Issue #203
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
I like to think my seminars have good, useful, valuable info. Apparently other agents agree. Despite the outrageous $750 “disincentive fee” I charge agents who attend, a few signed up for last week’s “How To Sell Your Home In A Slow Market” seminar any way. One agent changed her mind when I politely reminded her of the $750, one was a no show, and I learned after the fact that one snuck in and sat in the front row pretending he was a homeowner!
FREE SEMINAR Thursday April 20, 6-8PM
Back by Popular Demand…
How To Buy Positive Cashflow Apartments
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My wife and I just invested a bundle in this opportunity, as have 23 of my clients. If you have $100,000 or more to invest and would like a hands-off real estate investment (aside from cashing your monthly checks), you want to attend this free seminar. Tell a friend… Click Here For Flyer
Reciprocal Link, Anyone?
Got your own website, blog or “myspace” account? Want it to come up higher on
Google, Yahoo and other searches? If so, let’s swap links. “Reciprocal links”
make sites come up higher on searches. To swap, just go to
Gary Kent Team Links.
True Story: Keep Your
Paws Off My Cat!
Heard about the Missouri man who sold his home with a clause that his dog Rocky
must stay there with the new owner? That’s not the first house-pet story.
Fifteen years ago, I showed a couple a home with an old, blind cat. The owner
sadly said she doubted the cat could survive a move to unfamiliar surroundings.
The couple “felt her pain” and made an offer with a clause that the blind cat
stay in the home under their loving care. The owner’s reaction: “Are they crazy?
They can’t have my cat!” …They did end up buying the house, sans cat.
Interested In Positive Cashflow
Apartments With No Management Hassles?
Want a hands-off real estate investment with monthly positive cashflow?
Sound too good to be true? I've found a great opportunity I’m personally
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FREE MLS
Online Search For A San Diego or Riverside Home
To search for a home right now, click here:
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FREE
DVD: How To Sell Your Home & Buy Another
There's 5 ways to coordinate buying a home while selling your old one. Discover
the pro's and con's of each + smart buying & selling tips. This DVD is a must if
you're making a move this year. You'll learn:
- Which of the 5 strategies works best for YOUR needs
- Don't be forced to give your home away for a quick sale
- The $5,000-$50,000 trap in the small print most people overlook
- Pricing to get top $$ for your home (it’s not what you think!)
- The HUGE MISTAKE agents make when juggling 2 closings
- Find out what your home will REALLY sell for in today's market
- How NOT to get stuck paying mortgages on 2 homes
- When is the very best time to list your home?
- Avoid being the "contingent buyer" sellers hate to sell to
- How do bridge loans work? Should you get a "HELOC" instead?
Call
(800)748-1340 to have this sent to you FREE via mail.
Call 24 hours / 7 days
a week; free recorded message. It should arrive at your home within 72 hours.
Send This Free Newsletter To A Friend
Subscribe them with a quick email
to TellAFriend
with their email address in the subject line.
Remember to email
your questions, comments, compliments, corrections, critiques, & rebuttals to
Questions.
FREE SEMINAR April 20th / Thursday 6-8PM
"Discover Exactly Where I'm Investing MY Money In 2006"
...Positive Cash Flow Apartments With Appreciation & ZERO Management
At "Forum Hall" at the UTC Mall in University City
CLICK HERE for flyer, more info, & free sign-up
Want to build wealth through real estate? Want
an easy, hands-off investment with appreciation and consistent positive cashflow?
I've found a great opportunity that my wife and I are investing in, as have 23
of my clients. If you have 100K to 5M to invest and want to find out more...
To RESERVE YOUR SEAT at this free presentation now,
click here or call
(858)457-KENT!
Homebuying Question
"Hi Gary, I’ve never bought a house before, so please excuse me if this is a dumb question. If I make an offer and it gets accepted, but I end up not buying the house, do I lose my deposit?"
***ANSWER:
As you’ve heard before, the only dumb question is the one you DON’T ask. Yours
is a good question anyway…
Basically, if you cancel using your rights in the contract, you’ll get your
deposit back. But if you cancel without the right to do so, you stand to lose
your deposit.
Let me explain…
Real estate contracts have contingencies, where one party (usually the buyer)
has the right to end the agreement without penalty within a set # of days under
certain circumstances.
