All Forum Posts by: Mike Savage

thanks Christine for your response..  yes.  VERY EASY SALE.  how much can I expect to negotiate on commission?  as you know Portland is a premium market.  $$$$ and going up up up as long as we don't have that giant earthquake. 

SO. i've been thinking about getting my RE license mostly to find and write my own deals but I've been busy juggling life. In the meantime we found another house for sale and are considering selling our house FSBO. Our's is remarkable in it's an exceptional 50's period condition architect designed and should go for top dollar due to its' collector grade condition. Original fixtures, period paint colors, views, detached oversized garage w shop etc.. We have a terrific attorney who specializes in Real Estate transactions and we expect the sale price to be over $1mil. Obviously it would be nice to save on that large of a commission. $60k !

I am a photographer and can take great photos.  we are thinking about NOT using an agent since this is our 5th property transaction in 17 years.  We are not in a rush to sell since we want time to pack up our place and possibly stage the new house then VRBO or Airbnb for a few weeks until we can move in.  cash flow house hack?  How can I get a truly accurate comp for our house factoring the unique historical value of this house.  Is it a bad idea to list it ourselves ? what is the smoothest way to handle this??  BTW our house was nominated by the State of Oregon for historical status but I did not follow through on registering it.  Mostly because I had mixed feedback from broker/agents about resale.  FWIW.  i should have done it anyway.  The property tax savings would have been $20k so far and I could have used that toward maintenance.  Also I bet it is still eligible for the next buyer.  

COOL!  nice story Alex.  yes, inspection for sure!  we did an hour long walk thru and I asked him for all the surprises.  so far most are minor.  solid house, solid guy,  new copper water lines, new 200 amp panel.  I want to get a sewer line scope and find a great home inspector.  I also want to visit the city to see if there are any weird variances.  this house was the first to be built in neighborhood.

A friend is moving out of state after 15 years and we are very interested in buying his house.  he insisted on listing it with one of his agent friends.  they will be shooting photos on Saturday and listing it on Monday. we are willing to pay his asking price and we are thinking about NOT using an agent since this is our 5th property purchase.  Is this just careless or is the agent getting a deal ultimately that we pay for.  Potentially full 6% commission.  I have been telling our friend for years that we are seriously interested and now it's go time.  we like the house and we want to secure the property on Sunday before it gets listed on Monday.  I spoke to our accountant who said this is a layup for the agent and mentioned asking the selling agent to take a 3% commission and then ask our friend to split the difference in the commission savings.  It's a significant amount around $20k since sales prices are high in our market.  what is the smoothest way to handle this??  

Hi 

does anyone remember the CRM that Lance Wakefield uses from Podcast #236?  I think it was called "Hype ... "  He said it was super easy.  Sounds like a good place to start.  

wow.  total news to me.  maybe because i've always managed my own properties.  

BTW I decided NOT to be the PM for my friend's house.  It's just not worth my time.  I should be doing more deals than managing someone else's mess.  thanks for all the input.  i'm awakening.

Hi Tom,

I would love to hear an answer to your question.  we are looking at a commercial property on wed. it's a private sale 

we met w a commercial banker today.   we currently own only residential properties.

We have a lead on an off market commercial property in super hot N. Portland, OR.  A friend of ours heard from the business owner across the street that they are ready to sell the property and the existing business.  Can someone suggest the best and most important analysis that I should do before our meeting with the owner this Wednesday?  I will visit the city development office tomorrow to find out about 

setbacks

power lines

curb cuts
height restriction

environmental

late comer fees? transportation? impact fees? sewer, water, schools etc…

I will also have our pre qual paperwork ready by then.  This is the first time I've entertained purchasing an off market deal and also our first time buying commercial property.  Thank you in advance 

no i don't think they require any license.  This is more of a friendship deal that I want to formalize in writing.  especially since I have other friends with rental properties and might make this property management a side hustle job.  what i learn on this project will help me decide if I like doing it.  It will also be nice to be in different neighborhoods looking for buy and hold deals.

Hi,

I was recently asked to manage a friend's vacant rehabbed property in NE Portland since he lives in L.A.  Not sure how to price this out.  I plan on taking the pictures, posting  property to Craigs and Zillow rentals, pre screening tenants, showing the property, providing the application and lease forms and getting the lease agreement signed.  Having the rent sent electronically to the owners' bank account.  Light maintenance on the property for 1 yr. term. and maybe longer.  Can someone let me know how much to charge for this effort and if there is any PM documentation templates that I could use to sign for scope understanding agreement?  I currently manage my own 4 properties and will leverage my 17 yrs of experience owning property and my list of vendors and contractors.  I feel confident I can get him a great tenant since the house is in good condition in a great area.

Thank you for any advice