Busy day today, so I thought I’d keep it kind of brief and just give you a run-down of what I’m up to: 1. Am helping clients with inspections on a beautiful 1920s fourplex they’re thinking of buying Boyle Heights using an FHA loan. We’ve been at this one once before, but one of the … Continue reading “Inspection Day and Closing Day”
Category: Brokerage
Kind of disappointed
I’m kind of disappointed in some of my readers. Sorry, guys. When I put out the word that I had a pair of amazing fourplexes that would really work for FHA buyers, not a single first-time buyer stepped up. Instead, the clients I’m working with on those deals are the kind of experienced investors who … Continue reading “Kind of disappointed”
Why you get the rents buttoned-up BEFORE listing a property
Recently, I closed on a deal where the seller inflated the rents in the marketing materials. It was an unpleasant experience for everyone involved, including the buyer, seller, agents and tenants. Here’s what happened: One of the tenants had applied to the landlord for permission to move a new occupant into his unit. Per LA … Continue reading “Why you get the rents buttoned-up BEFORE listing a property”
Congratulations to C and B…
… for closing on their new 4-plex in West LA. To secure the property, we had to beat out 12 other offers and agree to move very quickly through our inspections and diligence. The seller wasn’t totally prepared for the sale, so there was a lot of back-and-forth with the listing agent, but that’s life … Continue reading “Congratulations to C and B…”
One of the ways a bad broker kills a seller
When you list your rent-controlled apartment building for sale, your broker will almost always include what are called “pro forma” or “market” rents in the listing published on Loopnet and the MLS. These are the rents the broker believes the units would achieve were they available on the open market. Getting them wrong is one … Continue reading “One of the ways a bad broker kills a seller”
What’s a “short-sale”, and should you offer on them?
Recently, I’ve been working with a lot of buyers who bring me short-sale deals to potentially write offers on. Thought I’d take some time to explain what a short-sale is, how the process works, and what the pitfalls are in offering on them. A short-sale is a listing where the price asked for the property … Continue reading “What’s a “short-sale”, and should you offer on them?”
Why you always ask for a detailed rent roll
If you spend a lot of time looking at apartment building listings on the MLS, you will eventually notice an extremely annoying trend: Brokers who list the total amount of rent generated by the building but not providing a detailed, unit by unit breakdown. Why do they do this? It’s probably some combination of laziness … Continue reading “Why you always ask for a detailed rent roll”
Termite inspections are a racket
There, I said it. Almost every real estate transaction in Souther California involves a termite inspection and repair. Here’s what happens: The buyer’s agent includes a request for a termite inspection and repair in the purchase agreement. The seller agrees because he doesn’t know he can push back. The listing agent chooses a termite company … Continue reading “Termite inspections are a racket”
Inspection day!
Sorry for the late post today. Am sitting on a small street in W LA waiting for an inspection to begin. We’ve been through the initial phase, winning what was a very competitive auction. Now it’s on us (my clients and me) to do a thorough investigation of the property. First step: Go through each … Continue reading “Inspection day!”
Why choosing a good listing broker matters
Some people have the impression that who your listing (selling) broker is doesn’t matter that much. After all, whoever it is is going to put the property up on the MLS, maybe have an open house or two, and then collect offers. Who cares how knowledgeable that person is? Why not just hire your cousin … Continue reading “Why choosing a good listing broker matters”