A common contingency is the right to inspect and investigate the property and
object to the findings, often for 17 days after the offer is accepted. So if on
day #12 you decide you don’t want the house, you can cancel and get your deposit
back. But if you decide this on day #18, it’s too late.
Here’s how deposits are handled and how you get yours back…
When your offer is accepted, your agent sends your deposit check to the escrow
company immediately. They cash it and hold the funds. If the sale cancels,
escrow can only give you or the seller the money with mutual instructions from
both buyer and seller, or with a court or arbitration order.
So you and the seller must both agree on what happens to the deposit. If not,
then you or the seller must go to court or arbitration to determine its fate.
99% of the time, if you cancel consistent with your rights in the contract, the
seller will agree to release your deposit. For the rare 1%, it takes court or
arbitration.
HomeSELLING Question
"Hi Gary. I own a condo near UTC that I need to sell because I’m moving to L.A. I listed with my sister’s friend who I don’t know at all. It’s been on the market over 3 months and she keeps telling me to reduce the price. I don’t want to go any lower because I need the money. What do you suggest? Help!”
***ANSWER:
I have two very different suggestions, depending on the circumstances.
If you suspect the agent pumped up the price to entice you to list with him/her, ask to cancel the listing. Inflating the price estimate in order to get a listing is the dirtiest and oldest real estate trick in the book. It happens every day. That agent is obviously looking out for herself and not you, so don’t trust her to represent you.
On the other hand, if you insisted on this price or the values in your complex have dropped, don’t kill the messenger.
Don’t be like the patient who dumps his doctor because he tells him he’s sick. If you expect to sell your condo, cooperate and lower the price. The cruel reality is that buyers out there don’t give a darn if you need the money. They’ll only pay what they think it’s worth.
Investing or Financing Question
My mom, who is 60, lives in OC and owns a townhome. She has a situation with the renters. She doesn't know whether to just sell or continue renting it out. My mom has several health issues and feels this "rental" is causing her extra stress. I told her to make a pro's and con's list of to sell or continue renting, but I don't know what’s best for her. I could help her with the rental but am thinking maybe she should sell since the market is still decent. I know you may not cover Orange County but I thought I would ask, just in case.
***ANSWER:
Regarding your mom, I don’t know what’s best for her either, but I’ll be happy to share some thoughts. Her situation is one that many of my clients face:
Due to a change (age, illness, less available time, difficult tenants, etc.), managing a rental property has become a burden. Here are her most likely options as I see them, along with some comments:
1. Do nothing
Given your mom’s situation and feelings, that doesn’t sound like the best option.
2. Have you manage the property
May work short term, but wait til there’s a vacancy and you drive 75 miles to meet prospective tenants who don’t show up. Possibility: some managers will find a tenant for you for a 1-time fee of 1/2 to 1 month’s rent. Of course, there’s no incentive to get the best tenants as they’re out of the picture once the tenants move in.
3. Get a professional property manager
Managers charge 5-10% of the rent. A good manager could relieve her stress, but likely decrease her cash flow.
4. Sell and pay the tax
Definitely a stress-reliever. It would cost her in taxes and a lower return, but many people reach a point in their lives when it makes more sense to just pay the tax and simplify their life.
5. Sell and do a tax-free exchange into another property requiring management
Probably won’t improve her situation.
6. Sell and do a tax-free exchange into another property with passive management
A good option if your mom wants to relieve stress, avoid taxes, and maintain a nice cashflow. I know of 2 particular vehicles:
A) TIC (aka “Tenant In Common”)-- You buy a piece of a large, professionally managed, (usually) “flagship” property. Due to new IRS regulations, this is rapidly becoming popular.
B) Apartment Partnership- I’m investing in an apartment partnership that has paid great returns. That’s the one we’re doing the seminar about on April 20…
I hope that helps. If your mother decides to sell, I can find her a great agent in Orange County. If she’s interested in the TIC or Apartment Partnership, I can discuss those with you and/or her. Just call me at (858)457-KENT.
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Call me at (858)457-KENT to find out more or arrange a private showing . . .
Thank You For Your Referrals
Thank you Barry M, for referring someone to sell her home…
Thank you Lin Y., for referring a friend to buy a home…
Thank you Mark L., for referring a neighbor to sell his home…
Thank you Meredith S., for referring a friend to buy a home…
Thank you Shawn & Kelly S., for referring your mom to buy…
Have a great week...
GARY KENT
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
21 Years Experience -- 3,000+ Homes Sold
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.
