Win
Signed a LOI on a small multifamily in Mesa last spring, four units, seller asking 610 and I had talked myself into 595 being a win. My agent pulled the actual rent rolls instead…
Happening Now
A bank selling occupied REO typically writes the addendum so that clearing the occupant is the buyer's problem from the moment the deed records. The clause looks like a disclosure…
Discussion
$2,400 a month. That's what a decent second-floor unit in a Hartford two-family rents for right now, and I keep circling back to it every time someone asks me whether a condo make…
Win
She pulled comps from two zip codes over and the ARV came in 18k under what the seller's agent was using. I had already run my own numbers off the same listings the seller used an…
Discussion
Most investors assume their buyer's agent needs to know how to find deals, which is true, and how to run a basic cap rate, which is also true, but the skill that separates useful…
Happening Now
Pre-foreclosure buyers tend to lean on the same comp set a listing agent would use: closed sales within a half mile, adjusted for condition, run backward from an ARV. That math is…
Loss
Here is a loss pattern worth studying because nothing dishonest happens in it. Say a buyer picks up a six unit in Bakersfield in late 2022. The agent has done perhaps thirty trans…
Loss
I have been chewing on that for four days. We closed on a duplex in Akron last Thursday, 187k, tenants in both units, and I thought the hard part was behind me. He meant the lease…
Loss
Not because the numbers changed. The duplex in Garfield Heights, $187,500, penciled out at around $1,100 a month in rent against a $1,040 PITI and I had two tenants already in pla…
Happening Now
After a long agent search, a buyer of rental property can land on two finalists and a question that is not obvious how to weigh. Agent A: eleven years, works almost entirely with…
Discussion
Take a package on a four-plex where the listing sheet shows $3,400 a month gross, but the actual leases add up to $3,050, and one of the four units is month-to-month with no writt…
Poll
My agent asked what the top of my budget is. I said $260k and my actual ceiling is closer to $310k on the right building. I held back because I've watched a friend get walked stea…
Happening Now
An exclusive buyer's agreement can carry language like this in the compensation section: "Buyer agrees compensation is due on any acquisition of real property within the Territory…
Discussion
Most investor-focused buyer's agents build their model around repeat clients, and treat the fee as a normal cost of doing business across several purchases. That framing doesn't q…
Happening Now
A buyer-broker agreement is worth reading closely before signing, which apparently makes a buyer unusual. Three clauses that come up often and deserve plain-language attention. On…
Discussion
On a small rental purchase, say a buyer owes an agent $6,000 under a buyer representation agreement and the seller only credits $4,000 toward it. The remaining $2,000 doesn't auto…
Poll
I've got money set aside for a first small multifamily and I've now interviewed two agents who both call themselves investor focused. The first one brought me three properties tha…
Poll
One common test is handing a prospective buyer's agent a live listing and asking what they'd offer and how they got there. An agent who comes back with rent comps that can be trac…
Win
I came off the trades side and got my license last spring, mostly because I was tired of doing free scope estimates for guys who then bought the house through somebody else. First…
Discussion
Third rental and the deals I want aren't showing up on the MLS anymore, so I went looking for an agent who works with investors. The one I like sent an exclusive buyer-broker agre…
Discussion
A common structure in buyer-broker agreements has a blank for the buyer's fee, then a clause crediting anything the listing side offers against it. If the agreement is written at…
Happening Now
I've been doing trim and cabinet work for a guy who flips maybe six houses a year. Last week he said if I find him anything off market he'll pay me for it, and he mentioned wantin…
Discussion
I've been buying and holding raw land on my own and a couple of people I know keep asking me to look at parcels for them. Rather than doing it for free I'm thinking about getting…
Loss
Structure was a 2,500 monthly retainer, creditable against commission at closing, non-refundable if nothing closed. Twelve month term, which I talked down to four. He pitched it a…
Poll
Agent sent me his buyer agreement to sign before he'll show me anything. Six month term, exclusive, covers all residential purchases in two counties. I asked whether he'd do a ver…
Poll
I've been on job sites for eleven years, so I can read a house. What I can't read is a purchase contract, and that's the whole reason I'm looking at agents at all. Two choices in…
Discussion
A buyer looking for one or two hands off rentals talks to an agent who says he gets turnkey properties with tenants in place before they hit the market. He will not send any addre…
Win
Zero deals before this one, so treat everything below as a beginner reporting back. I signed a written buyer agreement with an agent who works mostly with small landlords. Her fee…
Poll
This setup deserves an honest look from both sides, because there isn't a clean answer. Picture a brokerage that runs management for a few hundred doors while its buyer-agent side…
Discussion
I'm building out a pipeline of small multifamily this year, target 12 closings, average price around $260k. At 2.5% buyer-side that's roughly $78k in fees. The agent I want to use…
Happening Now
Take an acquisition program built around single family rentals in one midwest metro, target purchase price $160k to $200k, aiming for eight to twelve closings over a year, funded…
Discussion
A fair question that investors ask often. If the buyer already knows the market and has a rehab number from a contractor and a rent figure for the unit, what is the 2.5 percent bu…
Poll
Consider two houses in a county of about 12,000 people, both listed in the low $90s. 2.5% on one of them is $2,375, while a strong agent working that area might carry a $6,000 min…
Happening Now
I'm stuck on this and I've rewritten this addendum four times now. I want to sign an exclusive twelve month buyer agreement with one agent. She's earned it, she's fast, and exclus…
Discussion
Here is a structure worth testing on legal ground before anyone takes it to a real agent. Say a buyer signs a representation agreement at 2.5 percent, puts a property under contra…
Discussion
Consider an agent representing a buyer who is accumulating small multifamily, $150k to $220k duplexes, and the buyer wants to restructure how he pays. Right now it is 2.5%, which…
Loss
Here is a case worth studying because the mistake in it is common and the fix is cheap. Take a 4 unit bought in October, closed at 462k. The agent marketed himself to investors an…
Poll
Take a buyer paying 2.5% buy side with a $6,000 minimum, looking at four to six houses over the next 18 months at $150k to $220k, light value-add rentals intended as holds. That i…