Real-Estate Shopping Stories

[Debater Slayer]

I posted months ago about looking into buying real estate as an investment. I have since asked around more, talked to brokers, and been following the market more closely.

Some of the offers I have received from a few brokers were riddled with issues. To name a few:

• The brokers overstate demand and try to rush me into buying. When I don't buy, I get a call from them asking me why and trying to persuade me. When they realize I have too many issues with the offer, they move on and stop overstating how high the demand is.

• They mention only the good parts about the apartments but intentionally omit problematic details when I ask about them. This doesn't last long because I always visit the place and see it for myself. When I do, they try to downplay how bad the problems are or imply that they would be cheap to fix (which isn't true).

• A couple of them didn't mention whether buying the apartment also entitles the buyer to ownership of a part of the land on which the building is built. When I specifically asked, they said it didn't. They were silent on a dealbreaker.

I'm still looking around, but these tricks and marketing tactics have been illuminating to learn about. It has become easier for me to detect problems from the first couple of conversations.

Do you have any real-estate shopping stories you would like to share?

 

[Revoltingest]

I posted months ago about looking into buying real estate as an investment. I have since asked around more, talked to brokers, and been following the market more closely.

Some of the offers I have received from a few brokers were riddled with issues. To name a few:

• The brokers overstate demand and try to rush me into buying. When I don't buy, I get a call from them asking me why and trying to persuade me. When they realize I have too many issues with the offer, they move on and stop overstating how high the demand is.

• They mention only the good parts about the apartments but intentionally omit problematic details when I ask about them. This doesn't last long because I always visit the place and see it for myself. When I do, they try to downplay how bad the problems are or imply that they would be cheap to fix (which isn't true).

• A couple of them didn't mention whether buying the apartment also entitles the buyer to ownership of a part of the land on which the building is built. When I specifically asked, they said it didn't. They were silent on a dealbreaker.

I'm still looking around, but these tricks and marketing tactics have been illuminating to learn about. It has become easier for me to detect problems from the first couple of conversations.

Do you have any real-estate shopping stories you would like to share?

You're dealing with the wrong brokers.
But even with the right ones, if they sense you're
not a real buyer, you won't get their attention.
No profit in lookie looes. And they still won't
fully perform due dilligence for you.
It's entirely up to you to do that & to analyze
financial performance (a pro forma). Then you
decide how much to offer.
Good luck fortune. I hope you become a landlord.
(That is a wish, not a curse.)

 

[Debater Slayer]

You're dealing with the wrong brokers.
But even with the right ones, if they sense you're
not a real buyer, you won't get their attention.
No profit in lookie looes. And they still won't
fully perform due dilligence for you.
It's entirely up to you to do that & to analyze
financial performance (a pro forma). Then
decide how much to offer.

I've been looking at a lot of offers, so I expected to deal with some dubious brokers along the way. Better learn now than make an expensive mistake.

And yes, they speak with enthusiasm at first but stop bothering when I ask certain questions to vet their offer. They probably encounter this a lot and know that some people just won't buy if certain problems are unresolved.

Good luck fortune. I hope you become a
landlord. (That is a wish, not a curse.)

Thanks. It's both a wish and a curse. Pursuit of wealth sometimes has a price.

 

[Revoltingest]

I've been looking at a lot of offers, so I expected to deal with some dubious brokers along the way. Better learn now than make an expensive mistake.

And yes, they speak with enthusiasm at first but stop bothering when I ask certain questions to vet their offer. They probably encounter this a lot and know that some people just won't buy if certain problems are unresolved.



Thanks. It's both a wish and a curse. Pursuit of wealth sometimes has a price.

Do you know experienced real estate investors to confer with?

 

[Debater Slayer]

Do you know experienced real estate investors to confer with?

No. I'm the first in my family to consider doing this, and I have no acquaintances who are familiar with it either.

 

[Revoltingest]

No. I'm the first in my family to consider doing this, and I have no acquaintances who are familiar with it either.

You really should find some to talk to.
There are complexities best discovered
before getting into it.
Even in Ameristan's "unregulated capitalism"
just off the top'o me head, we do have a few
laws to obey. What are your....
Fair housing laws?
Consumer protection laws?
Zoning laws?
Housing codes?
Building codes?
Privacy laws?
Toxic substance laws?
Mandatory tenant notifications?
Human rights ordinances?
Licensing laws?

 

[Debater Slayer]

You really should find some to talk to.
There are complexities best discovered
before getting into it.
Even in Ameristan's "unregulated capitalism"
just off the top'o me head, we do have a few
laws to obey. What are your....
Fair housing laws?
Consumer protection laws?
Zoning laws?
Housing codes?
Building codes?
Privacy laws?
Toxic substance laws?
Mandatory tenant notifications?
Human rights ordinances?
Licensing laws?

I'm working on that. I'm also considering consulting a lawyer on the nuances of such laws.

 

[Revoltingest]

I'm working on that. I'm also considering consulting a lawyer on the nuances of such laws.

Ensure the lawyer represents landlords of the kind of property you're considering.