[recordsclerk]

I’ve seen success first hand going directly to the listing agent. They will pay a flat rate for someone in their office to officially represent you and double end the deal. The flat fee is a small token compared to the listing agent’s commission. I believe they do this to make sure the lender (actual owner of the house) will pay out both sides of the commission. Some agents will make sure you know what the highest bid or suggest what you should bid to win. Some will sway the buyer to take your offer even if it’s not the best. We are currently working on a property for my cousin using this strategy. We will know in about a week if this works out. I would not ask for a rebate from the listing agent. I just want to be able to get to the front of the line on highly contested short sales.
I have worked out a couple of deals with listing agents in the past regarding rebate splits. The properties never materialized. I’m still in contact with them and check to see if they have listings that I want. I have an agent that sends me Emails when they get anything similar to what I looking for. When/if they have something I want I can just give them a call and work out something. The rebates have never been that attractive. Don’t think you are going to get 1.5-2% of the listing. You can get a 1.5% or 1/2 commission rebate if you work with a buyer’s agent. Usually they will have to independent brokers to give that kind of rebate.
I have learned that in this market you need to think out of the box. On short sales you have to be creative. If you have an opportunity to talk directly to the listing agent, you can get valuable information regarding the sale of the property. Sometimes the seller wants something that is simple to provide had you just known about it while writing up the offer. We were successful on a highly sought after property because we had some knowledge of what it was going to take to make the deal work. We spoke directly to the listing agent and found out that the BPO had already been done at listing price which was low for the current market. The only problem was that the bank wanted a seller contribution that the seller did not want to make. The offer had to come in at list price and the buyer had to make a secret payment for the seller to the bank in escrow. The seller also wanted a 30 day rent back lease. We simply offered to pay the debt and give 30 days free rent. Put in the offer at list price and guess what we won. There were only 4 offers because the listing agent only showed it to 2 people. We had the lowest bid regarding offering list price, but we were somewhere in the middle as for as offering list + secret money. Had I not had my conversation with the listing agent, we would have made the wrong offer. We did back out of this deal, but that doesn’t mean that it wasn’t a great deal. It wasn’t the right house for us. The house did eventually close 15K higher then what we were under contract for. Even at that price they got the best deal for that floor plan. They paid less for that model then anyone to this date. Plus the house had the most interior upgrades for that model and was in pristine condition.

[recordsclerk]

I’ve seen success first hand going directly to the listing agent. They will pay a flat rate for someone in their office to officially represent you and double end the deal. The flat fee is a small token compared to the listing agent’s commission. I believe they do this to make sure the lender (actual owner of the house) will pay out both sides of the commission. Some agents will make sure you know what the highest bid or suggest what you should bid to win. Some will sway the buyer to take your offer even if it’s not the best. We are currently working on a property for my cousin using this strategy. We will know in about a week if this works out. I would not ask for a rebate from the listing agent. I just want to be able to get to the front of the line on highly contested short sales.
I have worked out a couple of deals with listing agents in the past regarding rebate splits. The properties never materialized. I’m still in contact with them and check to see if they have listings that I want. I have an agent that sends me Emails when they get anything similar to what I looking for. When/if they have something I want I can just give them a call and work out something. The rebates have never been that attractive. Don’t think you are going to get 1.5-2% of the listing. You can get a 1.5% or 1/2 commission rebate if you work with a buyer’s agent. Usually they will have to independent brokers to give that kind of rebate.
I have learned that in this market you need to think out of the box. On short sales you have to be creative. If you have an opportunity to talk directly to the listing agent, you can get valuable information regarding the sale of the property. Sometimes the seller wants something that is simple to provide had you just known about it while writing up the offer. We were successful on a highly sought after property because we had some knowledge of what it was going to take to make the deal work. We spoke directly to the listing agent and found out that the BPO had already been done at listing price which was low for the current market. The only problem was that the bank wanted a seller contribution that the seller did not want to make. The offer had to come in at list price and the buyer had to make a secret payment for the seller to the bank in escrow. The seller also wanted a 30 day rent back lease. We simply offered to pay the debt and give 30 days free rent. Put in the offer at list price and guess what we won. There were only 4 offers because the listing agent only showed it to 2 people. We had the lowest bid regarding offering list price, but we were somewhere in the middle as for as offering list + secret money. Had I not had my conversation with the listing agent, we would have made the wrong offer. We did back out of this deal, but that doesn’t mean that it wasn’t a great deal. It wasn’t the right house for us. The house did eventually close 15K higher then what we were under contract for. Even at that price they got the best deal for that floor plan. They paid less for that model then anyone to this date. Plus the house had the most interior upgrades for that model and was in pristine condition.

