All Forum Posts by: Tracy Ross
Tracy Ross has started 3 posts and replied 75 times.
Post: How do you manage your rentals remotely?
- Posts 75
- Votes 73
Quote from @Diane Chapman:
What is MTR? Thanks to your post I finally know what STR stands for! I'm a Newbie!
Mid term rental- It's usually fully furnished housing for business professionals and travel nurses looking to stay between 3-6 months. If you're interested in this kind of rental, furnished finder.com is usually where these listings are posted!
Post: Llc vs Personal cash out refinance
- Posts 75
- Votes 73
It's very easy to open a business account with your bank in the name of your LLC. Then that money would be available to the LLC to use for other (work related) projects.
It would be good for you to find an investor meet-up in the Dallas area!
Quote from @Larry Landry:
I just recently purchased a single family hoping to fetch 2k monthly. It currently does not have a washer and dryer. I was thinking of buying a pair used to give the house an added amenity to help entice renters. Is this a good idea? or is it putting a burden on myself to be responsible for repairs, or is it no different from a dishwasher or fridge anyways.
thanks for reading
Our property management company has that as a tenant option. I think most renters understand that they will have to provide their own washer and dryer. But I am of the opinion that if you supply it and make sure the drain lines are connected appropriately and clean out the dryer vent upon move out you will save yourself larger expenses later!
Post: How do you manage your rentals remotely?
- Posts 75
- Votes 73
Hire a Property Manager ;) Seriously though- I have remote rentals, and the amount of crap that comes up that I don't even get calls about (clogged toilet, leaky sink, needing a new showered etc) It's worth the 6-12% HANDS DOWN! Also- PM's have screening and background checks, they have quarterly checks of your property and handle all the day to day. Is your stress really worth like $150/month?
Post: Tenant want mold inspection because they feel sick?
- Posts 75
- Votes 73
Mold affects people differently. I have a friend (living in a $1M home as the owner) who almost died last year and the mold actually helped her husbands asthma. I would say tell the tenant that they can feel free to test for mold at their own cost. You don't know that is actually the case of what's making them sick and I don't think it should be the landlord's responsibility to diagnose their illness.
Post: Why are real estate agent commissions so high in the US?
- Posts 75
- Votes 73
Quote from @Wale Lawal:
This is a very sensitive question @Yongming Huang but all I will say it that the barrier to entry as a Real Estate Agent is very low, hence the poor reputation for some agents.
The honest truth is that 20% of the 1.5M agents are the ones doing 80% of the business.
The remaining 80% of agents barely sell 1 house in 2years due to many reasons like lack of commitment to the profession, poor or average skills, improper training, lack of tools and mentorship to be a great agent, etc.
At the end of the day, you will always get what you pay for.
Saying that Agent commissions are too high in the United States is subjective and we can debate or discuss this for several hours.
Hope this helps.
Thank you
I was going to say the same thing as @Wale Lawal. It's the 80/20 rule. And remember, a lot of agents don't take home 3%. They take out brokerage costs, splits, then have to minus 25-30% for taxes. And not all agents are making 3% off every transaction. Commission is ALWAYS negotiable. For example I only do a 1.5% listing if I'm representing them for a purchase.
Post: Responsibility for maintaining smoke detector batteries
- Posts 75
- Votes 73
Yes absolutely! This should be a tenant responsibility!
Post: I got a property under a contract a couple of days ago and I am having hard time sell
- Posts 75
- Votes 73
Quote from @Lucero Cruz Narino:
Quote from @Tracy Ross:
Not sure about Florida but here in Idaho there are some discount brokers who will list on MLS for a flat fee (like $500 usually) Best of luck!
thanks for your help BUT once I am not the onwer of this property , am I allow to place a ad on MLS ?? I think those flat free listing are everywhere
You're right- I don't think you can if you're not the owner. I would check with an agent in your area.
I'd look for untapped markets in Texas that are prime for growth. Amarillo for example?