All Forum Posts by: Sebastian Taylor

@Joe Prillaman, once you start searching for your first deal, there will be first surprise to you:  it is a hard, full time job, where you complete with big players with tons of resources and people working for them. Everything else in this business is easy, but couple of marginal deals can easily get you bankrupt. Remember, you make money when you buy.

 You don't have to. Everything is online.  Go online and search for properties with your criteria. When you have found one, e-mail listing agent and ask to submit your offer. If they won't, they will at least refer you to different agent. Do not sign any exclusive agreements and ask for comps when they agree to submit your offer.

Sooner or later you'll find who you want to work with. Agents look for clients not other way around.

 Amazing. Comparing $10k property with $65k property in completely different areas of Baltimore. Love BP.

@Tariq B., this is weird, I called BGE and they say they need a licensed electrician to pull permit with the City first, then City does the inspection, and when it is done, only then BGE connects the service back.

The same is with natural gas, licensed plumber should inspect the line and perform a pressure test, only then they turn on the gas.

If I knew how to get around that, I would save enormous amount of money.

@Bernard Weingarten, just talk to the broker. They do have authority and can address your issue. In future, trust no one. 

@Tariq B., great job! I am going to follow the same road this spring with one of my properties. However, not all is that easy. The property I have has power disconnected, and to connect it back I need to hire a licensed electrician to pull a permit and do the work. It costs $2000 more or less, I am perfectly able to do it myself, but I can't pull permits. How do you go over permitting issue?

 It is a common practice for crooks. Others negotiate a fee up front. 7% is 7%, paid exactly for "coordinate the repair appointment with a tenant, be sure the repair was done correctly and pay the vendor for the repair". If that is not enough, renegotiate a contract or get out of it. 

 That is my experience as well. They come, evaluate, propose. Some want a fee for that up front - I do not use them. Some spend my time and want a fee later in the game - I consider it to play games - I do not use them either, but in addition, blame for my spent time.

 Absolutely agree - however, tell me that before you schedule an appointment! Do not tell me that it is free, and then pull $295 out of...

Very fascinating. Where do they get the "market rate"??? I personally don't even deal with people when additional "service fees" are coming up. Contractors try to pull this. Their "estimate" is free, but to provide you with the price, they need to compile a "report" that costs $290. They tell about the report at the end of their "free" estimate visit. As soon as I hear that my blood boils; they've just wasted an hour of my time. I never talk to them again.

1) Isn't it their job to find best contractors with the best price? They are already paid for that.

2) There is no such a thing. Their interests are always contrary to yours. You just have to fire them periodically and get new ones. Or find another management strategy.