All Forum Posts by: Sherry McQuage

Hello,

I live and work about an hour away from Raleigh (Research Triangle Park--RTP).  Look online for the Keller Williams office in that area, call them, and ask to speak with a commercial real estate agent.  They should be more than willing to find out/answer all your questions.

Best to you!

Hello,

I have not yet tried pre-printed door hangers.  They may work great, or you may be better off just pre-printing a simple letter and taping it (with blue painter's tape) to the front door knob.  Would be interested in hearing how it goes if you do try them.

Best to you!

Hello Braxton,

I have mixed experience with home warranties.  Back when my husband and I bought our home as newlyweds (20 years ago), we bought a home warranty.  When something broke that was supposedly covered, we called the warranty company...they were in the process of changing the business name.  We quickly figured out why: their sorry reputation was catching up to them, so they were changing their name.  They never did fulfill (in our opinion) the warranty...they charged a service fee and didn't replace/repair the appliance like we expected.

On the other hand, now that I am a real estate agent, I offer home warranties through a preferred vendor to my sellers and buyers.  This home warranty company is waaaayy better than the one I deal with 20 years ago.  Read the home warranty brochure to make sure you understand what it does and does not cover.  Sometimes, a home warranty offers valuable coverage that you can use with no hassle; other times, it just provides a "sense of security" when a first time home buyer finally buys a house.  Nowadays, you can search online for the home warranty provider and read reviews to see what others' experience with them was like.  This is definitely something I would search and read about.

Best to you!

Hello Rashmi,

I am a licensed real estate agent in NC.  I have not yet bought a multifamily unit, but a family member owns 4 quadplexes in NC, and I have helped manage them.  This is the disclaimer so you don't give my opinion too much weight.

In my opinion, you DO need a buyers agent.  Unless things are vastly different in Philadelphia, when a buyer lets the listing agent "help" them buy, you don't really get someone looking out for your interests.  For example, the listing agent owes loyalty to the seller....if you pop up and want to buy the multi-family unit, who do you think the listing agent will "protect the interests of" most?  The listing agent may be honorable and fair; they may not be, too.  You may never know the difference until years later.

When buying residential real estate (not what you are proposing, but what I have experience with), the seller pays the buyer's agent. (The seller pays the listing agent a %, and the listing agent pays the buyers agent from that % they get. It is spelled out in the MLS--cooperation and compensation.). If the listing agent also represents you, the buyer, they "earn" the full % fee, and may or may not advise you to protect YOUR best interests.

Please call a few realties in the area of the multifamily property and ask to speak to a buyer's agent with experience in helping investors buy a multifamily.   It should not cost you anything, and it could save you much $$ and stress in the long run.

Best to you!

If you can live in a house for a year (and fix it up some), then move out and buy/live in another while renting out the first, you can "safely" start investing in real estate.  Read and listen to podcasts on BP and other sites, too.  You never know what speaker will "click" and you will learn nuggets of wisdom to apply to your specific situation.

Calling lenders and setting up a meet and greet is a great idea!  If any of them act like jerks, mark that lender off your list....there are plenty of other lenders that want to earn the future business of a real estate investor.

Best to you!

Hello Dwight,

So glad you found Bigger Pockets!  Becoming a parent is a life changing event, congratulations!  

One of the things that has helped me the most is to listen to the BP podcasts as I drive, walk my dog, etc, so that I am constantly filling my brain with good information.  I listen to pretty much any and all podcasts BP puts out; even if I don't currently need the information on a certain topic, it helps knowing more about other aspects of real estate.

Between the forums, podcasts, and books, you never feel alone!  Keep learning!

Talk to different lenders.  Talk to lots and lots of lenders.  Generally, a smaller local lender that you have built a relationship with would be most likely to finance the kind of property you are talking about.  

You may need to build the relationship first, and find out what criteria they would need to lend on such a project.  You may need to get more experience with DIY projects.  Where there's a will, you will find a way.

Best to you!

Listen to Bigger Pockets podcasts whenever possible, listen to other real estate related podcasts, too.  Hopefully, real estate is not your sole income.  Treat it like a business (time block for lead generating, some social media posts, talk/learn from more experienced agents in your brokerage), learn all you can from online sources.  Write down (journaling?) what you learned each day, what you're thankful for, and celebrate your successes.  Don't get discouraged (every agent has some slow times, makes mistakes, gets exhausted); keep doing the basics.  Real estate is a numbers game.  Keep showing up, keep lead generating, keep learning.

Oh, read The Millionaire Real Estate Agent by Gary Keller.

Best to you!

What has worked for me was taking it down to the studs, paint anything that still smells with Kilz, put in new sub-floors, sheetrock on walls and ceilings, and clean/replace ductwork.  I hope you got a great price on the property.  Let me know how it turns out!

Congratulations on having a tenant that actually lets you know before they get a dog (and sneaking it into the rental)!  It's a good idea to ask for (maybe even put it in your lease agreement...for future renters) a meet and greet with the dog before they officially adopt/buy the dog.  

You mentioned that the HOA limits breed and weight; what does your property insurer say about breeds? They may have breeds that would cause them to cancel/raise your insurance if a renter brought them onto your property.

I love dogs and cats (and other animals); I applaud landlords that allow pets (with a pet deposit, and monthly pet rent addition).  Well behaved pets keep tenants happy, and they tend to stay longer since not every landlord allows pets.  If you own multiple units (multi-family...duplex, and up) you may even consider creating a "dog park" area...fenced in grassy area your tenants can walk their pets off-leash.  Could build tenant loyalty to you, would definitely make your property desirable to renters that have "fur babies".

Just make sure you have written guidelines to follow for dealing with dogs barking, pooper scoop policies, etc.  Allowing pets (with certain written guidelines the renter signs) means you will probably never lack renters.  You can look on Bigger Pockets for suggestions on how to pet-proof your property, too.

You may just have discovered your "niche".  Best to you!