Real Estate Investing: I am a failed real estate investor. Here's what I learned. |
- I am a failed real estate investor. Here's what I learned.
- How to Choose a Good Property Manager
- Real estate investing failure?
- What's the farthest you would live from your rentals?
- How do I increase the curb appeal of this duplex? It's ugly
- Thoughts on managing your own properties?
- Antenna Leases
- What is the deal with these listings?
- What do you do you to command maximum rents for your units (marketing, updates, strategy)?
- My tenant wants me to replace the fence when there’s nothing wrong with it
- How to scout a property out of state
- Using A business loan instead of mortgage...Payments 100% deductible
- What’s the feasibility of buying two houses at once?
- Trying to get started
- Appreciate or Cash Flow in expensive high demand areas.
- Question about first time cashout refinancing
- Where to Start (or if I should even start???)
- Commuting to your rentals
- Endless spam calls / texts for the past several months about my properties.
- Conventional vs USDA loan question
- Buying an illegal dumping site
- Quick question about property values.
- Wanting some feedback going from 1 rental property to 2 (Oklahoma)
- Is buying a property through a seller’s agent a good idea?
| I am a failed real estate investor. Here's what I learned. Posted: 26 Jun 2020 12:15 PM PDT Hi! I just closed on the sale of my second investment property, and I'm officially "out of the game". I read this sub religiously for two years before making a leap and buying property. So I thought I'd come back here and share what I learned and what I should have done differently. My story is very common: high income, high cost of living area, property here is crazy expensive, want to diversify, etc. I started looking for places to invest. After a couple failed attempts and about six months of research into cities I decided on a Midwest city. I flew out there and met a property manager and realtor (business partners) and eventually bought 2 duplexes. I was super excited to start my real estate empire! I ran the numbers hundreds of times. The rents were almost double the payments. What could go wrong? Then reality hit. There was always something happening with the properties. Always. Sometimes big stuff like the AC breaking. Stupid stuff too. Every time the PM sent someone it would be another $200-300 out of my pocket. We had two evictions (across 4 units total) and unit turnover was 10k every time, and that's after I pushed back on most of the stuff the PM insisted on "fixing" (like replacing a shower head that worked just fine. why?!). Good months, I got 80% of the rent I had been counting on in those spreadsheets I spent so much time on, but there were a lot of months where there was nothing coming in. So what does it mean when you have a mortgage on two properties with no money coming in? Risk. How long can you remain solvent? The properties were supposed to be net positive, instead I never even bothered putting them in the income section of my budget sheet because it was so unreliable. I realized that I have no stomach for the degree of risk that comes with increased debt. I once thought that I would buy one property per year. I can easily afford the down payments. But each one is another amount that becomes a tighter noose around your neck if / when the tenants don't pay. I sold my first property after the tenant got evicted. I sold the most recent one after I had a dream that covid caused the economy to crash to 2008 levels and it lost half its value. I just don't have the stomach for that level of risk. Lessons learned: ** Do not invest out of state unless you have multiple, personal connections that have worked with the property manager in the past. I still don't know if they fucked me over or if I got unlucky with the properties/tenants. I suspect it's a bit of both. They certainly padded the to do list when turning the units over by at least 50 percent. I was charged $400 to haul away the debris after one turnover. ** Get a separate property manager, realtor, and attorney with no connections to each other. You need checks and balances. ** Understand how much risk you can stomach. Know yourself. I have a "fuck you money" amount of savings in cash because I'm just inherently not a very risk taking person. You don't want your investment to keep you up at night. ** Talk to the PM before signing anything on what the process is to end your relationship with them if things go south. Document it. ** This one is kinda random but if you're trying to keep your investment a secret from family, put it in an LLC. Wholesale vultures called my estranged father trying to get him to sell them his property in <city>! Which was just great when I purposefully didn't tell anyone about the investment to keep my financial situation under wraps. So, in the end, I'm a failed real estate investor. Due to property appreciation I basically broke even on one property and made maybe $20k on the sale of the other, so it was just a collosal waste of time for the number of trips across country, all the transaction fees, etc. Hope this was useful info for someone. Like I said, I never told any of my friends or family about any of this so Reddit is all I've got to get this off my chest. [link] [comments] |
| How to Choose a Good Property Manager Posted: 26 Jun 2020 08:47 PM PDT Before dinner I asked this question. I went to grab dinner & drinks with a friend. When I settled in for the evening, I came back to 200+ upvotes and dozens of comments proving this was a topic of great interest. I'm not going to promote myself, For I am a river to my people, but you should at least know some of my credentials.
