All Forum Posts by: Account Closed

@Mike Hern

Scottsdale

What would an intelligent investor do with this?

I have a 3 bdrm, 1 bth, double lot, safe neighborhood, fully renovated SFR at 3902 State St, Bridgeport, Michigan for 120-ish. DOM = ~3 months.

Price is good. While interviewing realtors back in April, one suggested list of 135 and he'd just sold a comp for 160 which I felt was high. I went with the one who suggested 124.9 which I thought would sell fast & high. 

I asked local investors for why it isn't selling & they all said price is on target and talk to the realtor. I have "complained" to the realtor 2x. Both times, she had an offer to me within 24 hours. Both offers fell through. I am hands-off on this one since I have 9 other properties on the market and recently had a heart attack so I really can't stress about this -- the realtor is supposed to be able to handle the sale. The only things I have observed that were "wrong" were that: 1) She marked it as a mobile home on one form even though it's a regular SFR with basement. 2) Right now it's listed as pending even though the last buyer backed out last week, no reason given, which means it didn't show up in searches for this weekend, 3. She's open to suggestions but needs nudging and is always "in a bad cell signal area", that sort of thing. Every realtor I've worked with so far besides her has worked so incredibly hard to open up to options so the house is sold quickly and for top dollar.

I have never sold for a loss, even during some of the worst markets / worst areas. 115 is my breakeven. This is supposedly a good market and it's an adorable family home + ridiculously affordable for the area.

Options? Ideas for how to proceed?

Hello BP!!

Anyone familiar with how one can use a land trust to gain ownership interest in a property? Pros and Cons? I have been doing research and found something saying by utilizing a land trust one can reduce risk of the due on sale being enacted on them a clause most convenienal mortgages have. I want to partner with someone on a deal where they will be obtaining the loan and I will be bringing forth the money/asset management essentially. Any tips, attorney advised to just quit claim, in spite of the due on sale clause and wanted to see what other options I have. Both of us would be 50:50 on everything

@Account Closed

A STR in Cumberland for DC would be like selling snow blowers in FL. During a normal day it would take 2 hours to get to DC and Cumberland is very inexpensive for a reason.

Lake Anna is its own little place that’s busy during summer but again it’s not a place for getting to DC. 

Virginia is more tenant friendly and slightly lower taxes. 
for short term rentals to dc you wouldn’t go past the airport (aid) and that is a hike. Best to stay inside the beltway but finding a sfh under $500k would be difficult. 

This area is better for long term buy and hold and get appreciation as your properties won’t cash flow. 

I’m buying a property in Cleveland suburbs. The seller is so excited to close in 5 days from me signing contracts. The title search from the title company has already been checked clear. Am I missing something ? It is a wholesale deal. I’ve been rehabbing quite a few properties however Admittedly this will be my first whole sale rehab.

I’m fine to close, while I don’t understand why he is so eager. 

I've went over comps repeatedly with realtors and my own math as to the ARV i think it's a great deal. Property needs work however nothing I'm not compensating within the rehab costs. I would appreciate any advise you have to offer. Thank you for helping. Regards

Hello everyone

I am relatively new to being a landlord and today I had very unusual situation that I don't exactly know how to tackle.

I own a 3 story building with poor attic insulation and during the summer the attic gets very hot, since there is only one window the tenant can only have 1 AC unit that can't cool the entire place down. Recently the thermostat was showing 90 degrees for couple of days and tenant was very upset about it (understandably) and informed me about the excessive heat in the unit. I immediately called the contractors to see what can be done, and decided that best option would be to insulate the attic. I was very fast and scheduled 3 contractors the next day. This job should cost me about 1400$ for blown insulation. Later I called an HVAC guy for estimate and he said to install central AC it would cost about 3500 - 4000$. I went to talk to the tenant today and he was very angry at me, and started to make threats. He said he used to be a lawyer with big experience but had to quit due to his temper. He later said that he wants to sue me for 20 000 $ an amount that will include move out/in fees, lawyer fees, days off he took when contractors were doing their job and place was too hot. He demanded of me to install central AC or he will have to take this matter to court. When I went to see him today after part of the place was already insulated he gave me all this talk and under the pressure I said I would waive the next month's rent, and if the place is still hot we will install central AC. 

I wanted to ask more experienced landlords how should I have handled this situation. Does the tenant have basis to sue me if I do everything I can to fix the issue ASAP. Last question I have is that what should happen in a situation where tenant asks for upgrades that I cannot afford ?

Not Red 7... just Red.  Almost the best odds in the casino.

And yes, much better than a junior lien.

I am a seller of a property and I refused to extend the closing date of the property I am selling. I did so because of an email that the buyers real estate agent sent to our real estate agent. Basically it told me I have three options. I chose an option not listed by the buyers agent and it was to not extend the contract. If i could post what the buyers agent sent to our agent y’all’s mouths would be wide open in disbelief. I love my house but my husband really wants to sell it and move about 15 minutes further out from my work. I want to make him happy but I feel like no matter what happens with this deal I don’t want to have the buyers agent reap any money from the deal because of the email. He was completely out of line. I don’t have to sell my house but need advice if I decide to deal with these buyers. Right now we are out of contract. 

Hi, looking for advice here.. This would be my first STR purchase, a resort condo. It's a small, charming studio on a lake resort in NC.. with tons of amenities, but a high POA for those amenities. like $3600/year.

The deal would have to be all cash though, b/c seller says banks won't give a loan for these kinds of condos which are mostly investors putting their units up on Airbnb. Price is close to 70K. I looked at airdna, and the unit occupancy rate is all over the map for these types of units, from great, to not so great. This particular unit I'm told rents most of the year, except a few winter months, for about 120/night. I did the math and if I had even just 6 nights per month, I'd be able to meet my monthly expenses. 

HOWEVER, now my brother says the unit will take a long time to appreciate, though monthly cash flow can be good.  Since the 2007 market crash, they've ranged from about high 30's to high 50's. Building is from the 1980's. Very cute in a beautiful resort. My brother though doesn't like cash investing, when rates are still low. 

Would I be making a mistake here? Any thoughts? 

Any advice on Propstream and is it worth the money? Seems like it has a lot of information. Also wondering the best places to get real estate data regarding market trends.