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Hello New Member here, Real Estate Broker looking to give back

by BrokerPete
4 replies
Hello my name is Peter,

I have just signed up on this forum and just would like to say I have been reading here for several months so today I figure to join officially and provide any guidance or info if anyone has about real estate. Whether it's foreclosure or investment properties or anything in between let me know. No charge for this just would like to say thanks for this helpful forum which is a huge resource.

Also how do I upload my photo on here?

Broker Pete
Prospect Equities Inc.
#back #broker #estate #give #member #real
  • Profile picture of the author RickCopy
    I'll bite...

    What are the most valuable tips you could give someone looking to buy rental property?
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    • Profile picture of the author BrokerPete
      Hi,

      Location, functional property, price, ability to resell.

      The most valuable tips for rental property, location is priority in my opinion.
      I would recommend close or with a drive location to a either transportation highways/ residential neighborhood/University is great.

      Make sure the property is functional not obsolete as in 3 bedrooms an only 1 bath or construction quality is questionable.

      Get the best deal by negotiating. If the property needs work offer 65 or (70%)*(ARV) - repairs, Get local solid comparables sold and rented. Not for rent, not for sale but done deals.

      Just depends on your holding period your goals.
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      • Profile picture of the author Lori Kelly
        Hello Pete and welcome to the forum.

        To add a photo and view other things you can do, click on your name underlined in the top right hand corner.

        Then click on Upser CP (in the red bar).

        I am also a licensed Realtor and have many years experience in property management.

        In addition to what you posted, I would also suggest that you consult with a local property manager (actually I would interview at least two, probably three) to determine the possibly monthly rental amount.

        If you are going to manage the property yourself, then of course you wouldn't need a property management company.

        If using a property management company, be sure to ask for a copy of the Property Management Agreement, the monthly commission, if there is a finder's fee for them finding you a tenant (in addition to the commission), if they charge a percent over any service for maintenance issues, etc.

        My sister was looking for a property management company a few months ago and I sent her a good list. I can try to find that list if anyone is interested.

        Always get a home inspection.
        I buy home owner warranties. They are inexpensive and can save a lot of money on future repairs.

        As far as writing an offer, anything is negotiable. I make it a point not to make such a low offer it insults the seller. And one thing that has proved successful for me is including a personal note to the seller about the process we used to arrive at the offer amount.

        Oh gosh. I'm just reading this and I hope you don't take this as hijacking your thread. If you do, I apologize.

        Once again, welcome to a great place. Good to have you here.
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        • Profile picture of the author cashp0wer
          I don't have any questions about real estate but wanted to welcome you to the forum. I bet you will be helping out many people with your knowledge.
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