Home Buying & Real Estate Thread

Got my home inspection done and there were 34 "issues", inspector said this was a lower number them normal. Everything was very minor. Cost 300$, thought he did a great job. Took 2 hours
 
Crazy Caballo said:
 
crcballer55 said:
There are so many variables in your question. Basically the work schedule is whenever everyone else isn't working. Most successful agents prospect in the morning, then show homes, write contracts, negotiate with other agents in the afternoon, evening, and on weekends. When you're first starting out, there will be A LOT of hard work including getting your online presence set up, making contacts for your database, building relationships with lenders and vendors, and going to classes (if your broker offers them).

The split with the agency will also depend where you end up. A lot do a 70/30 split, some take a 70/30 split and cap at a certain amount, some take a flat fee off the top and charge for certain services on top of it, while some like Redfin will pay you to show homes. Ideally, in the beginning I wouldn't worry too much about the split. Think of it as a training fee you'll pay for more knowledge and experience. Even a 50/50 split under a good agent and team will be well worth it in the long run to get you started on a good foot. If you start off with bad habits in the beginning it's pretty hard to recover. Something like 3/4 of new agents drop out within 5 years so if you're not learning chances are you won't be in the business long.

If you want to start on the right path, real the Millionaire Real Estate agent by Gary Keller. He literally wrote the book on how to be successful in Real Estate and why a lot of top agents gravitate to Keller Williams because of the training and resources they offer.
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Thanks for the I formation, repped.

I'm looking into courses and they are cheap. Like 350 everything included. Is there a institution I should be looking into or are all the courses the same? I'm in the New England area and will go to CT and NYC.
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I don't know honestly. Like I said before, I'm not an agent, but work very closely with several agents on our team. We moved to a new brokerage a couple years ago from a pay-per-transaction broker that was cheaper, but didn't make sense any more with the number of deals we were doing. Now, we're maxing out in 8 months and keep 100% of the commissions after that, so the numbers really work out in our favor.

Every Real Estate board is different, so I would ask someone in that area what you can take to improve your education.
 
So I finally closed on Friday for the 2 rental homes I purchased. It turns the second home is a 2 bedroom instead of a 1 bedroom as I was previously told by the auctioneers (can demand higher rent). We only had 30 mins to inspect the homes before the auction began. They're not in the best shape (built in the 1950's), but good enough to be move in ready in about a week. Need to put in about $1500-$2000 between both homes, including appliances. First home has a refrigerator and range, but the second has neither. Cabinets and tiles seem new in both homes. The tenant moved in this evening for the first home, although it still needs a little paint work. My biggest expense I'm considering is to put central A/C's in both units. They're only 500 and 600 Sq ft, respectively, so I figured windows units for both would suffice. My buddy began working on the baseboards and door frames today and I'll start painting tomorrow. Here are some pictures.

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Anyone have experience with a 203k loan?

What about foreclosures? Any experience on purchasing a foreclosed home?
 
How do you guys avoid bad tenants?

How do you deal with bad tenants if you get them?
 
jjs136 said:
How do you guys avoid bad tenants?

How do you deal with bad tenants if you get them?
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Pray. Just luck of the draw. What looks good on paper won't necessarily translate into real life all the time.

Been hit with a few and had to come out of pocket to get them to move.
 
my mom is looking for new tenants for her duplex.

i don't want her to have to deal with some bs because of bad tenants :smh:
 
jjs136 said:
my mom is looking for new tenants for her duplex.

i don't want her to have to deal with some bs because of bad tenants :smh:
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Have her do her due diligence and if she needs to eat a month or 2 to find the right person so be it.

I rushed on a tenant who had a job and great credit and he stopped paying rent the 5th month and i ended up having to give him his initial 5k deposit/rent so he would leave.
 
damn that's crazy :smh:

Already been eating (2 months now).

i'll help her find somebody decent.
 
Background and credit check. Charge 25$ application fee which pays for it, and is it's reimbursed if they accepted. Weeds out people who aren't serious too
 
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jjs136 said:
How do you guys avoid bad tenants?

How do you deal with bad tenants if you get them?
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Section 8. Guaranteed good tenants since their payment is so low and the government subsidizes it. Once you're in the program, people will kill to stay in it.

But what @Pdino said. Do due diligence. Run a credit report, ask for references from past landlords and trust your gut. If it's tough getting a straight answer then move on to the next one.
 
crcballer55 said:
jjs136 said:
How do you guys avoid bad tenants?


How do you deal with bad tenants if you get them?
Click to expand...


Section 8. Guaranteed good tenants since their payment is so low and the government subsidizes it. Once you're in the program, people will kill to stay in it.

But what @Pdino
said. Do due diligence. Run a credit report, ask for references from past landlords and trust your gut. If it's tough getting a straight answer then move on to the next one.
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This is the funniest thing I ever read cause its so untrue. You have no clue what your talking about. Dont ever again suggest that section 8 tenants are "guaranteed good tenants".

Unless "guaranteed good tenants" means tenants that in normal circumsatances could not afford to pay market rate, tenants that trash your property and require your physical presence at all hours of the night.

Only slum lords are happy with section 8. My pops is a real estate investor and i have to inspect properties before purchase. Most of the properties he buys were previously section 8. No one wants them once the owner sells because they are horrendous. So my pops gets them dirt cheap.
 
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^^^ Detroit or Puerto Rico. It's a shame that I see what P.R. will become in the next 10 years and have no funds to jump in on it. Billionaires gon flourish there once that economy is built back up.
 
From my understand section 8 by rule of thumb are the worst.

The only thing you are too hey is a steady check, but you house could be trashed beyond belief.

I'm not saying all section 8 tenants are bad, but if you was to take a poll, I'm sure the least prefer tenants would be section 8.
 
I've heard arguments from both sides and i think it depends on the situation. If you have a poor quality apartment good luck getting quality tenants to pay market rate.
 
jjs136 said:
How do you guys avoid bad tenants?

How do you deal with bad tenants if you get them?
Click to expand...

Thoroughly screen them. Background check, credit check, income verification, check for evictions, call previous landlord(s), etc.

Also, if they can't pay first-last-security deposit, keep on moving. What makes you think they'll be able to pay their rent if they can't pay the three things up front?
 
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Does anyone have experience with a property management company? Pros and cons?

I'm considering a PM when I make my next rental purchase in December and let them take over.
 
SneakerPro said:
Closed July 31st

Man it's crazy how time flew from literally dirt to a house
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Nice! Congrats man ! Time really did fly by your house looks great.

Did you find any thing wrong with the house that needed to be fixed during your final walkthrough?

My final walkthrough is on the 27th and closing on the 1st of September, so I am trying to make sure everything goes smoothly.
jjs136 said:
How do you guys avoid bad tenants?

How do you deal with bad tenants if you get them?
Click to expand...
I don't have any properties yet, but your suppose to do a thorough screening process. Of course it won't keep out all bad tenants, but have a good set of standards and you should come out with good tenants most of the time.

Section 8 definitely isn't guaranteed good tenants. Most will destroy your property, but what I have seen is that section 8 tenants in A/B class neighborhoods are pretty good tenants.
 
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