Do you need a Property Manager to make millions with Real Estate? NO! Well sometimes yes, but for the average person, NO!!! The only times you NEED a Property Manager are when you have too many to manage it on your own, or when you buy out of State investments as most local municipalities require someone within the county to manage & coordinate maintenance. If you are local to your investment, there is nothing stopping you from managing your own place. Yes You'll have to shop your own repairs, find your own tenants, and collect your own rents, but this is well within reason for anyone with a passing knowledge of how to Google. A Property Manager will cost about 10% of collected rents. That's a significant liability on an investment. If you have the time to put into managing your own, you should definitely put in the research to see if it's the right call for you. I won't spend a lot of time on this however, since self-management is a topic for another day. For now let's just say if you have 15 or fewer properties, you can probably manage those part time by yourself hassle free. Obviously you can increase that number if you live on your investments alone. The Risks of Mismanagement The fact is, a BAD PM costs you way more than that 10% fee. Property managers are Fiduciaries meaning they are required to put their clients first. But that doesn't mean they are good at their job. Bad management can lead to bad tenants, bad advice, poor maintenance management, vacancies, lawsuits, etc. I'm not normally a picky man. I don't need the area's best fry cook everytime I stop in McDonalds, because I'm paying $1 for a greasy, guilty pleasure. I do need the area's best property manager when I invest. Real Estate costs hundreds of thousands of dollars, just to get your foot in the door (yes, that's in debt, not in cash, I know, shut up). A single lease can average about $12,000 per year in my po-dunk city. Imagine how much more it is for Los Angeles or New York. If I'm entrusting someone with tens of thousands of dollars of my money, you damn well believe I'm getting the best one in the area. So then what are Property Managers good for?
Convenience Your time costs you money. The average salary in the US is around $55,000 or about $27.50 per hour. If a painter will paint your walls for $15 per hour, it would follow that you are losing money to paint it yourself. The painter can do it cheaper & easier. Same with Property Managers. I know how to market a property to get maintenance & vacancies down to an absolute minimum, and I can probably do it in less time, for less money than you. Plus not everyone wants to work a part time job after their regular job. If the property can support a manager, it's perfectly acceptable to hire one so that you can catch that damn Tiger King show and be in the loop for once. Market Analysis & Consulting I look at rentals & homes in my area a minimum 12 times per business day (that's a really slow day), and often on weekends as well. How many of you can honestly say the same? know what colors are "in" right now. I know the flooring that gets scuffed up on moving day. I know that Street A is inflating Street B's rental amounts, so the ROI numbers the other Realtor gave were inflated. Good PMs are tapped into their local market, and can tell you, nearly at a glance what properties should be selling for or renting for. What we can't tell you on the spot we have the ability to look up & support our findings with data. Only the most iconic investors can match that kind of volume. Mediating Tenant Issues Do you have any idea how many times I've been cussed out by tenants? Even today I was called "a fucking monster" because I told a young 'lady' that I expected her to honor the contract she signed. Tenants, especially young tenants, don't realize how much things cost or how much skin is in the game. Therefore they can get really pissy when they don't understand why you sometimes need to tell them no. Owners are not that much better than tenants either. Owners often have blood, sweat, tears, & worst of all memories associated with their units. If all I do is prevent swear words from reaching the tenant or owners, that might be worth my 10% fee alone for how many contracts that has saved. Finding Quality Tenants Can't believe I forgot this in the first draft. Make sure your PM is pulling credit reports (I look for 600+), background checks, & doing rental screenings. If a tenant owed their past landlord $5,000 and you approve them, you are asking for the incoming robbery. Talk to your PM about their screening habits and make sure you find the right numbers for your area. So How Do You Pick a Good Property Manager?
