All Forum Posts by: Peter Mckernan

Hello @Harry D Johnson

I would say the same thing as Brent. I would call the seller, ask what they are selling it for, and ask for what their rockbottom price would be to sell the property. After that conversation, send them an e-mail with the offer drafted, because later down the road if that seller changes their mind on the price you would hold more weight if you tried to pursue the change.

Also, try to get the e-mail signed, or at least an Esignature on the document, for validity. 

Good luck! 

@Ann Howell and @Tim Howell

I'm sorry that you both went through that terrible situation. There are many people that become caught up in the thoughts of riches. It causes them to have convoluted thoughts and motives to obtain those riches. Your bad experience is an very bad example of the extent that people will go to for that money. Good luck and I hope this post helps destroy Maverick.

@Brian Cam When a person has a property within a trust this just gives them a type of protection from a legality standpoint; however, this is not the best protection in my eyes (this is just my thoughts, and information that I read). 

When you see a house within a trust you'll have to make sure that the person selling the house has the trust certificate, and there is a form that will need to be filled out and notarized by the person named on the trust. If it's a trust naming a person that has passed away, there is a person that is named on the trust to perform this for the person, or lawyer.

A lawyer, or escrow company can give you more insight on the forms that are needed for this type of transaction and how to get them signed and processed.

Good luck.

@Scott Gardner

Of course you need an agent to work for you and only you! That being said, the agent has to fight for what you want, and I would write a check for what you want to put down on the EMD; however, once you put an amount on the RPA the other party may ask for more. This is where your agent steps in and fights for what you feel comfortable with.

I do not put down anymore than $3,500. That is just me and my comfort level. I have had parties come back and ask for more since some people get cold feet and do not mind losing $300 on an EMD if they do not want to proceed 25 days into escrow, but they will mind losing $2,000.

It's up to you, but your agent should be very aware of your comfort in this situation.

@Cayden Williams Congrats on the home purchase! I would say that this should be a trial run to see how you feel about management. It is a great field, and the challenges are endless; however, at least in California the CPM process and experience requirements are pretty extensive. To become a CPM in residential property in California you need to have three years experiences at managing 300 units at one site, 200 units at 2-4 sites, and 100 units at five or more sites.

If this is really something that you would like to get into I would suggest looking into getting your real estate license for educations and ease of finding more deals. After a little time as an agent and managing you can look to managing for more income.

Good luck!

Peter  

@Kyle Soderman I have not heard about a class that is needed for rental property; however, some cities require a fee for code enforcement for your rental house. This is to keep the exterior of the property in good working order and the exterior clean. These things can be looked passed since it's not a primary home.

@Mindy Jensen

I have started helping people with management of their investments over the past month. I never hired any property managers for my rentals because I thought that with the very few rentals I have I did not need the help; however, I can speak on what I believe makes a great property manager.

I believe that the property management company needs to be intentional about managing their client's investments. This is a business, and with any business comes responsibility. In this field the responsibility is a person's house, commercial property, or multi-family property to name just a few. That means the management involves very valuable assets, which in turn should cause the manager to manage the property with high intent. Without intent and professionalism, an investor gets a "bad property manager."

Hello @Account Closed. Focus on getting the properties first. Once you are about to close on the property/properties you can speak with your broker about a recommendation for management, or they could recommend a mentor for getting you on your feet while working with your new property/properties.

You might seek out a property management company that has a buy and sell side. This could help you get some management advice while looking for the perfect property, and they can broker the deal for you!

Good luck!

@Jack B.

I would say @Steve Vaughan is pretty spot on with his information about distance. 

I would add that it must make financial sense (i.e. gas expense, time, price point, and ROI). I have two rentals that are about 50 minutes away from me; however, they are in the same town I grew up in and my parents still live there. I head back to see them and gives me time to check in on my rentals.

Also, make sure it's an area that can give you a good ROI and meets your price point. Some of the areas around me are very expensive.

Peter 

@Stephen Walker welcome to BP! There are a few good credit unions within the IE. Arrowhead CU, Alta Vista, and Alaska CU just to name a few. You'll need to build a relationship with them and see what they are willing to help you with.