Feel free to call me, everyone knows I answer my phone 602-688-9279.
Have a GREAT day!
Feel free to call me, everyone knows I answer my phone 602-688-9279.
Have a GREAT day!
The BINSR is one of the most important but delicate items of the Escrow. I want to spend some time discussing this. It’s important that if the property is the right property that the Buyer and Seller walk away with a Win-Win situation. Too often the Agents get in the way of the BINSR. Ijust had a property cancellation and the inspection was not anything that could not have been overcome. Mostly small items!
When the Buyer has completed their due diligence during the inspection period it is time for the BINSR to be prepared and submitted to the Seller.
Please note that the BINSR is not part of the contract and when this negotiation is completed, there may and probably will be an addendum to the Purchase Contract will be signed. The BINSR is typically not sent to Title or the Ender but the Addendum to the Contract certainly is.
First, it is important to understand that no matter when the BINSR is submitted that the inspection period is now over. This means that the Buyer needs to have all of the due diligence completed. Remember that his DOES NOT mean appraisals or loan but rather books and records along with physical items. There is a list on the Buyer Advisory and the face page of the residential contract.
Secondly, when the BINSR is submitted (either Commercial or Residential) the Seller has five days to respond. IF the Seller does not respond, this means that the Seller will not do anything. Once the Seller responds (unless they agree to everything) the Buyer has five days to either continue to negotiate, accept or cancel the contract with full refund of the Earnest Money.
When submitting the BINSR for multifamily, often we are looking for the Buyer a credit at cose. One of the important items that our referral partner provides is a SOPC which can help give the Buyer the number to work from. I cannot stress how this is helpful for two reasons. First, this gives me a number to place in front of the Seller that is a third party. This also delineated Health and Safety and Immediate needs. The Seller thereby has material knowledge of the Health and Safety and Immediate needs. IF they will not agree to the number or the repairs and the Escrow cancelled due to this, the Seller and the Listing Agent now have to disclose this knowledge going forward.
A word of caution,do not wait until the very last minute to respond. Last year a Buyer’s Agent who was self representing himself, waited until 11:59 to send the BINSR to me. His email failed and he sent it at 12:01 AM. The inspection period was up and his Earnest Money was at risk-clearly. His 10K was either forfeited or he had to close. He closed. If he had sent this earlier, he could have cancelled and gone on.
It is important as in any negotiation that the Buyer be reasonable as well. Last year, I had a Buyer that asked for very unreasonable items to be repaired. Remember that if it is not broken the Buyer cannot ask for replacement, especially on items that according to the inspection would last at least another 5-8 years. Here is a saying that I think about-Pigs get fat and Hogs get slaughtered. Something to think about.
Also, on all of my transactions, the Title company issues a Critical Dates Letter. This is important to review and it will give the dates of the end of the inspection period.
I hope that this helps and if you have any questions, remember that I answer my phone!
Have a great day!
I wanted to take a few moments to really explain some of the processes that I use to make Investors successful.
First, I answer my phone. How important is that?
When a person first connects with me, we have an automated procedure that I use. I place the person on an MLS search for 2 or more units. This allows them to start becoming familiar with the market. It is only sent out twice a week and is an opt in program. If you have not opted in, you are missing information. If you need me to send this to you again, let me know. If you want to be added, let me know.
I use Salesforce as a CRM. Once the person is in Salesforce, they will get an email from me to explain my background.
Also, if the person is on LinkedIn not only will they receive an invitation from me to connect but also an invitation to the closed investment group that is updated with market stories in real time once or twice a week. Another great way to understand the Phoenix Market.
Additibally, remember that I am a member of the Tucson MLS and can (by request only) add you to the Tucson MLS as well.
I keep a massive spreadsheet containing all leads and current clients. This is tracked as to when I have spoken to you and your comments. It also tracks when and how often the MLS searches are opened. Two of my referral partners Tom and JC) help me with getting these people qualified for a loan. If the person is just looking that’s great. What about if they are interested in more than 4 units? No problem, but then I can help find the right commercial lender for the task at hand.
When I find a deal that I think is worth getting serious about, I send out a constant contact. I do not play favorites, the first Investor that calls me and wants it-gets it!.
When we go to Escrow or Contract, I have an online portal system that we store all executed documents and due diligence and you will be invited to this as well.
Did I mention the website? I know that you are on this now but have you registered for the back side-more information. I have spent over $30,000 on this website. You can access it easily from your phone as well.
How about my book on Amazon? Just google my name and it comes up!
