All Forum Posts by: Peter M.

@Toks Akindele Rentrecoveryservice.com. Never used it myself but its on a list of sites I've learned about on BP. If you use it please let me know how it goes

@M.J Ma Its not about them backing out, its about your ability to close. If you can't get the loan and close, they are not required to lower their price unless it was agreed to in the contract. Depends where this is but in Texas there is an addendum for this that boils down to 3 options: buyer covers the difference, seller drops to appraised value, or both negotiate to middle ground. Moot point now but before signing the contract you could have stipulated something like "if appraisal is within 10% of list price buyer will pay overage, anything more seller agrees to come down". Its a hot market now so they will walk and hope the next buyer gets a better appraiser. 30k on 250k house is huge. 30k on 1.5M is a drop in the bucket. How bad do you want the property?

@Cory Lucas Depends on your market. Realtors have a fiduciary responsibility to their clients so look at it from both sides. You can tell him what to do and he has to do it unless its illegal or unethical, even if it means less or no money for him. But he knows how the market is going and will give you his opinion to try to achieve your goals. If you ignore his advice and lose the deal and his commission, then keep taking up his time because you thought you knew better, he will stop responding to you. If the problems you found make the deal not work without a drop in price he should understand it and try to get a lower price but if the seller refuses, its not his fault and you have to decide to walk away or take it anyway. Not all realtors are created equal but he is local and you're getting info from people on this site who are not. Take internet suggestions with a grain of salt (irony intended)

@Tarek Emam The answer is whatever makes the numbers work. Plus whatever you're willing to take on. There's no right answer to this

@Michael P. Try petscreening.com and have them register through it.

@Lawrence Mak Don't do it unless you really want to be an agent. You will burn through any money you have saved up and end up worse than you started. Its expensive to be an agent and there are a lot of upfront costs before you start to see money trickling in.

@Benjamin DuPont Cozy gives tenants the option to opt into a system like that. Its free for landlords, not a terrible website but the rent takes a while to make it to your account just like zillow payments

@Mariah Kohan don't force it, it will only drive him away. Try more subtle ways to get him interested. If you like to play games, play monopoly and cash flow. The biggest thing that turned my wife around was seeing the money and what it would be worth later in life.

@Cameron Hamidi Depends on the property type. STR electronic is better because the higher traffic, ease of exchange, remote programming. But they are expensive, need wifi,and require battery replacement. LTR don't need the electronic keypad but can have them if you want, just a matter of cost when a new deadbolt will lockset will cost $50 whereas a wifi lock starts at $130. Plus you would need wifi when it's vacant which isn't worth it.

@Paul Sandhu What the what!? I need to move to Kansas if thats what your getting. By your rule id be around 50 months and I thought I was killing it. I honestly don't think 6-8 months is realistic in a vacation destination. Rural land rig oil field trash is one thing (I used to be oil fied trash so im allowed to say that lol) but a desirable place by the beach, lake, or ski mountain is never going to be even close to that. Good for you sir.

To OP, I dont think there is a good rule. Every market is different. Plus adding in furnishings would throw it off anyway. Honestly if you're going to use it yourself, if it breaks even you're doing great.