All Forum Posts by: Matt Shields

I don't see why this would be different than any other listing presentation. People interviewing multiple brokers are common, and smart if they don't have a good relationship with an agent already. Put on some snappy clothes, take your presentation to the unpleasant guy and explain to him why he should choose you and your brokerage. Good luck!

I tried Section 8 in Phoenix but it was a typical government nightmare. They are administered locally so things may be different there. I had heard that the government will subsidize above market rents which seemed to make up for the hoops you have to jump through. I checked their rate sheets and it showed that my size/bedrooms home would indeed bring better than market rent. 

The government has to approve the lease and inspect the property, but you are allowed to screen tenants as normal, and I would do thorough background checks! I could not believe some of the human debris showing up to look at the house. 

I have heard the horror stories about Section 8 tenants destroying property, and the flipside that the vouchers are difficult to get and a recipient would lose their voucher for an eviction, so they take care of the house. But also consider that many Section 8 tenants work little to none, some haven't worked in years, and they will be home all day every day causing a lot more wear on a home than someone at work forty plus hours a week.

I finally found a decent person who actually had a job, seemed fairly responsible, and was trying to get off of the government feedbag. I waited for weeks while going through the process, and at the last minute, they sent me a low-ball rent approval amount that was below market. I told them to pound sand. This wasted weeks of the prime rental season and cost me vacancy expense. Never again.

Great! Did you apply the current rents toward your income to qualify? I've been looking for a good FHA lender experienced with owner-occupied multi-family. Can I get the contact information?

Are they active duty? The Servicemembers Civil Relief Act provides special protections to active duty military. The law allows courts to postpone for up to three months and sometimes longer at the judge's discretion, some evictions for nonpayment of rent.

The law does not prohibit evictions, and the tenant is still responsible for the rent they owe, but the landlord is required to inform the court of the tenant’s active duty status. The judge would then decide if the tenant's military service affects their ability to pay the rent, and whether to stay the eviction or allow it. Landlords who do not follow the law can be hit with fines and/or jail time.

As always, don't trust the internet, seek professional advice. Good Luck!

servicememberscivilreliefact.com

 I hope you're right, but there is no leverage or stock sales factored into that billion, and Zillow isn't the only player, there are several other corporate flippers. It does appear that Zillow only wants light rehabs and not major projects.

From an interview with Zillow's CEO:

"The company says it is going for sales volume over making a bundle on each and every sale. Rascoff explained the company’s pricing strategy in Zillow’s most recent earnings call, saying that right now, the main goal is just to come out ahead on homes at the beginning of the new program. Rascoff expects the margin on each home to rise as the home sales business grows."

"For 2018, Zillow expects to hold 300 to 1,000 homes in inventory related to the new Homes financial reporting segment, from which it expects $125 million to $255 million in new revenue. For comparison, cross-town rival Redfin’s new home buying and selling program Redfin Now just upped the maximum amount of home values on its books at any one time from $10 million to $25 million." (Currently, they are only in Las Vegas and Phoenix)

“In the long term we hope to be able to bring this to as many consumers as we can. Every homeowner should ideally be able to have not just a Zestimate, but have a Zestimate and have a cash offer and an agent and know what their choices are,” Wacksman said."

The problem for us is that Zillow had over a billion dollars in revenue last year, they don't have to make money on all of their flips. They can even throw money at this market until they own it.

AZREIA is probably the largest meeting. It's monthly at the Celebrity Theater every second Monday. Just beware of some of the guru's. If I can be of any help just let me know. Good luck!

 What if they claim the ghosts are Emotional Support Spirts?

Can I refer you to a part-time surgeon? He's an accountant for his full-time gig, but he performs surgery on the weekends.

It's a bad sign to have new tenants already violating the lease, whats next? I don't allow pets and would send the tenants notice that their animals or they and their animals will soon be leaving. Don't be surprised if they pull the "emotional support" animal scam. (Search the forums for that recent discussion.) If you do choose to allow them to keep the animals I would amend the lease with clauses addressing the pets, charge deposits, and require that the tenants show proof of renters insurance covering the animals if they would cause harm to anyone. As always, don't trust the internet, seek professional advice. Good luck!