How about the 10 hours of education on the site? I paid almost $25,000 to make this a GOOD educational program for the investor.
Don’t forget the classroom workshop on May 2nd.
Below is a bit about the market last week.
According to the Information Market, residential sales in Maricopa County were up 14.8% in January 2020 when compared to January 2019. That’s 7,922 units vs. 6,898 units. Resales accounted for 6,768 of the sales in January of 2020 compared to 5,954 in January of 2019. Median resale prices were up 10.1% over that period to $285,000. New build sales rose to 1,154 vs. 944. New median sales prices rose 6.7% to $365,706.
Feel free to call me, I answer my phone and return calls as soon as possible! 602-688-9279!
Hope your day is amazing!
The first quarter of 2020 zooming byand I am going to share my research and thoughts on the market for the Phoenix area and in particular MultiFamily.
First and foremost one of the questions that I am continually being asked is how long until we see a correction in the Phoenix Market. Let me be clear-I do not have a crystal ball and will not set specific times or dates.
Here is what is happening now. There are over 250 major companies relocating to the Phoenix Market and this means jobs and building growth. One of the reasons that we see this is really two fold. One, California is almost impossible to build in and the laws that DISCOURAGE growth are rapant. My phone is ringing constantly with California Investors. I am meeting with several Californians that have given up and moved here. Many are liquidating their assets on the coast and moving their investments here. The second reason is that our State has a VERY friendly legislature for growth and are incentivized to make this happen. What is really interesting is that I am receiving quite a bit of interest from the East Coast as well.
Remember that our cost of living is low as well.
So the next question is what about jobs, tenants and places to live?
In reference to jobs, our unemployment rate is below that National average and our workforce is robust. Tenants are interesting right for two reasons. The first is that the amount of rents are keeping up with the wages and rents are on the increase there is no doubt. We had a multi unit property that the tenants needed the rents raised. The Property Manager raised the rents $200 across the board and not one tenant left! One of my clients in Tucson wanted to rent a small apartment here so he could manage the rehab on one of his properties. He could not find an apartment or at least one that he felt was affordable for his needs. The second part of the Tenant situation is that the younger tenants (millennials) do not want home ownership, they do not seem to want the responsibility of maintaining their own property.
Places to live are really interesting and probably the main reason that we see NO vacancies to speak of.
About 10 years ago, Elliot Pollock who is probably the foremost economist on the PHoenix market projected that in 2020 we would need 525,000 more dwellings and that 35% of this would be new multifamily. I went to a conference two weeks ago on the economy that he was one of the featured speakers. Not only have we not met these numbers but now he believes that we need more units and that he projects that our growth will remain strong for at least another 4 years.
Here is a link for some breaking news that happened yesterday check it out Historically low inventory continues driving home prices higher
I want to quote and give you directly from the horse’s mouth Elliott Pollack’s last Monday projections. I respect him a great deal and you should go to his website and sign up for his weekly updates. See below.
Also, remember that I am on the ground and digging deals out. Call me I want to speak with you and help you understand the market and what is going on.
ELLIOTT D. POLLACK & Company
FOR IMMEDIATE RELEASE
January 27, 2020
The Monday Morning Quarterback
A quick analysis of important economic data released over the last week
It was a slow week for national economic news. Leading indicators were essentially flat. Monthly existing home sales increased substantially from a year ago in December but were up only modestly for the year (2019 over 2018). And the supply/demand imbalance in the country caused resale prices to increase at four times the overall rate of inflation and more rapidly than wage gains for the December over December measure but were up more modestly for the year as a whole. This is because when interest rates declined during the year it allowed more of the pent up demand for housing to manifest itself. Other than that, it was political. The impeachment trial got underway in the Senate. And according to the Washington Examiner, the death of Mr. Peanut, the Planters Peanut symbol for the last 104 years, overshadowed the first day of impeachment arguments on Twitter. Is the public telling us something?
On the local level, the latest Arizona, Greater Phoenix, and Greater Tucson employment data shows that the state and its major metro areas are continuing to do well economically. Arizona remained the third most rapidly growing state in 2019 and Greater Phoenix was the third most rapidly growing major employment market in the country in 2019. Thus, the state and Greater Phoenix are going into 2020 with a full head of steam. The same can be said for the single family, apartment, office and industrial real estate markets in Greater Phoenix.
