?  What type of loan?

Thanks.

I dropped a contractor whose time and work were both excellent because he marked up the prices, thinking I was an idiot who could not check what it cost.   Right in front of me he calculated the price for installing a lock on a door saying it was this minus that plus that, quoting a steep price for the lock itself.   I took the packaging out of the trash (where he put it) and went to Home Depot (I was already going there..) where it cost $12, not $35 he told me.  He did this time after time, padding his materials.   So I dropped him, a high quality worker, because I did not trust him.    Also, many times this man said inappropriate things to me and then apologized a day later....   I could live with it, but got sick of how he padded the money.

The plumber -- I want to say again -- gave me a price on the water heater that was equal to what I found on the web.  His labor was $78 an hour.  My city requires a permit, because it is a gas heater.   The plumber had to change some of the vents, pipes, etc, because he found holes and that's dangerous.

I believe it was money well spent.

Thanks all!   I had the plumber do it -- and his price was comparable to what I would get if I bought it on my own.   Installation by the plumber was essential with the old plumbing here.