All Forum Posts by: Steve Morris

Well, you could do a comp sales on raw land with the level of development your lot has.

Otherwise, the usual/customary is 80/20 = Improvements/Land

Usually don't have a problem with room-mates, but they need to be clear that they're JOINT/SEVERABLE liable for the rent.

That means if A and B are splitting the rent, if B doesn't pay, A owes 100%.

In addition, the new tenant needs to pass your screen.

If you can afford the mini splits and can live with the single-point source (i.e. to heat/cool the place all the doors need to be open), much better:

1) Your tenant gets about 50% off his electric in winter

2) Your tenant gets A/C and you get dehumidifier which keeps moisture down

3) Baseboards are notoriously inefficient and usually get a sofa shoved in front of them

4) If electric and not regularly cleaned, I think they're a fire hazard.

Have no clue - I work in Comm RE and women, in general, are a lot easier and more rational without the bloviation I get from males.

Hope there are more women in the biz.

Sorry, guess I should've said what I'd do.  Call the listing broker and tell him you'd like your agent to write an offer.  Is there anything special he needs to give your offer an "edge"?

Then you can probably gauge on his response.

Looked at what else Trulia had in that ZIPcode and highest is $320K and most is around $270K

Recheck your comps.  What are you expecting to do for $120K and how much does Cicero charge for soft costs and then the tax adjust?

A mortgage at $200K and 3.5% = $900. Which leaves $600/month for expenses, so figure those, especially prop taxes and reserves.  I think you're kinda skinny on the CFBT, but maybe that's Chicago.

DM me and I'll eMail my PDF on Buying/Selling Apartments with financial analysis.  It'll answer a lot of questions and its free.

I wrote it since I get asked a lot of the same questions by buyers and sellers.

Well, in the real world if a selling agent presents two similar offers - One where he splits commission and the other where he keeps both sides, which do you think he'll probably advocate for?

Believe me, I'm not endorsing this, but I'm a broker and I have to work with other brokers.  Unfortunately, there are also loyalty issues since the listing agent is getting "paid" by the seller.

Best way is to sub-meter each unit.  If you're doing a rehab, you should have access to the main feed unless it's common hot water.  The meters are cheap and now are wifi.  DM me if you want samples, but a Google search will work.

With water the idea is to minimize usage since, at least in Portland, it is so d*** expensive (like $100/unit/month).  If you just do a buried flat rate, the fee is the same if they use no water or leave the taps on all day.

With sub-meters, the less you use, the less you pay - Just like real people.

What is the difference between a judicial and non-judicial foreclosure?

Basically with a non-judicial upon default you don't go to a court of equity and damages are negotiated when the loan is made.  Most times, there is no recourse beyond the property, but sometimes there is personal recourse beyond the property itself.  It depends on the loan paperwork which you're bound by UNLESS you pay off the bank.  If you do not understand the foreclosure - HIRE AN EXPERIENCED ATTY TO ADVISE YOU.

Judicial foreclosure means the lender needs to go thru the whole court process which is not cheap and how most lien-theory states work.  You can also have it follow you AFTER the deal is done.  Again, If you do not understand the process - HIRE AN EXPERIENCED ATTY TO ADVISE YOU.