[recordsclerk]

Regarding my partner’s 3bd/2bt unit in 92120, he has had a lot of turnover recently. 3 tennants in the last 3 years. He is currently listing the unit. It usually takes about a couple of days to weeks to get a qualified tennant. It depends also if it needs work. I would say anyone that can put a 100% into getting the unit cleaned up and listed should have no problem getting a tennant within a couple of weeks. He also has a single family 3bd/2ba home in Serra Mesa 92123 that rents for 1650 has the same tennants for last 4-5 years.
My aunts condo has had better luck. Same tennants for the last 2 years and prior to that the tennant stayed for 3 years. The last tennants moved in the next week after vacancy.
My single family 4bd/2ba in city heights has the same tennants since I purchased it in 2004.
My parents have a home in Cerritos that has had the same tennants since 1985.

[recordsclerk]

Regarding my partner’s 3bd/2bt unit in 92120, he has had a lot of turnover recently. 3 tennants in the last 3 years. He is currently listing the unit. It usually takes about a couple of days to weeks to get a qualified tennant. It depends also if it needs work. I would say anyone that can put a 100% into getting the unit cleaned up and listed should have no problem getting a tennant within a couple of weeks. He also has a single family 3bd/2ba home in Serra Mesa 92123 that rents for 1650 has the same tennants for last 4-5 years.
My aunts condo has had better luck. Same tennants for the last 2 years and prior to that the tennant stayed for 3 years. The last tennants moved in the next week after vacancy.
My single family 4bd/2ba in city heights has the same tennants since I purchased it in 2004.
My parents have a home in Cerritos that has had the same tennants since 1985.

[recordsclerk]

Regarding my partner’s 3bd/2bt unit in 92120, he has had a lot of turnover recently. 3 tennants in the last 3 years. He is currently listing the unit. It usually takes about a couple of days to weeks to get a qualified tennant. It depends also if it needs work. I would say anyone that can put a 100% into getting the unit cleaned up and listed should have no problem getting a tennant within a couple of weeks. He also has a single family 3bd/2ba home in Serra Mesa 92123 that rents for 1650 has the same tennants for last 4-5 years.
My aunts condo has had better luck. Same tennants for the last 2 years and prior to that the tennant stayed for 3 years. The last tennants moved in the next week after vacancy.
My single family 4bd/2ba in city heights has the same tennants since I purchased it in 2004.
My parents have a home in Cerritos that has had the same tennants since 1985.

[recordsclerk]

Regarding my partner’s 3bd/2bt unit in 92120, he has had a lot of turnover recently. 3 tennants in the last 3 years. He is currently listing the unit. It usually takes about a couple of days to weeks to get a qualified tennant. It depends also if it needs work. I would say anyone that can put a 100% into getting the unit cleaned up and listed should have no problem getting a tennant within a couple of weeks. He also has a single family 3bd/2ba home in Serra Mesa 92123 that rents for 1650 has the same tennants for last 4-5 years.
My aunts condo has had better luck. Same tennants for the last 2 years and prior to that the tennant stayed for 3 years. The last tennants moved in the next week after vacancy.
My single family 4bd/2ba in city heights has the same tennants since I purchased it in 2004.
My parents have a home in Cerritos that has had the same tennants since 1985.

[recordsclerk]

Regarding my partner’s 3bd/2bt unit in 92120, he has had a lot of turnover recently. 3 tennants in the last 3 years. He is currently listing the unit. It usually takes about a couple of days to weeks to get a qualified tennant. It depends also if it needs work. I would say anyone that can put a 100% into getting the unit cleaned up and listed should have no problem getting a tennant within a couple of weeks. He also has a single family 3bd/2ba home in Serra Mesa 92123 that rents for 1650 has the same tennants for last 4-5 years.
My aunts condo has had better luck. Same tennants for the last 2 years and prior to that the tennant stayed for 3 years. The last tennants moved in the next week after vacancy.
My single family 4bd/2ba in city heights has the same tennants since I purchased it in 2004.
My parents have a home in Cerritos that has had the same tennants since 1985.

[recordsclerk]

That is too small. It would probably be 2 adults and 5+ children per household. I met one of the families and they have 8 children. They really like the city heights area. The family that rents my house is 2 adults and 6 children. They are really good people. It’s a lot of wear and tear on the house, but the higher rent offsets the extra repairs.

[recordsclerk]

That is too small. It would probably be 2 adults and 5+ children per household. I met one of the families and they have 8 children. They really like the city heights area. The family that rents my house is 2 adults and 6 children. They are really good people. It’s a lot of wear and tear on the house, but the higher rent offsets the extra repairs.

[recordsclerk]

That is too small. It would probably be 2 adults and 5+ children per household. I met one of the families and they have 8 children. They really like the city heights area. The family that rents my house is 2 adults and 6 children. They are really good people. It’s a lot of wear and tear on the house, but the higher rent offsets the extra repairs.

[recordsclerk]

That is too small. It would probably be 2 adults and 5+ children per household. I met one of the families and they have 8 children. They really like the city heights area. The family that rents my house is 2 adults and 6 children. They are really good people. It’s a lot of wear and tear on the house, but the higher rent offsets the extra repairs.

[recordsclerk]

That is too small. It would probably be 2 adults and 5+ children per household. I met one of the families and they have 8 children. They really like the city heights area. The family that rents my house is 2 adults and 6 children. They are really good people. It’s a lot of wear and tear on the house, but the higher rent offsets the extra repairs.

