[RecentlyRetired]

Originally Posted by gtbguy

If you are talking about a formal letter I agree 100%. This is a blog and is very informal so spelling is not as important. As mentioned in a previous post, someone has way too much time if they are looking for misspelled words. Besides, most people over 40 can't spell anyway that is why there are spell checkers. I know I can't spell any more!

I wasn't looking for errors. Seeing "waist" used for "waste" stood out as a blatant error. My first impression was that whoever wrote the message was extremely careless and not one to pay attention to minor details. Having the ability to pay attention to details and avoiding simple errors would be one of the first qualities that I would look for in choosing a real estate agent.

One cannot always depend on spell checkers. “Waist” was not spelled incorrectly.

[Swigchow]

Originally Posted by MN-Born-n-Raised

My pet peeve with Realtors is when I know more about the market than them. The worst is when I'm investing in a property and they don't understand TVM, depreciation, understand what the impact of calculating cost of money by paying cash etc.

I think you've eliminated 98% of realtors.

[olecapt]

The Admiral always spells correctly and her grammar is impeccable. I go dyslexic when I type fast. I can see the errors clearly on a review...but not when I make them.

Somehow or the other my spelling becomes sound driven. My errors mostly sound correct though they are not. Every once in a while I spell something the way I mispronounce it.

I also fall into the big word trip once in a while. My cognitive vocabulary is much bigger than my spelling one. So I use a big word and misspell it. Google has fixed most of that.

[Eyes]

I like my realtor

Lien holder is just starting to wake up ..
And is not .. in my opinion .. not prepared or assuming I be dumb ..
Too many houses to sit and wait.

[MN-Born-n-Raised]

Originally Posted by Swigchow

I think you've eliminated 98% of realtors.

When I was look in FL for a condo that would cash flow in January, I concluded the perfect location for me was the FL panhandle on water. The reason was peak demand is in the summer (GA residents flocking to the beach with their families). Then I could be in FL during off-peak (winters for that area of FL) to warm my frozen rearend.

When I explained to 10 different agents that I was looking at how close I could cash flow it, they would ask about my down payment. I told them it was cash and they said "it would really cash flow". It went down hill from there.

I include insurance, management fees, interior depreciation, assessments, monthly fees, taxes etc. I also figured (at that time) I needed 5.5% on the cost of money. The agents who advertised as investment specialist were the dumbest.

In conclusion, FL needs about 12% of the cost in revenue assuming I found the renters on VRBO.com. So a $500K condo needs $60K in revenue and you get paid 5.5%; ain't going to happen! Any appreciation is a net gain. The "investment" of the past years assumed a constant 6% per year appreciation in desirable areas. To get $60K in revenue in that area, you need to spend $900K on a property.

As a side note, it still works in a few towns in MX and that break even percentage is 9% of what you paid. A $300K condo needs to yield $27K in rent as an example; very doable. But in order to do it you need to have an extremely desirable location, look, value etc.

I've been staring at Vegas properties and looking at renting short term. I don't think it can be done assuming you want to pay yourself 5%. The current reasoning to "invest" is all about assuming that things will go up in price. If things are flat for three years and it sits empty, you lost 8% per year because of cost of money, taxes, and insurance alone!

But for those who are "investing" in a single family home and who are barely covering their nut other than insurance, 5% cost of money, and taxes are challenged in my view. They are forgetting to calculate damage, depreciation on the shingles as well as the style, vacancy, selling costs, risks of further price erosions, etc etc.

Back to my agent pet peeves. Those agents who blow smoke up those "investors" butts and explain that they are making money irritate me. I suspect they also think timeshare is also an investment.

[tony soprano]

Originally Posted by MN-Born-n-Raised

In conclusion, FL needs about 12% of the cost in revenue assuming I found the renters on VRBO.com. So a $500K condo needs $60K in revenue and you get paid 5.5%; ain't going to happen! Any appreciation is a net gain. The "investment" of the past years assumed a constant 6% per year appreciation in desirable areas. To get $60K in revenue in that area, you need to spend $900K on a property.

As a side note, it still works in a few towns in MX and that break even percentage is 9% of what you paid. A $300K condo needs to yield $27K in rent as an example; very doable. But in order to do it you need to have an extremely desirable location, look, value etc.

12% of cost was very doable on the lower end Vegas condos. I say "was" because I haven't been actively looking much recently and that may no longer be the case. Post tax-credit, the low end condos that were languishing on the market for months are being bid up. I'm certainly not seeing the same number of deals I was running across 6-9 months ago.

[adolpho]

I just bought a one bedroom loft in North Central Phoenix for 22,000. HOA is 138, taxes 797, insurance is 199 per year. It would rent for 625, and I could get a good tenant. Nobody above or below me is a nice feature. It's been cold, though. We all know that will soon change.

[AllabasterWingz]

I have been looking to purchase a home in the North Las Vegas area since Sept. I have made over 35 offers on REO's, and even tho my offers were $5000-$10,000. over list, I did not get a single one...they went to cash buyers. I then started checking out short sales. I made 15 offers, all over list, and got 3 accepted-with two still pending-the rest I did not get. The best house is already half way through the process with one bank, and the original buyer fell out, so I was lucky enough to have made my offer. I am looking in the below $100,000. price range, which is even worse, as everyone wants to get the tax break that was extended. There is so much competition for the buyers, it is very hard. I am told that as your price point goes up, it is easier, but this has been my personal experience.

[stuffavail]

Originally Posted by flyingtigers

Wife and I have been driving around Vegas scoping out areas that we might like to move to....not with a real estate agent yet, just some basic reconnaissance. It's obviously not hard to make a turn into any community and find for sale signs. Almost all of these have a place for a flier about the property but 95% of all these are empty!

Dear Realtors...fill these flier holders! When we did find the precious few that actually had fliers out it was like winning the lottery!

------------------
You are so correct. A flier box is worthless without info. It is an easy way to reach the public. We used to once a week print fliers for every listing then drive to each one and fill boxes, gather agent cards from inside the listing, straighten signs, take additional pix etc ie "service listings".

Many listings in Las Vegas are short sales and REOs (bank owned foreclosures) that sometimes take months. Thats a lot of servicing for a deal that may take a long time. Keeping my sign in front of a home, while the banks stall for months deciding on a short sale can feel like plenty.

Some agents are just plain lazy. Some work real hard.
The more you can search via the internet, the less gas you'll spend.

Good luck!