All Forum Posts by: Paul S.

Consider yourself lucky! Very hard to find deals right now in a lot of places. Did you have the house inspected to get stuck with such a big bill?

What state are you in? There's probably an inspection clause already in the contract? If not your attorney can add in a clause protecting you from major things such as environmental or structural issues (Roof, foundation, termite damage, etc). Your condo may seem like nothing but the skills you have from renting out your condo will apply to this property as well. And you'll learn some new things as well. 

I agree with Catherine. Maybe there is nothing to report back so they haven't contacted you. Make it known you need more communication. How long have you been waiting for answers?  Can you put an offer in and put a contingency in the contract related to those questions? 

Has this person seen your proof of funds to know you have the means to make a purchase? Are you a strong buyer? It's a very competitive market in some areas and realtors may give more attention to stronger buyers. What are you calling to check in on? Is the realtor sending you listings from their local MLS? Are they going out and seeing properties and reporting back? Without all of the details it's hard to give exact advice but one thing is for sure, you should let this person know how you are feeling and let them know you might have to reach out to other agents in the area.

In addition to the great responses so far, I'd like to add this one: 

Polybutylene pipes (plastic tube plumbing that are prone to bursting) Most notably used in the 1990s but some pre-1990s homes may have it I believe.  

I had a client learn the hard way. First night they moved in, a pipe burst and flooded their kitchen from above. 

Wasn't there some contaminated Chinese sheetrock going around Florida years ago? 

What does your sales contract say? In NJ anything over 4 is open for negotiation and you can ask seller to pay. If you can get seller to pay, that's great. But I wouldn't let it be a deal killer. Mitigation is relatively cheap to do (Under $2,000 in NJ, probably cheaper where you are) and it's a simple job for most homes. Take a ride around the neighborhood and see if there radon fans installed in other homes. Look for a big white fan sticking out of the side of house with white PVC pipe running up the side of the house. 

Your realtor is correct. Last week one lender couldn't even give me a rate quote because he would have lost money on the deal. Another lender quoted me 5% with one point for the same deal. From what I've heard a lot of banks are only taking on loans with very minimal risk right now and unfortunately rentals don't fall into that category.  

The month to month might work to your advantage. If they keep the place in good shape, keep them in there and when things improve that's when you renegotiate with them. As it was mentioned above, a good tenant paying a little less is better than turnover and/or a nightmare tenant. I'd ask where they work before I'd think about raising rent right off of the bat. Good luck. 

Raj, there are some options as you describe that pop up now and again on South Broad Street which is a main thoroughfare leading from Hamilton into Trenton on the Southern side of the city.  Sometimes these properties pop up in Hamilton as well (bordering Trenton). If you're not working with a realtor, PM me and I can mail you some listings as I know this area very well.  And what Nelly said is very true, businesses near the state offices need to make their money Mon-Fri  up until 5pm. On weekends that area is a ghost town. 

Thanks, 

--Paul

Check out the Millionaire Real Estate Agent by Gary Keller for some ideas. Also google "Keller Williams Lead Generation". That company (which I do not work for) has a lead generation system they teach their realtors. There is no one way to generate leads but a combination of many. Number one is make sure everyone you know knows you're in the business. Family, friends, friends of friends co-workers, etc. It can be a challenge because everyone already knows someone who is an agent, but keep at it. 
Work real estate into conversations you have with people on a daily basis. Create a Facebook page. Also consider dipping your toes by paying for leads through Realtor.com or Zillow. It's a gamble because you'll get a bunch of crappy leads but sometimes you'll run into a good one that will make it worthwhile.