[recordsclerk]

If you have the cash, you might want to try Trustees auctions. You can easily save 10% on purchase price. The only closing cost is the transfer fee which is about $200 for $200,000 purchase. You need to do your homework before you jump in. The margins are not that good for flipping, but buy and hold is still a viable option. We bought a newer town home in Chula Vista (91914) that rents for 1800+ (3bd/2.5ba/2cargarage). We tried to relocate our tennants and it was a real challenge finding rentals in that area. Every new listing would get snatched up real fast. We had the same thing happen 6 months before when we were relocating other tennants on a smilar town home in Otay Ranch. In both cases units going for $1800 for 3bd/2.5ba were hard to find and would go real fast after being listed. These town homes retail for 230-255, but at trustees you can find one for around 180-210 if you have patience and time. The tax rates and HOA are high, but you have zero to no maintainance for newer contruction 2004-2007. ROI in not that great, but for someone looking for newer construction that pencils out, you might want to give Chula Vista a look.
My partner also has a Condo (3bd/2bat)in 92120. Units in the complex are selling for 130-160 for the 3 bed and 110-130 for 2 bed/2 bath. Rents for the 3 bed are about 1500 and 1300 for the 2 bed.
My aunt has a 2bd/2ba condo in north park near 30th that rents for $1400. It does have wash/dry and 1 car garage. She has no problem renting that place out. The condos in her complex go for about 140-150. There are only 8 units, so it’s real hard to comp since there have not been any sales in the last year. Also not every unit has wash/dry, garage. Of street parking is big in North Park. Having a wash/dry and garage can get at least $100 prem.
We are not big time investors. We are just normal people that have done our homework.

[recordsclerk]

If you have the cash, you might want to try Trustees auctions. You can easily save 10% on purchase price. The only closing cost is the transfer fee which is about $200 for $200,000 purchase. You need to do your homework before you jump in. The margins are not that good for flipping, but buy and hold is still a viable option. We bought a newer town home in Chula Vista (91914) that rents for 1800+ (3bd/2.5ba/2cargarage). We tried to relocate our tennants and it was a real challenge finding rentals in that area. Every new listing would get snatched up real fast. We had the same thing happen 6 months before when we were relocating other tennants on a smilar town home in Otay Ranch. In both cases units going for $1800 for 3bd/2.5ba were hard to find and would go real fast after being listed. These town homes retail for 230-255, but at trustees you can find one for around 180-210 if you have patience and time. The tax rates and HOA are high, but you have zero to no maintainance for newer contruction 2004-2007. ROI in not that great, but for someone looking for newer construction that pencils out, you might want to give Chula Vista a look.
My partner also has a Condo (3bd/2bat)in 92120. Units in the complex are selling for 130-160 for the 3 bed and 110-130 for 2 bed/2 bath. Rents for the 3 bed are about 1500 and 1300 for the 2 bed.
My aunt has a 2bd/2ba condo in north park near 30th that rents for $1400. It does have wash/dry and 1 car garage. She has no problem renting that place out. The condos in her complex go for about 140-150. There are only 8 units, so it’s real hard to comp since there have not been any sales in the last year. Also not every unit has wash/dry, garage. Of street parking is big in North Park. Having a wash/dry and garage can get at least $100 prem.
We are not big time investors. We are just normal people that have done our homework.

[recordsclerk]

If you have the cash, you might want to try Trustees auctions. You can easily save 10% on purchase price. The only closing cost is the transfer fee which is about $200 for $200,000 purchase. You need to do your homework before you jump in. The margins are not that good for flipping, but buy and hold is still a viable option. We bought a newer town home in Chula Vista (91914) that rents for 1800+ (3bd/2.5ba/2cargarage). We tried to relocate our tennants and it was a real challenge finding rentals in that area. Every new listing would get snatched up real fast. We had the same thing happen 6 months before when we were relocating other tennants on a smilar town home in Otay Ranch. In both cases units going for $1800 for 3bd/2.5ba were hard to find and would go real fast after being listed. These town homes retail for 230-255, but at trustees you can find one for around 180-210 if you have patience and time. The tax rates and HOA are high, but you have zero to no maintainance for newer contruction 2004-2007. ROI in not that great, but for someone looking for newer construction that pencils out, you might want to give Chula Vista a look.
My partner also has a Condo (3bd/2bat)in 92120. Units in the complex are selling for 130-160 for the 3 bed and 110-130 for 2 bed/2 bath. Rents for the 3 bed are about 1500 and 1300 for the 2 bed.
My aunt has a 2bd/2ba condo in north park near 30th that rents for $1400. It does have wash/dry and 1 car garage. She has no problem renting that place out. The condos in her complex go for about 140-150. There are only 8 units, so it’s real hard to comp since there have not been any sales in the last year. Also not every unit has wash/dry, garage. Of street parking is big in North Park. Having a wash/dry and garage can get at least $100 prem.
We are not big time investors. We are just normal people that have done our homework.

[Author]

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