Bought First Property And Hired A PM -
Hi! ,
I lived in VA for a couple of years and than had to move to CA. I put my house on rent and it went of immeditaly. I was told by friends to get a local PM - I did that - no doubt its a less of a hassel for me as they do everything from collecting rent, maintenace etc - but they charge 8% of the gross rent + the maintenace charges are high which is a killer. I did call a local handyman who said he could look after all the maintenace jobs for 25$ per visit + supplies - instead of hourly.
Is this a good decision as I am not local and so am kinda confused whether to continue with PM or no..
advise is highly appreciated...
thanks 
Other question, Is this a REO by the bank ? or by an investor ? because if it is by an investor I am thinking that I could not offer the 65% formula, we made an appraisal of this property like 1 month or 1 month and a half ago and it came for 195.000 that means the FMV right ?
Still is not registered for how much was the prior sale, so I do not knowfor how much they kept it
[ Edited by rayosx on Date 04/13/2005 ][ Edited by rayosx on Date 04/13/2005 ]
Your focus is on getting an accepted offer vs. getting a deal that makes sense.
I would offer FMV - fix up - carrying costs-resale cost & closing cost- $25,000 minimum profit.
hows that for a formula.
Just make the offer & get the ball rolling, all they can say is no.
It depends on where the property is located. In my market a foreclosure will sell over the appraised amount. Inspect the place and gets comps. Come up with the max you are willing to pay and stick to it.
Without any more information it is hard to say. For example is it a courthouse auction or a auction by a private auctioneer. There are many many variables to consider. Either way if it is a live auction it depends on who shows up and the condition of the seller or the debt. The short of it is go see and learn and research what you are buying.
I have enough for th downpayment for a property. I know the property is a good deal, but I havent been inside yet. I know what everyone is going to say, but I know what I am doing. Do I have access to the property during the 10 day period to get the rest of the financing, I need 10% the day of the auction and then have 10 days to get the rest. If I had access I probably would just get it appraised and get a loan.
I am in WI public auction. 10% at the time of sale. 10 days to get the rest. Back to my question, will I have access to the property during those days to have an appraisal and financing pulled through or not? That was my question.
When I say public auction I mean at the courthouse steps, that is how it is done here.