All Forum Posts by: Mike Hanneman

Good agents are hard to find. I have had to fire numerous due to laziness, didn't know what fee simple was and wouldn't bother looking it up to tell me. and just being a sales person. After a couple of my last ones I have found myself asking what it is real estate agents do to "earn" the money they make? These transactions were all primary residenses if that matters.

I know there are good ones out there, I just haven't been able to find them.

I've been looking in North Idaho for a while now. Hard to find a good cash flow property. The rents here are low but home prices are high.  Not a good match.

Does it normally cost a fee to use the county assessors website? I was looking at mine and the place I went to wanted $45 a month to look up information.

Is this still on for this Thursday 3/10? Can anyone go?

Thank you for the replies very helpful! I have yet to purchase my first investment property but am getting close. I'm looking at multifam units. So far the ones I've come accross don't cash flow like I want, or need them to.

When one sees a property that they might be interested in on your site of choice, what is the information that you ask the listing agent for the get the conversation going? I have been asking for income and expense numbers, but I would like to hear from what other investors ask for.

Thank you.

Also the list price is 289,000 if the units are rented for the $495 that I found it gives a cap rate of 12% that's pretty good for this area.

I haven't been to the property or anything like that. Just trying to see if it deserves more of a look.

I'm sorry I'm a newbie... what do you mean 50%? There is one unit I found at this property that rents for $495.

I found a 6 unit that "supposedly" gross 40K. So I ask for the income and expense statements, not sure what they are called in the real world, and the agent says that owner managed the property himself for the last 10 years so he has never drawn up any sort of financial statement. Goes on by saying everything is "straight forward, annual expenses run around 10k and includes taxes, utilities, and insurance." Continues by "his tenants have primarily paid in cash, so tracking is difficult."

I'm very interested in this property as the location is very good. How would you guys proceed to do your diligence with no facts in black and white?

Can this be done with out looking at debt to income? I have been having issues finding a place that will loan to me because of my debt to income. How can an investor get around this with the bank/traditional financing?