Check their OpticsIs their website professional looking & modern? Do the pictures on their listings look good or are they early iphone blurry? Can you find their listings on Zillow & other websites? Drive by their properties, do they look well maintained (or at least similar condition to yours)? Ask for a tour of a property, is the showing agent professional, pleasant, well informed, a decent dresser? Check out their listings, do they have all the relevant info & an obvious way to contact the agency. Do they have signs everwhere? Are they known in the community? Etc. No one is perfect, but they should be scoring high in most categories. Interview several PMs in the area I feel like this should be self explanatory. Even ignoring some of the professionalism points from above. Some PMs are going to be a better fit for you & your portfolio than others. High End Duplexes & Single Family homes around the local college campus are my wheelhouse. If you want someone to manage low-income, I'm not your guy. I focus far too much on tenant relations & cosmetic improvements. Low Income properties needs a PM who can locate quality long-term tenants who won't tear up your property. That takes a 6th sense I don't have. I prefer a Maintenance Tech who is reliable, and is going to show up when he says he will. I don't mind paying extra for that, but maybe you don't mind waiting a week if it means you can save a few bucks. Just remember, you don't need to like them, they just need to take care of your investment. Negotiate This is more of a general tip, but ask them if they offer any special deals on their management fee. I drop my fee by a percentage point if their home is in one of my preferred areas. I'll drop the fee by another percentage point if they have a high maintenance limit ($1,000 instead of $500). If I don't have to fight with them every time we need to get a plumber out to the property, I'm willing to cut my fee a bit. I also provide a service where I'll find you a tenant, but you continue to manage your own property, that has become quite a popular service in the past couple of years. Ask Questions As I mentioned before, I generally prefer reliable maintenance techs rather than trying to get rock bottom prices. But I keep notes on all my owner's preferences. Owners that call in regularly to let me know what they want out of their portfolio, usually get it. Just because you have a PM, don't just "set it and forget it". Ask how they screen tenants. Review your monthly statement with the finance officer, Ask to see the tenant files, Drive by your property to check on it at least yearly. You definitely don't need to call daily, but do continue to check in just to make sure your investment is in good hands. So Where Did This Guy Go Wrong?
I'm sorry it went south for him, but everything I saw sounds easily avoided with a little extra know how. [link] [comments] |
| Real estate investing failure? Posted: 26 Jun 2020 10:49 PM PDT With all the overload of BRRRR investing and finding wedge deals, am I going to be considered a failure if I buy a house for 5-8% below current market value, put $60k in it, and only make enough to cover $250-300 a month of maintenance? (Don't need much cash flow). I'm in the Vegas market and really want to get my feet wet. I've saved a couple hundred thousand and want to buy 3-4 properties over the next 2-3 years. I want to just get in a deal for my first rental, but I'll feel like a failure if I don't get a 10% cash on cash return, and 60% equity day 1, etc..... Are those real numbers in a market like Vegas in today's market? I want to be patient, but I'd almost rather wait for that on deal number 2. Am I being too impatient or is this how first deals typically look? I just want the typical 3/2 and 4/2 SFH with a long-term tenants. Let them pay down the mortgage for the next 20 years, maybe refi two properties to pay off the other two, and have a $4-$5k extra income by then on 4-5 properties. [link] [comments] |
| What's the farthest you would live from your rentals? Posted: 27 Jun 2020 01:24 AM PDT |
| How do I increase the curb appeal of this duplex? It's ugly Posted: 26 Jun 2020 01:49 PM PDT It is a duplex built in the 80's in a B area. All other houses near it look way more visually appealing. Honestly I think the exterior just needs to be painted and shutters painted What would you suggest for painting this thing? Color schemes, etc. And what do you normally pay to have a house exterior painted (2,000SF)? [link] [comments] |
| Thoughts on managing your own properties? Posted: 26 Jun 2020 09:03 PM PDT I live in a 3 bedroom condo and rent 2 of the bedrooms. So far it has been a fairly good experience. Most of the issues I have stem from my tenants seeing me as a friend rather than a LL. Ex: I shouldn't have to pay a late fee, it was just 1 day. You shouldn't keep me trapped in this lease. Its not fair to make me find someone to replace myself if I want to break the lease early, etc. One great benefit has been that I know about any issues instantly and of course can make sure they treat the property nicely (although unfortunately that means I have to mother them sometimes. Please don't roller skate in the house, please don't drop dumbbells on the wood floors, etc.) Because of said issues I am ready to move out and rent the whole unit. I would stay fairly local. Anyone have any experience managing their own properties? I have no prior experience besides living with my tenants and dealing with any issues for the past 2 years. [link] [comments] |
