All Forum Posts by: Michael Stole

I assume real estate agents make good money. I have been lived in Indianapolis and now in Ottawa. In both places, I find real estate agents live in luxury houses in top neighborhoods.

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I though I got a great deal on this one according to comp analysis, but the appraisal just came in at exactly the sale price.

I will see the appraisal tomorrow. Eager to see how the appraiser justify his number.

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Thanks for the replies!

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I am reading this great book "Tenant Screening: The Ultimate Guide" on biggerpocket.

It says income must be three times the monthly rent. I am wondering if it is before or after tax.

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I don't think you can tell them that the place is rented to a better qualified tenant, if in fact it is not rented yet. If they find out you are lying, you get in trouble. The hard question is how to deny an applicant who is good on paper, in an early stage and when there is other better tenant.

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Corporate with someone who is originally from that state or country. It is much easier to build a relationship or trust between them, because of these culture things.

Originally posted by Christopher Coleman:

Hello,
My names Christopher, I'm a real estate agent working with mostly out of state or foreign investors in Kansas City, Missouri.

I was really wanting to hear from some investors who had made purchases in out of area markets and see what their experiences have been good or bad. I have heard some real horror stories of people believing every word someone said and getting stuck with money pits.

It would be really helpful to know what your biggest concerns are from being on the other side of the deal. What would have made your purchase more enjoyable?

My team here often invite our international or out of state clients here to get first hand experience with the market, is that something other agents have done for you or offered?

We all know that mistakes happen, but I believe hearing other peoples experiences would help me avoid future complications.

Any constructive input would be appreciated.

Thanks
Christopher

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Include the material I think . It's a story told by my friend who has a out-of-state property.

Originally posted by Mike Franco:

Originally posted by Michael Stole:

It is a tragedy to pay over $200 just to replace a leaking toilet.

$200 labor only?

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I'm just curious how you made your decisions and succeeded without knowing their financial conditions.

Originally posted by Tom Goans:

My grandfather, my father, nor I have ever sought or reviewed a credit report on one of our borrowers or tenants. None of us has conducted background checks. Yet, we have had tremendous success since the 1940s. All of us have gone through numerous credit and real estate market challenges. To this day, neither my father or I have changed our business practice of obtaining credit reports or background checks. Neither of us uses an application form or request tax returns.

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Tom, as to your following point. There is a research showing that complexity of terms increases the market power of the firms/banks. That is the way how banks/firms charge high prices.

Search "strategic price complexity in retail financial markets".

Originally posted by Tom Goans:

Good morning Dylan Hall,

- The terms should be on a single page as part of the Promissory Note and just as a single page. It should be in plain 6th grade level English.

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Thanks, Mike, will contact you when I have more specific questions about Chicago real estate market.

Originally posted by Mike B.:

I personally like Logan Square and East Humboldt Park. Those neighborhoods you can get into fairly cheap. If money isn't an object then this is a different conversation.

Feel free to send me an email or give me a call if you need specific borders or questions you need answered in detail.

[email protected]
847-857-8574

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All Forum Posts by: Michael Stole

Michael Stole has started 70 posts and replied 208 times.

Post: Why do agents make so little on average?

Post: Appraisal comes in at exactly the purchase price

Post: Income Must Be Three Times the Monthly Rent

Post: Income Must Be Three Times the Monthly Rent

Post: Can I deny an applicant for their attitude?

Post: Experiences for out of state landlords with in market partners

Post: How does property managements work and how much do they charge?

Post: Curious Member from Chicago, IL

Post: Curious Member from Chicago, IL

Post: The best school district in Chicago area