All Forum Posts by: Account Closed

Lis Pendens is a non-judicial foreclosure, will have three NODs and the last step is NTS (notice of sale).  The entity foreclosing is on each document.  Due to other living persons on the deed, a short sale is impossible, but the auction is final regardless.

You will not get access before the auction, so your interest is constrained to the value of the note being foreclosed and the FMV of the property - - and then you're guessing at as-is value vs ARV and your efforts to rehab.

Hi 

@Account Closed

With annual carpet cleanings, the carpet only needs to be replaced ever 5 years or so. Same for the painting - a magic erasure works wonders to clean up scuffs. 

Carpet and paint dont happen every year, and you can paint only the rooms that really need it.  

You can accomplish a lot in 28 hours if you line up contractors ahead of time. 

The real key is to have your finger on the pulse of the property so that you're not surprised with the condition when they move out. 

I'll play, I only read this post.

I'll say "A", in fact i'd think it's actually less than 10%, but we'll never know the absolute number anyway. :)  

The #1 killer of revenue/profits is vacancy.  You 'could' wait until the tenant moves out, because starting the turnover process, but you're voluntarily giving up 1-2 months worth of rent. And if you're paying a property manager on top of that, you can kiss 1/4 of your potential revenue goodbye.

By performing regular inspections (once every 3-6 months), you'll know the condition of the property and can make repairs throughout the lease term.  There's no reason why you have to wait for a tenant to move out in order to repair a hole in the wall.  A good property manager will stay on top of repairs to help create a quick turnover. 

I require 60 day notice of non-renewal, and then start marketing the property immediately. I perform many repairs at that time, and only save the deep cleaning for when they move out.  By utilizing "move out/in times" of 10am and 2pm in the lease, you can have 28 hours of vacancy without missing a single day of rental income. 

I've been using this process for 10 years on 5 properties, and with hundreds of tenants, and I've only ever had 1 vacancy on 1 unit, for 1 months.  Every other time, it was a flawless move-out/ move-in the very next day.  By my calculations, it's earned me 20-25% more than those who decide to wait until it's most convenient to handle a turnover. 

Hi All,

My first tenant in my first ever rental is nearing the end of their 1st year lease. I currently have a PM in place, and their procedures are to ask the tenant 30 days prior to end of lease if they would like to stay for another year. If the tenant is not staying, the PM will wait till tenant moves out, then will make the unit rent ready, THEN start marketing the property. All in all will probably lead to 1 month vacancy (a few days to make unit rent ready, and 3 weeks to market and get new tenant).

I believe this timeline is unacceptable, and that the PM should be asking the tenant 90 days prior to lease end, and if the tenant is not re-signing, the PM should begin marketing and showing the unit right away so that there will be a new tenant lined up, ready to move in right after the unit is made rent ready. 

Landlords, what are your timelines when asking a tenant whether they're staying, and do you show the unit while the tenant is still in the property? Does this become a problem since the tenant still lives there? I'd like to cut down on vacancy as much as possible, and not sure if its standard practice to show the unit when the first tenant is still there. 

Thanks all.

What I see is proprietary, closed data provided by NAR. What I see is stats that are from their (annual?) questionnaire, not backed by research. If you are not a Realtor, BTW, you can't see the Exhibits entitled "Real Estate Investments of Realtors". Realtors say all the time... your home is your biggest investment. So my take on it, until NAR decides some day to publish to the public their statistical data collection methodology, is that 2/3 of Realtors are renters.  

Why are Realtors getting a bad rep over this stat?

There are some very switched on Realtors out there that came into this with a business plan, sell save and invest then repeat. I work for one, I work next to another and I have several looking to get into it. It can be done, I bought a property because my client had a change of heart last minute, deal was too good to pass, I saw the opportunity.

Realtors are at the forefront of negotiations. The stat is not surprising.

Interesting stat would be how many BP members actually own an investment property?

Challenge accepted, 426 sw 44th ter :)

Looking at this in more detail I think you are on target though, should be a fat, well deserved paycheck.

 Self reported I imagine.

Yes you are correct the survey was specifically realtors and not licensed agents. In one of my precious comments I did use realtor and agent as interchangeable. In my market in the residential space it is very hard to find a brokerage that is not affiliated with NAR but there are many agents out there who are not affiliated with NAR.

About 2 Million agents in the U.S. With about 1.1 Million Realtors.