All Forum Posts by: Patricia Steiner

Your offer has been accepted but not all the conditions to close have been met. The property is off-the-market but pending closure.  

Another way to look at it is that - as the buyer, you are literally under the contract as you have the burden to meet the conditions of the contract - like placing escrow/deposit, meeting the inspection and financing deadlines, more.

Hope this helps.

More bedrooms does not always equate to more rent and more land is not always a benefit as someone has to maintain it.  The way you'll have your answer is to do an online search of "houses for rent in (city)."  Look through the list and find those that are comparable to the ones you're considering, what the ask rent price is, and how long it has been listed for rent.  With that information, you'll be able to determine the competition, the market rent, and is there any demand.  I also consider who I want as my targeted tenant - a family, young professional type, etc.  From that, you can determine whether either property meets that profile.

Hope this helps...

Realtors are not experts on construction - and they are prohibited through state licensing boards from opining on any area outside of their real estate license.  And, while you can (and you should) call the realtor's broker and also file with the State Board, you can expect that she will deny ever having said such things.  If you have it in writing anywhere - email, text - pursue her. You can also get an attorney to represent you and file a lawsuit. Again, you need proof.

I'm sorry you're in this position.  A realtor worth knowing is one who would never have let you buy this or any property without at least a 4-point inspection - and better yet, a full inspection.  It's a cheap date in comparison to what you're having to deal with now.

Again, if you have anything in writing - go for the kill.   

Quarters suck!  Keep the washer and dryer, have a clause about provided as a convenience and all repairs/damages assumed by Tenant, require Renter's insurance with Landlord as Additionally Insured (cheap date but comes in as a conflict-free fix if the Tenant breaks/damages anything.

And, I recommend you buy a lottery ticket cause you got some luck there that the rest of us haven't experienced. Tenants often leave things behind - trash, old mattresses, ughy furniture; working appliances is not even on the list!  

Best.

@Andrew Postell

Actually, it's GroundHog Day with Wells Fargo...it's their MO. They did it in 2008 and they'll do it again.  And, just last month, they had an unexpected expenditure:

"December 2022: The CFPB orders Wells Fargo to pay $1.7 billion in fines and $2 billion in consumer redress in connection with "illegal activity" across several of its product lines." (End)

My clients and I - all investors - use a variety of lenders depending on project size, rates, and terms which is commonplace.   It's never good news to hear of a lender exiting; others will follow, some preceded their announcement.  All in the ordinary course of business, it is...

Best.

Source CNBC:   https://www.cnbc.com/2023/01/1...

KEY POINTS

• 1. Instead of its previous goal of reaching as many Americans as possible, the company will now focus on home loans for existing bank and wealth management customers and borrowers in minority communities, CNBC has learned.
• 2. As part of its retrenchment, Wells Fargo is also shuttering its correspondent business that buys loans made by third-party lenders and “significantly” shrinking its mortgage-servicing portfolio through asset sales.
• 3. Altogether, the shift will result in a fresh round of layoffs for the bank’s mortgage operations, executives acknowledged, but they declined to quantify exactly how many jobs will be lost.
• (End of direct quote from site)

While the lender pool is shrinking, there are lenders who are ready to do business and at great rates.  All is well...

I want to start here with you: 

How many condos are available for rent in Boynton Beach (aka your competition)?

How many rentals are currently available in Boynton Beach (the larger competition base)?

Answers:  88 condos are listed for rent on Zillow and 228 rental properties are available - and that's now in the high season.

It's only a solid investment if it doesn't join the ranks of these unrented properties. HOA fees in that area are not cheap either and in some developments, rentals must be handled by the property office - who "loves all the owners the same" (not so great...).

I don't think the numbers are complete nor the story. Take another look at it.  Florida has a housing crisis with a lack of inventory and we're in high tourist season right now - yet that market has 88 unrented units. Start there...

Another suggestion:  the best way to learn is to do.  Seasoned investors have streamlined methods for analyzing properties and getting to what really matters. What you don't want to do is get into analysis-paralysis and miss opportunities.  Find a mentor who will walk through several real life scenarios with you and share what analysis was done to determine whether it was a buy or a bolt.  

Best...

This isn't the market research I would want you to use in determining where to invest and to secure crews.  While BP is a good source of expertise and information, let's face it - this is stranger danger stuff.  If an area was so hot and had competent low-priced crews on standby waiting for business, a real deal investor wouldn't be sharing that information.  Those folks are running businesses and you don't share your secrets to success with anyone.  

You can do better...consider a few things first:

1. Where do you want to invest:  just because you're going to hire crews, doesn't mean you don't have to oversee and manage the project.  Choose a location that you can get to easily/enjoy going there, has property and rent price appreciation, and an increasing population pool.  The later ensures that flips sell fast and that quality tenants are available.

2.  What price point is your preference:  some great markets come with great price tags and low/no inventory.  

And, know that there are many ways to find crews once you find the right market. Finding the crews won't be the problem; managing them and having solid construction processes in place will be the critical issues.

I hope you'll let this dart throw approach go by the way side and consider a more analytical approach for investing.  Trust your own judgement and research.

Best...

There is a big difference between a realtor and broker's license. A broker's license requires that the applicant has been a realtor for 2 or more years and then it comes with increased education requirements.  

Wholesaling in many states - including mine - is considered the unlicensed practice of real estate and it comes with a whole lot of bad: "Unlicensed practice of real estate is a third-degree felony punishable in criminal court, for each violation, by up to five years in prison and $5,000 in fines."

Be sure you check your state law on what is permissable without a license.  And, I recommend that learn more about the practice of real estate before you do anything...what you don't know will be extremely painful.

Best...