My Diary Log

[BEV! 0]

Dear Diary,

 

Today I put another house under contract in another town (the owner who called me yesterday ready with his comps print out) and am moving forward with it.

 

I have another appointment with another owner in that same town for the end of next week because that's when he will have the comps print out ready for me so that we can meet. Most likely I'll put that one under contract too.

 

Those two properties shouldn't be too hard to move (hopefully) they're not brand new and the prices are lower than the other properties

 

Over and Out.

[BEV! 0]

Hello again Diary,

 

Today I got a call from an out of town agent, turns out she saw one of my online RTO ads and immediately called me to tell me that she has lots of Tenant Buyers that are looking for RTO's in my town, so she asked if she could work with me on this.... well, I paused and offered her a flat finders fee per referral, she accepted it with a big " YES I'LL TAKE IT! "

 

What I need to know is.... I saw a few posts here about working with agents but I'm not sure if there were things I need to be careful with when working with them, I don't want things to go wrong here with this agent and myself.

 

Is there anything wrong with offering this agent a flat finders fee (not commission) for her referrals?

She will be sending some TB's my way ASAP she said but we'll see

Anything I should know or be aware of about working with agents? I want this to be a win win win for all of us.

 

Thanks

[Mr.B 0]

With the way you are moving houses it might be a good thing for you. If the realtor is doing pre-screening, I would probably take her up on it. It would free you up to do other things. I would just make sure and ask her if she does a credit check and asks the appropriate questions. (Like do you have Option Money?) Otherwise, they may not be saving you all that much time.

 

Just my Opinion

 

~Mr.B

[BEV! 0]

I would just make sure and ask her if she does a credit check and asks the appropriate questions. (Like do you have Option Money?)

That's an excellent point Mr. B

I'll put this into action (if she comes through) right away.

Thanks for the heads up!!

[-Tony- 0]

I work with an agent but she is a friend? Adam has a network of realtors he uses. The bottom line is if you can profit while using them and they provide a service that saves you time and money, do it. I would weigh how much time and effort you put into getting a t/b against what you would pay a realtor.

[BEV! 0]

Adam has a network of realtors he uses.

Yes, you just gotta have a network, is so much better that way... I have a very strong network too but most of them are Nationally

 

Anyway Diary,

I just got this other out of town FRBO home under contract and as I expected with these two properties, since they're a little older (over 10 yrs old) I have been gettig lots of TB prospects for them.. But both properties are in the remodeling process for the next 2 weeks or so, so by then I should have a very promising TBr's list for those two homes lined up

 

Til Next Time...

[BEV! 0]

I have a rather question...

 

I just met with a homeowner and got his property under contract (he's also a MTG loan broker) his house is still being built and should be finished in a few weeks, he wanted to know if in case I can not find a qualifyied pre-buyer (TB) in a few weeks could I find him a regular tenant (and lease the property on a month to month basis ) until I find him the right pre-buyers..

 

My question.. can I get a tenant only in case nothing turns out in a few weeks and still continue my marketing for a TB since I'm the principal of this property already? If so, how would I structure my fee for finding him the tenant first?

Or is this something bad? I know my goal is to find the TB but just in case.

 

Thanks :ph34r:

[Mr.B 0]

BEV I would call around your town to different property management companies and find out what they charge per month for their services. Since this is basically what you will be doing for him. I don't know if you need any licenses to do that kind of business, but you may want to look into it.

 

The biggest problem that I see with this is finding a tenant that is going to be willing to "pull up the tent stakes" at the drop of a hat. I know if I was looking for a place to rent and was told "I would like to rent you this house on a month to month basis, but I am trying to sell this place so you may have to move with thirty days notice at anytime after you move in." I wouldn't do it, personally because I hate moving.

 

You maybe able to solve this by advertiseing it as Short Term Executive houseing. Then make sure that the person moving in is just that and not a family trying to settle down somewhere. Maybe even advertise it to Corporations in your area.

 

Anyway enough babbleing from me good luck and continued success to you.

 

~Mr.B

[Doug Pretorius (ON) 9]

Short-term rentals rarely rent out around here. I've seen houses that were advertised in the early spring as being available for the summer...sit vacant right through to the fall, and this is in a city with vacancy rates around 3%!

