All Forum Posts by: Mark Whittlesey
Mark Whittlesey has started 2 posts and replied 216 times.
Post: Columbus Polluters
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
if you call the phone number on the sign, you can tell that person directly??
Post: Hedge Funds- How are they treating their rentals?
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
I have anecdotal info from my PM. Yes, they ARE buying SFRs. They are fixing them up "to the max". And then charging top market rent for them. So at least in Phoenix, they appear to be in it for the long haul.
Post: 150 Flips in 2014!
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
Great thread! Thanks so much for sharing...
One quick question... On a lot of the recent acquisitions, you say that you are going to list them yourselves. Are you personally the licensee?
Post: Newbie with Major Landlord issue in Mandeville, Louisiana
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
Originally posted by @Rick Day:
They both had a ton of bites. I'm not talking 1, 2, 10. I'm talking 30+. My gf foot really looks like she has chicken pox.
Start documenting all this. Get your GF to keep a diary. Who she talked to, what day, what time. What was promised. Then follow up. And be persistent. Keep asking.
Take pictures of EVERYTHING- carpet, flea bites, even the fleas themselves if you can.
Post: Newbie with Major Landlord issue in Mandeville, Louisiana
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
Originally posted by @Richard Vang:
wow! breathing issue because of flea??!!! Doesn't make sense at all. Sounds like a complaining/whining tenant.
Not necessarily. Some people are VERY sensitive to that type of thing. Almost like an allergic reaction. It happens to my wife. Bugs seems to love biting her and she has terrible reactions to them. (I am exactly the opposite.)
Post: Good or Bad Owner Financing Apartment Deal?
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
Originally posted by @Wayne Brooks:
Yea.. This.
One other point. A 3 year balloon is NOT good. I would always ask for 10 and hope to get 7... MAYBE consider 5. But not 3.
Post: Paying down Rental Unit Mortgage?
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
Yea.. As has been pointed out... there are 2 answers.
The math answer is: no.. Don't pay them off. Interest rates are so low now that you can almost assuredly have a better use of the money.
But the piece of mind answer is: do what makes you comfortable. You can weather A LOT of storms and sleep very well in those storms with no debt.
Post: Potential interested tenant half the country away...???
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
I have done something similar. They were moving from the Carolinas to Phoenix. It worked out fine.
Do your due dilligence as always (application, background check, credit check, yaddah yaddah.)
Post: How much did your rents drop during market crash?
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
I didn't see a change at all.
Post: Can bank require list of rehab items plus receipts?
- Real Estate Investor
- Encinitas, CA
- Posts 225
- Votes 91
Originally posted by @Karin Crompton:
So they sent out 3 experts to inspect the property - do they trust the experts or not?
A bit of a nit here.. but they sent out 3 types of experts who are not qualified to to judge quality of work.
Appraisers certainly don't do that. They only look at what ameneties are there.
Even FHA inspectors typically just run down a checklist of picayune details to make sure that it passes. They are not normally contractors- general or otherwise.
To answer the original question.. I typically provide the GC bid sheet to my agent anyway so that the buyer will know exactly what a "brand new" house they are getting. It likely doesn't go into the kind of detail it sounds like the bank was asking for though ie no receipts.