All Forum Posts by: John Buchanan

Anyone know an agent in the Cary NC area that charges a competitive flat fee for showing a rental property to prospective tenants?

This past week an agent I know contacted me about an owner of 3 multifamily properties he wants to sell. its not currently listed on the MLS. the agent wants a 6% referral fee for introducing me to the seller. asking price is $1.5M, so the referral fee is $90k. is that normal/reasonable? seems steep considering there's one 1 agent involved, and he wants to the buyer to pay the fee vs. the seller.

thanks

The owners will become tenants upon closing. the owner is a contractor, so there's no need to place this property with a professional property manager. there's also no renovations or updates that need to take place. no listing fees nor days vacant on the market.  $1,350 is a competitive rent for the area.  if you back out the additional costs of getting a newly purchased property up to par and onto market, budgeting a certain number of days of vacancy, the additional cost of a property manager, and their new tenant processing fee, perhaps the numbers become more clear. 

$1,350 Rental Income

Instant Cash-Flow! 

this beautiful single family home is being sold as a Sell-to-Rent back situation. The owners are in the process of building a new home out of state and want to free up capital for the new home construction. This is beautiful 2 bedroom home situated on a large green lot with a recently built 2 car detached garage. A unique opportunity for an investor to buy a turn key income property, with cash-flow starting immediately at closing, no improvements necessary, nor a single day of vacancy. there would be no need for a property manager. nor any renovations. a beautiful turnkey income property.

$1,350/month, 1 year lease

Contact Rick at 602-214-9216

If you are an investor looking for opportunities in Boone, NC  let me know.  I have a database of absentee owner names which I won't be using

John

I haven't been able to get a truly straight answer to this question, so I'm posting this in the forum to see if anyone has clarity on this topic...

If several investors (define several as 6 or less) want to go in together and buy a property for long term investment, do they need to file Reg D paperwork, or can they simply own units in the LCC?

there will be a managing partner who will be coordinating and managing everything, while the other investors are largely passive.  

appreciate any comments/insights.

thanks

John

IRA Services Trust Co has competitive fees. they're fairly large and well established. if your property manager maintains an escrow account for misc expenses and/or pays expenses from the rent (meaning that IRA Services does not have to cut checks for every expense - lawn care, maintenance, etc), their fees are competitive.

John - does a private syndication like you did require Reg D filings?  or is it simply a private agreement(contract) among the investors and you?  

thanks

I'm starting to look into a service that can sub-meter the water usage on a multifamily property in North Carolina.  anyone have experience doing this?  (and if so, what company did you use?)

thanks