| Posted: 26 Jun 2020 08:02 PM PDT Anyone on here have any experience or insight into antenna leases? I'm talking about the kind of antenna leases with the major cell phone companies. I think I might have a perfect place for it but I have no clue how to determine if the site would be a good place for an antenna lease. I guess the 3 main questions I currently have are : 1 how to determine if an antenna would even be allowed by the local government?2 is there a way to determine if the site itself would work for an antenna for the cell phone company?#3 if both 1 and 2 are yes how do I go about leasing the space to them? Are there brokers that specialize in this? 4 anything else I should be aware of or do due diligence on in regards to this being so different from other CRE before purchasing the land if 1 2 and 3 are all goodAny insight is really appreciated Edit: sorry for formatting. On phone [link] [comments] |
| What is the deal with these listings? Posted: 26 Jun 2020 11:13 PM PDT Question- I see lots of properties on Facebook, Zillow, and even the MLS that follow the same pattern- little information, contain aerial pictures and no street level pictures. I conducted a record search on one of the listings and discovered that the property was purchased by and sold to people who are all tied to the same real estate company. I just want to know- Is this an real estate investment concept? Scam- if so how does it work? ( FYI-I'm not trying to purchase any property, I just like to be informed. Thanks! [link] [comments] |
| What do you do you to command maximum rents for your units (marketing, updates, strategy)? Posted: 26 Jun 2020 11:08 PM PDT Simple question. What are your strategies for getting as high of a rent amount as possible for your unit/house? Now, I know many will say they price slightly below market to attract better tenants and have less headaches. But what are tips and tricks to command higher rent? [link] [comments] |
| My tenant wants me to replace the fence when there’s nothing wrong with it Posted: 26 Jun 2020 08:23 AM PDT My property has two houses. My tenants live in the front house (duplex) and I live in the back house. We live in a really safe little town and on the Main Street of the city, very close to stores and restaurants with people always walking around. My family originally chose this street because of the liveliness since usually quiet neighborhoods, the chances of break ins or any suspicious activity is usually greater, however like I said my city is very safe and that almost rarely happens regardless of a busy or quiet neighborhood. Outside of the front house, we have a nice little white fence that is pretty similar to the rest of our neighbors. I don't exactly know why but the upstairs tenants want to replace the fence with a much taller fence and they want it to be able to close and lock it (currently there's an opening right in the middle with no door). I told them no because first of all, we are not living in a community-type neighborhood where there's a giant fence that blocks all houses. Second, it would look weird as hell to be the only house on the street with a tall ass fence blocking our house from the world. Literally all our neighbors fences are short and I don't want to be the only house that stands out. I feel if anything, that will give people the opportunity to wonder what we're hiding and that may cause break ins...? Idk. The lady starts making excuses and doing petty things like saying how some people were eating on the front lawn and left garbage on the ground. She seriously dragged me to the front to check it out when for all we know, she could've placed the trash there. (Seriously, who would have a meal in someone else's property...?) Then she said one time, someone tried to break into their house and attempted to screw open the screen door (we have 2 doors: a metal screen door and a wooden door) when that's completely not true because I have security cameras installed in the back of my house and can see clearly if people are coming in and out of the property. She, too, have said they installed security cameras, and when asked she said the cameras have not been working lmao (and she was praising and recommending me the product from amazon at one point). She says she doesn't feel safe and wants a tall fence to block people from coming in. Idk what she's talking about because she's been living here for the past 10 years and nothing has even happened. Additionally, she's always saying how she knows the neighborhood cops and that they're "friends" so if that's the case, why doesn't she call her cop friends for an attempted "break in" if she's so scared. Honestly think she just wants to replace the fence to her own liking and that is not going to happen. How do I make it clearer than I already am?! [link] [comments] |
| How to scout a property out of state Posted: 26 Jun 2020 04:24 PM PDT Looking into investing in a building out of state. The listing in MLS has only a few photos and I would like someone with boots on ground in the area to verify a few things about the property before I move forward with an offer. Has anyone hired people to scout properties initially for you that you have no time to drive to? If the investment ends up looking good I would definitely visit in person before purchasing, however I would like to not waste time upfront if possible. I was going to just post an ad on Craigslist paying $100 or so for someone in the area to take video or pics. Is there an easier way to try and connect with people to perform this task though? [link] [comments] |
