All Forum Posts by: Patrick Britton
Patrick Britton has started 248 posts and replied 1405 times.
Post: STR appraised $120,000 less than offer

- Ann Arbor, MI
- Posts 1,509
- Votes 996
so many of you ASSUME it's the appraiser. why? Why is it not the realtor's fault? and maybe it's not a "fault" at all but a warning to NOT BUY!!!
Seriously, if an independent, unbiased third party who works FOR THE LENDER is saying you are overpaying, maybe you are!?!?! Just because someone else paid $$$ a few months ago doesn't mean anything.
Appraisers do not care what you paid.
Post: Considering not fully completing college to pursue Real Estate

- Ann Arbor, MI
- Posts 1,509
- Votes 996
don't.
Post: Normal to pay a brokerage service fee of $500?

- Ann Arbor, MI
- Posts 1,509
- Votes 996
Quote from @Russell Brazil:
Quote from @Ash Hegde:
@Russell Brazil do you charge that at closing or when you go under contract? I think the timing is the issue here more than the fee itself.
We charge it at closing.
However with out of state investors we collect a retainer fee up front. We do this to weed the time wasters.
Totally! i've wasted tons of my life on deadbeats if i could have made some money or deterred others from wasting my time, i should have thought of it! LOL
Post: Pace Morby’s Subto program : standard package or executive packa?

- Ann Arbor, MI
- Posts 1,509
- Votes 996
OMG!!!! really!?!?!?! this is 100% worthless! all their info, tips, etc., can be found here on PB and Youtube for free.
Post: Lenders Kiavi, Lima One Capital, Ameris Bank

- Ann Arbor, MI
- Posts 1,509
- Votes 996
i've had acceptable experiences with Lima One. Just avoid Renovo, Fay and RCN.
Post: Good investment property but price is not right

- Ann Arbor, MI
- Posts 1,509
- Votes 996
"The property is worth 1.3 M so even with the high rent its not a good deal." says who? Was that the appraised value? If not, it's meaningless if you're using FHA loan.
Post: What to do about mortgage rates negatively impacting cash flow?

- Ann Arbor, MI
- Posts 1,509
- Votes 996
IMHO, negative cashflow is fine if the area is appreciating rapidly and has no indication of slowing down. So that's a select group of crazy expensive places like Vancouver, NYC, or near any Big-10 school. That will be very expensive and only worth it for certain investors with large pockets.
Post: Which is the hardest team member for you to find?

- Ann Arbor, MI
- Posts 1,509
- Votes 996
"I live in Texas and I need a good CPA and a lawyer. Any suggestions? I have a contractor that I have worked with for about 8 years. He wants to parnter with me on flips. I think this is a good idea because I have no construction background."
Run away. Contractors are the WORST business people and you're taking on a massive amount of risk. But I'm sure he's convinced you that your lack of experience is a problem that he can solve. don't do it.
Post: I was wrong. property managers are NOT worth it....

- Ann Arbor, MI
- Posts 1,509
- Votes 996
Yes, there are very few absolutes. And property managers failing at some point is one of them. My property manager was placed on a pedestal by me, incorrectly, and I am trying to warn all others not to repeat that same mistake because I was one of those promoting scaling ASAP. Scaling quickly has many unexpected repercussions that will strain every aspect of the endeavor.
Post: I was wrong. property managers are NOT worth it....

- Ann Arbor, MI
- Posts 1,509
- Votes 996
@Kevin Sobilo no, i am absolutely certain they are not worth it. At least for someone like me, who owns fewer than 10 rentals. the cost, thievery, garbage service....nah.. not worth the stress.