 

It continues to amaze me that people think finding a renter is easier than finding a tenant/buyer, LOL! Bev, I think you just need to explain reality to this guy. He doesn't want a renter, renters are bad

[Craig 0]

Bev:

 

Don't you get your own CMA's? I see you let the homeowner get them before you got their contract.

 

I assume you are trusting their numbers.

 

Craig

[BEV! 0]

Bev:

Don't you get your own CMA's? I see you let the homeowner get them before you got their contract.

I assume you are trusting their numbers.

Hi Craig, of course I trust the professional appraisers providing these information to the homeowners and since these houses are too new to get an accurate value I also check out the model homes for prices and compare them to the print out

 

Yes this builder is very much aware of the difference between a renter and a pre-buyer (I explained it to him) and he's all for it because he's very concern about his payments (got 3 other properties he owns) and since in a Cooperative we always give the homeowner what he wants then why not? I just wanted to know if it was all legal to do and how would I get my fee if I had to go this route?

 

So far I'm marketing for TB like all the other properties but want to prepare myself just in case.

 

Thanks Group!

[Kimberly 0]

Bev,

 

Around here for "short term," meaning while the property is vacant and waiting to sell, there is a company that will fill the property with tenants for you. You don't get any $$$ from the rental, but you don't have a vacant property either. The tenants also take care of the utilities.

 

Just a thought.

 

Kim

[MichaelC 160]

My question.. can I get a tenant only in case nothing turns out in a few weeks and still continue my marketing for a TB since I'm the principal of this property already? If so, how would I structure my fee for finding him the tenant first?

Or is this something bad? I know my goal is to find the TB but just in case.

 

Thanks  :ph34r:

<{POST_SNAPBACK}>

Bev, I've been in that position before. There are times when for any number of reasons it is easier to find a straight tenant rather than a t/b. When I have done this for the homeowner, I have charged them a fee or between one half to one month's rent for my services. Not my favorite way to do business, but if my efforts for a t/b aren't producing one, something is better than nothing.

As for putting in someone on a month to month, not an easy individual to find. As Mr.B has already said, moving is the pits! Most folks don't want to have that sword hanging over their head, not knowing if they need to vacate and move again in thirty days. I think the homeowner would be wise to accept a one year rental if he is going to go that route anyway. Then, in a year, he can try with you again.

Be aware that in many states a Realtors license is required to do what we are discussing here: acting as a property manager. So just be wary of the Real Estate Police.....

[BEV! 0]

My dearest Diary,

 

I feel good right now, remember that older out of town house I talked about last week the one that needed remodeling? (the not too expensive one)... well I called some "Rent To Own Wanted" ads online few days ago and found lots of prospects for that older property (10 yrs old) but we were only waiting for it to get finisned with the cosmetics things....

 

Last night I finally made up my mind to choose who to lease this property to (TB) lots of them wanted it, the house is finished barely today but I got a TB last night and just got my rewards today

 

I only made $7K on this baby but still have some other TB's lined up for my pricy homes in the coming weeks ( those are a li'l hard to find TB's for )...

 

Bottom line, I put my heart and soul in what I do and success seems to always follow...

 

Thank you Kim, Mr.B of course Carbonare and the entire naked group that's never too tired or too busy to come to our rescue when we need it

 

Party over here!

[BEV! 0]

Dear Diary,

 

Due to the sensitive matter of this post, I will not go into too much details nor I will discuss anything about what I'm about to share here any further than what's already been said below :ph34r:

 

Here it goes....

 

Since I've been in need of TBs lately, I had contacted an out of state "Victim/ Witness Program" introducing myself as to how I could be of assistance to them with housing for their victim/witnesses, and that I have plenty of rent to own properties available should they feel they would want to consider it.

 

Is been 2 weeks since I've been exchanging calls and emails with them back and forth and finally I completed a deal of one of my pricy properties today with one family under this Victim/Witness program from out of State.

 

This family will be moving in 3 weeks from today, I am now holding a cashier's check for my 100% option consideration of $13K and the owner of the house is thrilled.

 

I don't know if this type of technique of getting TB's through the Gov is going to supply me with a high number of TB's or not but it sure is one more technique that I would have never thought of until lately....and it worked! ... and I'm now adding it to my portfolio of creative marketing for TB's technique

 

Amen!