| Using A business loan instead of mortgage...Payments 100% deductible Posted: 26 Jun 2020 04:02 PM PDT My buddy just got a 1 million dollar business loan at 4.5% to buy houses with. He already bought 3 120k houses and has renters already. He told me that his payment is 100% deductible. Set all this up through LLC. Is this true? I have one rental home, for which i still have a mortgage, and im well aware that I can only deduct certain expenses , but payments to principal isnt one of them. [link] [comments] |
| What’s the feasibility of buying two houses at once? Posted: 26 Jun 2020 03:07 PM PDT I had an idea: Let's say in X amount of years, I have 100k saved up purely for real estate investing purposes (i.e. separate from my normal bank accounts and brokerage accounts). What I want to do is buy one house that's for living purposes, and buy a second house in my old college town (about an hour away) at the same time. Both 20% kids down payments would be payable from the same 100k. Would it be a financially stupid idea if I did that? I kinda like the idea of being a landlord to students of my recent alma mater, but I wouldn't want to live in my college town again. Has anyone here ever done something like this? What was it like? [link] [comments] |
| Posted: 26 Jun 2020 07:14 AM PDT Trying to get started Hello- I am in northern Virginia. I purchased a house last year (440k price of house, I now owe 190k). I am a single mom to 3 kids and wanted to get started on my reà journey. I had a rental property before but had to sell after my divorce. Used this money as down payment for my current home. Can I refinance to get money to start with a rental? I've only had my mortgage for a year and not sure how this all works since my mortgage is a lot less than what my house is worth bc of the heavy down payment. Thanks so much! [link] [comments] |
| Appreciate or Cash Flow in expensive high demand areas. Posted: 26 Jun 2020 06:08 PM PDT I am looking to buy a duplex in San Diego which can be a very expensive area. With a 5-10% down payment it is still looking really hard to cash flow considering I house hack and rent out the second unit (taking into account Mortgage, PMI, Maintenance, property tax, etc). The agent I have been working with has preached about how the appreciate rate in San Diego is approx 4.6% annually over the past 50 years and is encouraging me to find a good deal and not worry too much about cash flow (meaning it wouldn't be bad to break even, or come out of pocket the first couple of years). He's philosophy is the appreciation is going to outpace other markets because of San Diego being such a high demand city to live in. An example would be buying a duplex in San Fransisco 20 years ago that didn't necessarily cash flow, but is now worth millions. I would prefer to invest where I live and reap the benefits of house hacking, but I am curious to know what have others experienced investing in these expensive, high demand areas? I am looking to hold this duplex long term & find something that doesn't need too much work done. Any suggestions or comments are appreciated greatly! [link] [comments] |
| Question about first time cashout refinancing Posted: 26 Jun 2020 07:29 AM PDT I'm looking to cashout refinance my home I own outright. Its worth $160K and take out $100K to buy more investment properties. One offer I got was for 30yrs @ 4.1% with $4.5K in fees. I haven't heard many people talk about the fees and tryin to see if this is a normal range. I have only had one lender return my call after reaching out to several. Wondering if lenders are less willing to refinance right now and charging higher fees to compensate and if its better to wait a little. [link] [comments] |
| Where to Start (or if I should even start???) Posted: 26 Jun 2020 04:31 PM PDT I have been a big believer in maxing out tax advantaged accounts well before any real estate investing. I am in my 20s, married and living comfortably. Luckily, we are able to easily max out $50k-$60k of our tax advantage accounts in 2020. On top of that, we found ourselves with a surplus of about $25k-$30k. So, we have a couple primary options: 1) Put it in a taxable brokerage account and let it ride So, with all that in mind... I know what the "FI" gurus would say-- $VTSAX all day/everyday. But what does this group have to say to someone like me? I am pretty lost and confused about where to put the extra cash. I do not want it to be sitting in cash for all that long. I grew up in family business of custom home building, so real estate investing is not foreign to me. However, it is still very scary in some regards.... I do not know if it is worth the massive amount of time commitment relative to "VTSAX gang". I will say, if it weren't for the power of leverage in real estate investing, I would be probably be quite happy with VTSAX, but I can't borrow $100k for 30 years at 3.25% and put it in the market :(. Really open to any thoughts. Thanks guys. [link] [comments] |
| Posted: 26 Jun 2020 04:13 PM PDT I'm looking for opinions on how far away you would consider buying a rental property. I live in city A and am considering buying in a lower cost of living area, city B. In my situation it would be approx 3 hr drive. Anyone with experience here? What do you consider too far away before you just hand it to a PM? Edit: while working full time [link] [comments] |
