All Forum Posts by: Ursula B.

It sounds like you are talking about a cash out refi, which is different from a double closing. To do what you are referring to usually requires either seasoning-holding the property for a period of time-or at least rehabbing the property first so that it appraises close to retail, and then you can refi based on the higher value, pay off the first note and cash out. Not sure how you would othwise pull this off with a back-to-back closing.

@Chelcie Rivers I'm also researching this subject as I plan to go into property management full time next year.  I reached out to a colleague here and had a very in-depth conversation about the property management business just last evening. (This site is AWESOME!!)

From what I've gleaned from my research, word of mouth is what brings in the property owners. Others have said a highly optimized website is key. One tactic that was shared with me was combing though the evictions down at the courthouse to find the property owners that don't have a management company. Also, joining the local REI club and Realtor association to network.

As with any business, you must play up your Unique Selling Proposition (USP).  If you're just another 'me too' company, it could stunt your growth.

Hopefully other experienced property managers will chime in.  Good luck to you!

Usually I would say no, but if your unit is priced right  and you're slim on prospects, I'd take it on the condition that they pay a premium for a 6 month lease.  If they are really building a house, a 6-month lease plus 2 additional months (just in case construction/closing doesn't happen as expected), will put you right in the next prime rental season (Apr/May).

Why would you want to bypass the agent? If the house is listed the seller will have a contract with the agent that will says a commission is payable at the introduction of a ready, willing and able buyer regardless of agent involvement.

In any event, you could look up the tax record either online or at the register of deeds to find the name of the seller. Or you could ask a neighbor, or just knock on the door of the property and introduce yourself.

Beyond the standard credit/income/background checks, I look for tenants that will be low maintenance. If a prospective tenant is late (or extremely early) for the showing or open house, wants to pay the rent/security deposit/pet fee in installments, begs me to reconsider my no-pet policy, etc. I pass on them. I'm very no-nonsense, so if I get a sense they'll be high maintenance I pass.

Automatic disqualifiers: prior evictions, drug and sex offenses and any felonies.

@Brian Karlow Congrats on your contract! I checked the MLS today and I'm in as the selling agent, so that's a start. I'll let you know if there's an issue. Per our rules, technically the listing agent owes the commission. Hopefully it won't be an issue.

On the updates, I didn't negotiate them. The listing agent said FM has a Whirlpool contract so it sounds like something they do regularly. It's a nice townhouse in a great neighborhood, so my best guess is they made the updates in an attempt to get an o-o retail offer. It was under contract before but the o-o loan fell thru.

I'll keep updating this thread as I progress thru this process.

Saw the unit for the first time  today. It needs a fridge and a doorbell repair. Fannie Mae had already painted and replaced all the carpet as well as put in a new microwave and range. (Thank you FM!) Two properties under contract on the same block are listed at 25% more than my purchase price. I'm happy.

I usually get a home warranty the first year to cover any unexpected (or expected) expense. I used to use AHS long ago and they were great, always covered my repairs. I then went to Choice because they were cheaper and they were horrible. They mAde it difficult to even schedule a tech so I never actually used the service. I'm now with Old Republic and so far so good. They covered a repair that I found out after the fact was suppose to be a warranty exclusion. My inspector told me the HVAC compressor on the condo unit I was purchasing   wouldn't  make it thru the summer, so I purchased the warranty at closing. Sure enough, 3 months later the tenant called about the HVAC, and it was covered under the warranty.  At this point  they've paid out more than I have in warranty and tech calls for this one unit, so I've gotten my money's worth.

@Suzie Remilien Thanks!

@Justin Green Thanks! We're doing the inspection on Saturday, it looks pretty clean so hopefully no surprises.  I was hoping to do a remote closing if all parties can get their docs together a couple of days before closing.  I'll let you know how it turns out.

@Greg H. I totally forgot about the commission. Makes the deal that much better.