All Forum Posts by: Bill Schrimpf

@Caleb Brown - They are selling leads at $100/lead in groups of 25.  Its expensive!  My issue was the quality of leads.  They promised that a junk lead (i.e. bad contact info or selling services to agents) they would refund the lead.  When asked for that to be included in the contract, the sales people disappeared.  

@Michael Brattelli - I agree, quality over quantity, which is why I pushed the quality issue with BP, and that scared them off 

Do you have an exclusive buyers agent agreement?  If so, then consider talking to the agents broker.  If not, skedaddle, and get a new agent.  

I strongly suggest not working with the sellers agent unless you REALLY know what your doing.  In some states, it's actually illegal...

The huge price drops are a red flag, but that is sometimes where the money is.  Good luck

Are there any other agents or investors using the Featured Agent program?  What are your thoughts?  I looked into it, and its disappointing.  Maybe your experience was good, and I would like to hear about it.

It's disappointing that BP has taken this very EXPENSIVE approach to selling leads, like the other bottom feeders in the industry that sell leads. As agents, we know who they are!

I had to BEG for a BP sales person to actually call me and give me something more than an elevator pitch.  When I started asking specific and perhaps challenging questions about the contract, the sales people disappeared.  Not a good look.

I expect better from Bigger Pockets.  BP started as an antithesis to the guru real estate investing industry.  Featured Agent seems to be a step in the wrong direction.

Maybe some other agents like the program, I would like to heard from you.

I've been a pro member since 2017 and an enjoying the podcast content since the @Joshua Dorkin and  @brandon Turner days.  Most of the changes in BP over the years has been well-thought-out and executed, bringing benefits to me as a small-time investor and realtor.   Featured Agent seems to go against that positive track record.  

I'm loving On the Market with @Dave Meyer

@Alexander Joshua does have licensing reciprocity with several states.  Start with the Real Estate Division 

@Yonah Weiss - Thank you!  I have some more reading to do!

@Yonah Weiss and @Account Closed

I asked the "no" folks why, and they pointed me to IRS Pub 527

If I'm interpreting IRS pub 527 correctly, and if it applies, a mobile is considered residential rental property, which would seem to make it unavailable for accelerated depreciation.  What do you think?

• Residential rental property. This class includes any real property that is a rental building or structure (including a mobile home) for which 80% or more of the gross rental income for the tax year is from dwelling units. It doesn’t include a unit in a hotel, motel, inn, or other establishment where more than half of the units are used on a transient basis. If you live in any part of the building or structure, the gross rental income includes the fair rental value of the part you live in.

Will a mobile home, newly purchased from the factory put to use as a rental, that is not immediately converted to real property, qualify for the 2017 accelerated deprecation, since it's personal property ?  If the answer is "yes" then after taking the accelerated depreciation, could it then be converted to real property and take the standard deprecation at 27.5 years?  Would this be a tenable application of tax law?  I've asked this question of 2 CPA's.  One yes, and one no.  There appears to be some differences between how lenders treat mobile homes versus the IRS.

From a lending and Realtor perspective, I'm familiar with the personal/real property designation (and how to convert the mobile to real property), but not from the IRS tax perspective.  

@Cindy Schneider - Some people take excellent care of pets, most do not.  

If you choose to allow the pet, get an addendum to your existing lease explaining the terms and additional pet rent.  That is where you limit breeds.  In my state, calling something a deposit (pet deposit) is not the best option because the property owner needs to document pet damage to retain the pet deposit.  A rent increase may impact the tenant's decision.

@Jose Rocha - FHA generally considers someone a first-time homeowner if you have not owned a residence in 3 years; I think this is where your low down payment question comes from. Does not sound like it works for you. You can reference the FHA first-time-homebuyer website here.  The website also has lots of other good info regarding FHA lending.

Mortgages are a product lenders sell.  Shop around.

I advise my buyer clients to talk to no less than 3 lenders, maybe one biggie national mortgage broker/bank, a regional/local bank and then a local credit union.  You will learn a lot.  You should be able to discuss what mortgage products they have in place in general terms if you have a good understanding of your FICO, debt and income.

Even FHA options are not the same from bank to bank. It really depends on the knowledge of the person your talking to.

ARM loans are becoming popular again. This may be an option, but make sure you understand when and by how much it will adjust.

Expect most banks to not consider your rental income until you have 2 tax returns showing that income, but they will consider the mortgage service!

@Charlie Lockwood  - Looks like you're somewhat new to the BP community and Reno/Sparks real estate investing.  Welcome!  

I'm not a wholesaler, but have helped other small-time investors (like me) in several on-market transactions.  If you're interested in talking about on-market deals (particularly now, with the market changing) I'd be happy to help out.  We also have in-house property managers (I noticed another post of yours.)  PM, call/text if you are interested in talking about the market in general.