| Endless spam calls / texts for the past several months about my properties. Posted: 26 Jun 2020 12:19 PM PDT This has been so annoying. A while back there was a bigger pockets podcast about some dude who "cold call/texted" property owners to get leads via automated software and how many deals he got. Maybe that's a coincidence but some months after that, we started getting more and more of these spam inquiries. At this point it's nearly daily. On my cell phone, on my wife's cell phone and she isn't even on the title of these properties. Typically it's "Hi concentrated_failure, I'm a local investor and I'm interested in your house at 123 main st. would you be interested in selling it?" or something along those lines. I block the numbers on my cell but they just keep coming from new numbers. I'm sure the automated software that is used can spoof random numbers to bypass call & text blocking. Anyone else dealing with a deluge of this annoying crap? Is there a better way to prevent them? They are super disruptive since they call at all hours and often during my video conferences on my phone which kills my connection to the conference. [link] [comments] |
| Conventional vs USDA loan question Posted: 26 Jun 2020 08:12 AM PDT Hello all, I am completely new to the game and really need some advice about financing my first upcoming house purchase. Due to the generosity of a family member and some good timing, I am in line to purchase a new house somewhere around 245-260k in a market where it will value near 380k-410k. The house will be a new build, 2150 sq ft 5 br house. I have two financing options: Conventional loan - from what I understand, it may be possible for me to use some of the equity in the house as a down payment. I need to speak more to my relative about this, but I believe it would along the same vein as a construction loan turning into a conventional mortgage with the equity being the downpayment. USDA loan - As it stands, I qualify for a USDA loan on the house. I have a meeting with a bank soon to learn more about the process. From the calculations that I have run, it looks like the mortgage will be around $1300 + the mortgage insurance (~$75 /mo). We plan on moving in the house, and I'd like to grow a portfolio with the equity that we will have. Would a USDA loan be better for this since I wouldn't be using the equity as the downpayment, thus making it available for a HELOC? I'd like to use the equity in the home for an investment property, so am hesitant to go the conventional route even if it saves me 75 bucks a month by not having to pay the quasi pmi. Am I overlooking anything if I do the USDA route? [link] [comments] |
| Buying an illegal dumping site Posted: 26 Jun 2020 08:50 AM PDT We have an opportunity to buy two large building lots in a rural section of a fast growing area. The owner owes a significant amount of back taxes and he just wants to get what he can before the county forecloses. (We'd be paying the back taxes in addition to the purchase price.) The issue is that the larger of the two lots (7 acres) has been used as an illegal dumping ground for 20+ years. The front 2-3 acres is full of old tires and household debris and the very rear of the lot is being used to illegally dump tree stumps and full trees that have been removed from nearby new developments. The smaller lot (1 acre) has a little debris, but nothing a dumpster or two wouldn't take care of. We've tried to buy just the smaller lot, but the owner wants to sell both and has offered the second lot essentially for free (plus $10k in back taxes). Cleaned up, the larger lot is a $100k+ property. My instinct says to walk away and not open a can of worms, but wanted to see if anyone had experience in this area that could share some insight. Is this a terrible idea? EDIT: Thanks all. I found exactly the feedback I was looking for. We also talked to the county and got some additional feedback from them about the property. It's a mess and we're not going to pursue either lot at this point. [link] [comments] |
| Quick question about property values. Posted: 26 Jun 2020 02:43 PM PDT Does property value increase, when a developing mall finishes in 5 years? [link] [comments] |
| Wanting some feedback going from 1 rental property to 2 (Oklahoma) Posted: 26 Jun 2020 08:41 AM PDT I currently have a single family rental property (3 bed 1 bath) that I bought for $86.5k in 2012. I used it as my primary residence until 2015 when I bought another primary residence and began renting it out. I currently get $960/mo for this property and my mortgage/insurance/taxes total $620. I am now at a point where I have an opportunity to get another single family property with an offer made to me of $81k. It is smaller square footage but still a 3 bed 1 bath, and has been completely gutted and remodeled. Total costs would be approx $500/mo, I believe I could rent it for $900/mo. I'm anxious about going from 1 property to 2, especially in the current economic climate, but things seem fairly stable in my area. Anyone here have any feedback on their transitions from 1 to 2 properties they'd like to share? Thanks in advance. [link] [comments] |
| Is buying a property through a seller’s agent a good idea? Posted: 26 Jun 2020 08:31 AM PDT Since the seller pays for both seller and buyer's agents, technically both work for sellers to get the deals through. Why should or shouldn't we want to buy properties through the listing/seller's agent? I heard such agent would provide some break in the commission and effectively helps make the deal go through at a lower cost for buyers or a better price for sellers. The agent would also work harder (if that is still possible) to close it because they get to receive both commissions. Thank you [link] [comments] |
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