All Forum Posts by: Matt Pieper

Thanks all for the insight.

I'll keep after this one and if I have any other info on my experience with the process I will post it.

I have my sights set on a Hubzu listed property.  

They started the bid at 208k and with no other bidders, I bid to 210k at the last minute.  The reserve had not been met, and they Emailed the following day with a counter of 269k (appx 280 after the 4.5% buyers premium they charge).  I declined. 

Now, as expected, they relisted the house with a starting bid of 210k.  There are still no bidders, and it doesn't look like there will be.  

My question: Do I still bid the 210k to keep their system aware of my interest or just let the auction expire and keep watching until they lower the price (and potentially the reserve)?  I think the property is worth about 235k in its current condition.  

On a side note- does anyone know what percentage of the commission the buyer's agent receives?

Thanks!

Matt

Ive been successful with using Craigslist, Postlets (they list on several different websites- Trulia, ZIllow, etc), Rentals.com 

Craigslist gets me the most responses, Id say in general the quality of responses is higher from the others tho.

Thanks for the insight everyone. 

@Kimberly H.  - this condo is in Palatine. I can completely see where you are coming from with SFRs, and it would make sense that much of the tenant pool for a SFR would be planning around the school year. We have a SFR coming up this fall.. waiting to see how that one will play out for us.

Thank you all!

Im curious what everyone thinks in regards to listing time for rentals during the summer/ winter/ fall/ spring time frames. 

I seem to have much more demand in the summer months, and Im not having much response for a 2/2 condo that I am currently leasing for a Nov. 1 move in.  I was talking to an agent that recently went to a seminar and they had data to support an even demand throughout the year for rental homes, vs. sales (where the spring and summer months tended to do better).  

Hey Brie,

My wife and I grew up in Palatine too.  We'll have to catch up Monday.  Im trying to move my schedule around to make it.  BTW- loved the podcast, lots of great info!  

Matt

thank you both. 

Christopher I'll try making Monday. 

Matt

Hello all,

I live in Lake Zurich, IL and my focus is buy and hold residential rentals... Specifically condos and SFHs. 

I was turned on to the site thru listening to the great podcasts. 

Looking forward to meeting other local investors and sharing my Rolodex of contractors and other services and learning from others great recommendations. 

Thank you, 

Matt