All Forum Posts by: Peter Tverdov

Looney Tunes

 That is an extremely conservative take. Good look with proving that. 

I wouldn't wear one. I don't care what someones request is, I am done with that silliness and have been for over a year. Let them wear a hazmat suit if they want but IMO you have the right to go on living your life. The masks do absolutely nothing anyway. 

It's almost impossible right now. There are too many offers on multi-family coming from people who have cash or 20-25% down. So FHA buyers counter by submitting absolutely ridiculous over asking prices that will never appraise. The problem is if you're only putting 3.5% down, in an appraisal short fall you're not able to make up that difference and now you have wasted 1 month of time. Sellers and listing agents aren't stupid.

What my brokerage is doing, is trying to find listings before they go on the market. We recently put 2 under contract that way for 2 different FHA buyers and our buyers also wrote in the contract that they will take care of the FHA inspection items.

Bigger Pockets has encouraged everyone that you can just get an FHA loan and buy a 2, 3 or 4 family house no problem. Not in this market. It can happen, but it takes A LOT of work from a good realtor to make it happen.

Simplest way I would say is writing up an LOI and then letting the attorneys write up the contract OR contacting your title company and asking how they want it written (all on 1 contract or broken up).

You ARE the landlord. Don't over complicate it. 

OP just keep in mind you are asking this question on a forum that is FILLED with DIY landlords.

Most people have no concept of time value or what their time is worth. If you want to focus on more important things, find a good one and get out of the way and let them do their thing. Warning, there are some companies out there that stink but newsflash that goes for every industry and service in the world.

 I simply roll my eyes at the posts about "training my PM", you guys are the clients I fire very quickly. Don't micromanage. They can either do the job or they can't.

I have personally made many clients tens and sometimes hundreds of thousands of dollars the way we manage property, find a deal and hand it to them or help them force appreciation when they didn't know it was there. 

His book is awesome. Their recruiting process of getting clients...not so much. They quoted me 25k to be my tax planner plus preparation costs annually being extra (I think). I was thinking about it because I care about ROI not the money upfront but they didn't make me feel comfortable to move forward so I am punting for the time being, Tom Wheelwright might want to tighten that part up. The pitch is basically...ya gotta trust us lol cmon

Just make sure your global LTV is low enough that you can refinance something in case of emergency and 6 months of reserves per property is a MUST.

I am doing just fine as a REI and I have never used any of those.

What's my cash return, what's my ROI (or maybe IRR but I don't believe in that formula because it's based on a value in the future that is a total guesstimate) and how much money will be left in the deal once I have gotten the property to market value. That's what I care about.