All Forum Posts by: Randy E.

First, I'd argue that getting the highest price (in a reasonable amount of time) is one way a listing agent looks out for the best interests of her client.

On the other hand, if the seller has told you she will accept your offer of $75K, all you need to do is tell the seller to inform her agent that $75K is all she's looking for.  After that, there should be no problem.

It could be that the agent was told by the seller to list at $105.  Also, since it doesn't sound like your agent actually delivered a signed contract offer, I'm not sure the listing agent has a duty to report a simple verbal inquiry to the seller.

 That's exactly what I tell them.  No tenant has ever moved from a unit because I said that.  In fact, they usually say, "No, I didn't mean that I didn't like the house.  I was just mentioning the issue so you would know how I feel about it."  Okay, now I know how you feel, and you know that I don't think the issue is a valid problem.

Some people are just natural complainers.  Complaints (or more generally, negative comments) stream from their mouths on a steady basis.  If you don't think their complaint is valid, there's nothing wrong with saying you disagree that the "issue" requires your attention.

 This is my exact thought.

If you've never done it before, don't "learn" on an occupied rental.  Pay a professional to do this one.  Then, if you really want to know how to do it for the future, practice at your home.  It's not very hard if you're handy with a screw driver and not completely unaccustomed to such work, but you don't want your first time to be a tenant's unit.

 Thanks for the advice Joel.  I hadn't considered a handicapped toilet.  It's practically impossible to install a grab bar in this bathroom without a complete remodel, but a handicapped toilet should just barely fit.

Of course, it's hard to know during a rehab that one property might attract obese tenants, so pre-installing a toilet just for that reason doesn't make a lot of sense unless the property is near a diet facility.  Strangely enough, there is an internationally regarded overweight clinic in Durham, but I don't have any properties nearby.

Thanks again!

LOL. I don't know if I've gotten to 50, but my mother has poo-pooed REI so much (and continues to do so) that I should qualify anyway.

David, some people just don't get it.  Whether it's fear, jealousy, ignorance, or what have you.  Ignore them and keep moving toward your goal.

I would slow down trying to pick up a hands-on mentor at this point.

Instead, read BP articles and the forum and listen to BP podcasts as much as you can.

Most community colleges offer classes for getting your real estate license.  The classes are usually reasonably priced.  They usually take a few weeks, but what's the hurry.  It's a lot cheaper than one of those quickie weekend classes where you may or may not actually learn enough to be useful.

 I took a community college RE course 20 years ago, and the slow pace was great because it gave me enough time to actually read and absorb the information in the text book.  I passed the test for my brokers license, but never got it or sold real estate.  However, the knowledge I earned through that course has been invaluable in preparing me for investing in real estate.

After you complete the class and take and pass the license exam, that will be a good time to try to hang your shingle with a RE company.  If you show how much you're willing to do for yourself on your own, a broker might be willing to take you own and let you learn from his/her organization.

Good luck.

For $2000/month, I'd replace the entire floor of 12x12 stick on squares with a large piece of vinyl flooring.

On the other hand, I'm curious if anyone knows of a way to repair that type of damage.

 This.  Well I'd change 10 years to 5, but otherwise, this.  I'm okay with second chances if all else checks out.  YMMV

@Jennifer Fernéz, there is already a lot of good advice here.

1) As @Jon Huber said: "no one can tell you the answer but you." - Very true.

2) However, as @Dave Fontana said: "It is the best thing you can ever do, for you and your kids." - I can attest to that.  I bought my first property when the youngest of my three children was 3.  I just got my third property, and should get #4 and maybe #5 later this year.  I can honest say that if it isn't the "best" thing I've ever done for my family, it's in the top two or three very best things.

3) To reiterate a bit, @Doug Minton was spot on with: "...it is worth it" - It is. It is. It is. But to look back at #1 above, only YOU can decide if REI is for YOU.

4) Also very important is what @Account Closed said: "Landlording is NOT NOT NOT a get-rich-quick scheme. Its very slow and steady." - Okay, Wendy did not type "not" three times, and she didn't make it all caps, and she didn't underline it.  And you know what?  Some people might be able to make Real Estate Investing a get-rich-quick scheme.  I can't, and to be honest, I'm not trying.  My goal is not to be rich next year.  It's not even to be rich in ten years, if rich means driving cars teenage boys drool over and taking $10K vacations three times a year.  My goal is to one day in the not to distant future provide a comfortable living for my wife and children that will allow my wife and I to never work again outside of our real estate investments.  I'm well on the way to that, as are many many people here at BP.  Some are already there.  Some haven't started yet.  But I think we all have that goal in mind -- at least us buy-and-holders do.

BUT, Real Estate Investing is not an effortless, riskless, idiot-proof endeavor.  Do your homework.  Read/watch/learn as much as you can about being a landlord, from researching properties, doing comps, estimating repairs, evicting tenants, tax advantages/disadvantages, etc, etc, etc.  Oh, and save, save, SAVE your money to invest.

Then go out there and buy invest in something!

Good luck

Good find, @George P..  

Wow, 17 properties!  You're chugging right along.