All Forum Posts by: Mary Jay

I have always bought/made offers in the West.Three different western states. Usually, I call my RE agent and give a verbal offer and terms, then I have a written contract to sign in my email box in couple of hours, or the worst case scenario, tomorrow morning (if my verbal offer was made late in the day).

I went to Florida and made a verbal offer on a house on Monday, RE agent emailed me offer to sign on Thursday and submitted it only on Saturday! The house went into contract with another buyer on Monday ( a week from when I made my verbal offer). I thought that I just got not lucky with my RE agent...

So I switched an agent and went with the sellers agent thinking that the RE agent will be motivated to make a deal and to get double commission. Made a verbal  offer on Thursday, April 12. No action on agents part...Tuesday, April 17, I texted the agent and asked when will I have a contract, she said she will do it today... Then I got it on Thursday, April 19.  I signed it the same day and the same day it went to seller to sign. So seller received it Thursday late evening and probably read it on Friday April 20. The contract was supposed to be signed by Monday, April 23...Today is Wednesday April 25 and he still did not sign. He is two days past the expiration date of the contract. I called RE agent and she said that he promised that he will sign today and contract still active...Still nothing is signed!

Is it a polite way of them saying: "We are not going to take your offer?"   Would not it be just easier to say: "Your offer is too low, bump it up" ( House is 100K and I offered 93K)  

Or is it pretty common for Floridians  to do business in that manner?

 Awesome job!

Wow! 30K per month is very impressive! How many units do you have?

What the taxes brackets will be when people make that  kind of income? 50%?

You guys are amazing! I feel like Ive learned on this forum in one month more than in my local REI during the last few years! Thank you, guys!

 I also recently added that I can break the lease whenever I want to. And I did not need to hold till the end of the lease. I added it because I was thinking of selling one of my rentals. However, the tenant cannot do that. Tenant has to give two months notice and I withhold two months rent from them.

However, it is important to understand that it may not hold in court, depending on the state. So it is always better to have some violations, which is pretty easy to find  because every tenant violates the Lease at one point. 

 I did not have any issues with my leases, but I don’t have very many rentals. I only have been a landlord for 10 years and only had one rental for 10 years. The other ones I added within the last couple of years. 

Anyway, I added that all unpaid balances will becoming a rent. Apparently in my area if it’s not a rent then it’s harder to collect. But if you add that then it will become a rent and then I guess it’s easier to collect. 

Thank you so much guys for all your help! It really helps me to see things in different light!

Are you guys not afraid to be in debt for 30 years? All three of my houses I bought on a 15 year loans to avoid being in debt. But all three of them have negative cash flow. One is almost paid off so my plan is to sell it and it will help paying off the house where I live...

I see a lot of investors are taking 30 year loans and buy 50 properties/units that do have positive cash flow, but what if another market crash happens and you have 50 percent vacancies on your 50 properties? Are you guys not afraid? Or what is your strategy?

Thank you all for sharing your wisdom!

I really, really, really appreciate it!

Thank you so much guys! I really, really appreciate your help! Very kind of you to help us out!