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Old 04-15-2016, 01:01 PM   #1 (permalink)
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Trying to get into rental properties

So over the last year or so I have been trying to find some properties to rent out and started getting pretty serious about it 2-3 months ago as I sold a bit of property I had to put down a substantial down payment. My problem is everything seems to get either snapped up quick, owners want to sell but never have time to show, people want to grossly inflate the properties value (think sitting on it for 5+ months) and to top it off, the real estate agent is leaving all the searching for houses up to me... What will he get 3% for again?

Is this the new norm, I understand it's not by any means 2009-2010 but is this the new norm?
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Old 04-15-2016, 07:22 PM   #2 (permalink)
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My problem is everything seems to get either snapped up quick, [...] people want to grossly inflate the properties value (think sitting on it for 5+ months)
You're talking about real estate and not paintball, right??






Serious answer: It sounds to me like your agent stinks, BUT, the real estate market depends so much on your location that you probably need to ask around locally to get a good assessment.
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Old 04-15-2016, 07:33 PM   #3 (permalink)
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I would go with get a new agent. Sounds like you found a lazy one.
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Old 04-16-2016, 02:28 AM   #4 (permalink)
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I would go with get a new agent. Sounds like you found a lazy one.
This.
But saying that, we did a lot of looking on our own for our current property, and soon, quite possibly be delving back into the market for a home/rental. I would never rely on a single network to find something. Then just deal direct with the sellers agent if you do find something on your own.


*May or may not be relevent to US real estate agent methods of operation.
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Old 04-16-2016, 02:34 AM   #5 (permalink)
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You can also contact the local lenders to check on foreclosures. My first house was a bank repo.

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Old 04-16-2016, 10:25 AM   #6 (permalink)
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A lot of it has to do with people flipping property now. You really gotta be on the ball with your realtor and you searching. Have you considered trying to flip before? It's nice to get in, fix it up, and get out, but it's even better to wash your hands of all responsibility of the property. No late nights after work going to fix a burst pipe, appliance failure etc
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Old 04-16-2016, 12:09 PM   #7 (permalink)
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There are really 2 options:

1. Buy a foreclosed home, fix it up and sell it. You need to know how much the repairs will be and an est. of the sales price. You should be between a $15,000 - $30,000 profit, assuming you buy for $20,000-$30,000, have about the same in repairs/rehab and sell for approx $80,000.

To make good $$$, you have to do as much of the work yourself.

2. For rentals, you need either duplexes or bigger....think 4 plex. What is the cash flow? You will not make $$$ on single family home rentals.
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Old 04-17-2016, 10:56 PM   #8 (permalink)
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I understand what you guys are saying about flipping, but this will be something that we hold onto for awhile and hopefully have some residual income with well down the road. Not to mention I think it would be a good learning tool for our future kids, instead of an allowance when they are saving for a car, they can learn how to actually fix stuff and learn a trade. That being said, there aren't too many duplexes and no 4 plexes in our area of GA, so it's pretty much single family houses and maybe 3% of the foreclosures because the decent ones are picked up before they hit fmls. Currently were i'm looking to cashflow 3-400 a month so it's reasonable and not crazy, but someone else will be paying the mortgage and as soon as I setup an s-corp my accountant is telling me I will have a ton of write-offs so that is always welcome.

All this being said, thanks for confirming what we were thinking about the real estate agent. He was the broker for our past real estate agent, she moved a couple of states over so she is a nogo... All in all, we are going to shop around and hopefully this crappier experience will help us vet a new one.
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Old 04-18-2016, 12:14 PM   #9 (permalink)
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Maybe get in touch with your past real estate agent and see if she can recommend you someone that knows their stuff in your area. She's bound to have connections.
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Old 04-24-2016, 11:17 PM   #10 (permalink)
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Some local banks will sell their own foreclosures..
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