Brett Young
REALTOR®
Cleveland Metro Income/Investment Real Estate
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Uncategorized | 41 Posts
December
1
1
?? Don't Trust Just Any Agent with Investment Real Estate!
Buying income/Investment real estate requires a Realtor that has done many properties and understands the work it will take to accomplish the clients final goal.
I recently had a property in Wickcliffe Ohio that was leased for 3 years to the same Tenants and my clients loved the income of over $24,000.
This client wanted to sell the property to capture the equity that had accumulated on his property. Buying real estate in areas that appreciate in rent and value is the key to buying real estate and making money.
We needed to paint the interior and do some other minor things that was needed to get the top price. The key here was not to overspend and lose profit on the rehab.
Looking at sold properties lets me know what is needed and what is not. Construction can be costly and that is why I have my own crews I work with so we can get better prices and results for our clients.
We finished the property and put it on the market. The property got a contract quickly. During the process the buyer backed out of the deal within days because of financing.
I put the property back on the market and received another contract for over asking price. The time frame for both contracts was just 16 days. Real Estate in great areas are always in demand.
During the inspection the roof had 5-10 years left on it and being first time home buyers they wanted a new roof. Most roof estimates would be around $10,000 or more for that home.
Because this client had put in an above price offer I could look at making this deal happen with all the tools I had in my toolbox.
We had several quotes and finally had a $6500 quote from one of the roofers. The buyer's agent wanted us to use their people at double the price. They said their buyers would be more comfortable with that.
I called the agent and reminded them who I was representing the sellers and that we would have to go with my roofer in order for this deal to move forward. They agreed and we moved forward.
Getting a quote and getting the job done requires a lot of time and effort on my part. You should also know that I made $0 on the roof job but was responsible for getting it done. My client lived internationally and had no way to assist.
After 3 weeks the permit was pulled and my awesome contractor got the roof completed. I thought we were done.....we were not.
The inspector came back and found a plumbing issue. I know what you're saying. I would tell them to pound sand, right? Having the tools I called my crew and it was quickly fixed and the deal closed.
This process took me 6 weeks going back and forth with the agent and going to the home to ensure that all the work was completed. I should also shot videos to let my client know that everything was getting completed.
Lastly dealing with the negotiations and other Realtors was not always pleasant but it was needed to close this deal.
This is what it takes sometimes to get Investment real estate to a successful conclusion Left in the wrong Realtor's hands could be a disaster and lost money for the investor.
Get experience and a resume when purchasing any investment real estate from your Realtor. I look forward to assisting investors in their journey.
Call me (Brett) 216-703-5740 Key Realty and Property Management
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