All Forum Posts by: Steve Dockins

Hey, thanks everyone. I guess I’m still pretty green and wet behind the ears. 

Still seems odd that I call the morning  after a property hits the mls wanting to make a cash offer above asking price. They make a contract that afternoon without me getting a chance to make an offer. 

Doesn’t make sense to me a seller would sign a contract knowing a cash buyer was coming to offer above asking price. I guess things can move that fast. Maybe too fast for me. 

But, you experienced professionals have probably seen it all.

Hey thanks Ruth. I know it’s a sellers market and buyers are a dime a dozen. I guess being a CASH buyer helps, just not that much. 
 

I take it your coming from an agents point of view. Right now I see new 2 properties on mls. 

I guess I should use a buyers agent and not use the agent that has it listed? I just pick one at random??

Not sure I need spoon feed, but advice that I can count on is nice. I generally need a day or two to run some numbers and double check myself.

I keep it simple.

Vacancy/non pymt. 1 month 

Repairs.                   1 month 

Cap ex.                    1 month

Insurance.                1 month

Taxes.                      1 month

Management/misc.   1 month 

That leaves you with 50%
More most of the time, less sometimes. 

I also use the 1% rule. Swing it one way or the other depending on the property.

I have bought 3 properties “off market”. I have tried to use 2 different agents. First one had rental properties. This was when I first started buying. Weird is that all the advice I got from him seem to be completely wrong. I had no idea at the time. Anyways, after a while he just kinda fizzled out on me and I wound up buying 2 off market.

Now I  have another one I went to that handles a lot of foreclosures. He showed me one that he had listed and I made a cash offer over asking price but still too low. He said wait till May/June and we should see a flood of forecloses. Never heard from him again. 

I turned in a sealed bid last week on a property from a flipper that was listed on Zillow by owner. 

So….   Does a buyer’s agent usually help you find property? Or should I keep looking the mls myself, and notify my agent? Should I use “my” agent when I bid off market? Is it bad to contact the sellers agent? I did that once and she was really tight lipped and not friendly. Called me right back and said there was a contract. I’m betting now she bought the property herself. 

I would thank them for their feedback and agree with them. 

$60 is not worth having any friction. 

Raise it to full market Rent.

How do you think they would feel if you wanted to cancel? Just make up and use whatever reason you think would go over best?

Why not have a professional roofer take a look. You may have a roof with a few years left that just needs a patch. 

It might be actually past time for a new roof.

I would need an under simplified scenario to offer any advice. 

Neighbors, managers, or other tenants complaining?? Even rumors spreading would be a concern. 

I live in a small rural area. I would NOT want to be the guy that owned “The Whorehouse” even if I was able to escape prosecution.

Im just a part time lurker here but I thought I would weigh in here since I can relate. 

I haven’t really had family naysayers but people I work with would make fun of me. You need to grow a thick skin for this business. Use to bother me. Now, I can just grin and say “Yep, I’m a Slumlord.”  “Now Gimme My Rent.”