Elliott D. Pollack & Company (EDPCo) offers a broad range of economic and real estate consulting services backed by one of the most comprehensive databases found in the nation. This information makes it possible for the firm to conduct economic forecasting, develop economic impact studies and prepare demographic analyses and forecasts. Econometric modeling and economic development analysis and planning are also part of our capabilities. EDPCo staff includes professionals with backgrounds in economics, urban planning, financial analysis, real estate development and government. These professionals serve a broad client base of both public and private sector entities that range from school districts and utility companies to law firms and real estate developers.
I want t post an article from my referral partner Rick Wittstock of IPX 1031. Rick has been a valued REferral Partner of mu firm.
Since so many Investors are looking towards 1031 Tax Deferred Exchagnes this article cam out at the right time. Please go to our Referral Partner Page to contact or learn more about Rick!
I work with a number of Investors. All different levels. Why do I say this?
I receive a number of phone calls from “beginning” investors. My very personal philosophy is that we all started somewhere. I receive and do ESCROWS with cross agents that have never sold multifamily as well. I still believe that we all started somewhere.
When I started in the business 24 years ago; there were a number of people that helped me along the way. I am always thankful for this. Anyone that knows me knows that I feel that it is my personal responsibility to give back. I love educating not only my Investors but also other agents. I am currently in two escrows that I am helping the other agent understand what they need for their clients.
This does not mean that I do not represent my client correctly, but what kind of an Broker would I be for my clients if an Escrow would fall apart simply because the cross agent needed some basic guidance. I guess that it is the Mom or now also the Grandmother in me!
This year promises to be outstanding for investors. Every city in the Phoenix market is exploding with growth. The companies that are relocating from California (I wonder why?). The people that are moving here due to the job growth. The housing market is not keeping up. All of these factors not only are indicative of our market but also the growth in the rental prices and the lack of good units for tenants. EVERYONE of these factors lead to a rich investment environment.
I am dedicated this year to be even more responsive and more on top of the growth of the Phoenix Market.
As one of my Investors, here is your job-call me and lets get you on your path. READ the emails that I send. GET educated on our market and also how to evaluate the properties quickly and efficiently!
I will be attending an in depth market update in about 10 days. You really want to watch for this update from me as it is a GREAT yearly event that I attend so that I can be as effective for you as possible.
Remember that I answer by phone and look forward to seeing your success. Your success is my success.
Have a GREAT day!
This is the time of year that I set my goals and what I want to accomplish by quarters. Anyone that knows me well knows that I take this time to reset the batteries. I have done this and have great plans and some of them include my investors!
First, I am attending in the middle of January a market update that will include 4 different leading economists for the Phoenix Area. I will be sending you an in depth market update towards the latter part ofJanuary-so STAY TUNED.
I have given careful thought to the next. First, I am offering the videos of the Legacy Seminar at a discount this weekend. I really want you to go through this. I am also offering my book (which is a great add on for $50.00 this is a discount of almost $50.00. You will need to send me a check for $50.00 and I will mail it to you-no matter where you live.
Here is the BIG news. In November, I spent three days developing a trailing twelve spreadsheet and it is done. I will be giving an advanced seminar locally (yes you can fly in) on how to do a trailing 12. This will be given on Saturday Feb. 1, 2020. I will also be going over how to prepare the rent roll and the importance of this. If you own property or even sell this type of property-you need this. This will be limited to 25 people. Cost will be $500.00 per person-call me for couples discount.
This may sound like a sales pitch-it is not.
I wanted to keep everyone up to date on what is happening. Education is the key to good and smart investing! Please don’t pay thousands of dollars to the so called real estate gurus! Use this money for your down payments.
I will also be introducing some new vendors after the first of the year so this should help round out your real estate team and give you more choices.
So as the bumper sticker says “sit down, hang on or be left behind and remember that I answer my phone! 602-688-9279.
HAPPY NEW YEAR and make it a good one!
How much time do you have left?
Recently one of my friends asked me what I want to do for the rest of my life. The other item that I was asked was would the people that you spend your time with, would they come to your funeral? Maybe this is a bit morbid but think about it. Are you wasting time and energy on unimportant items. Or giving your energy to people that really don’t care or want to care about you?
Here is a way to look at it. I will be 64 in a short period of time. Let’s say that I live to be a hundred.
Suppose I see my kids that live her once a week. This means that I will see them for 1,872 times. Not enough for me.
The kidis that live out of state (2) of them I see about twice a year. This means that I will only see them 72 more times. THEY BETTER move home.
The long and much enjoyed motorhome trip that Tom and I went on this summer means that I only have 36 of these to go on. I need to plan these trips carefully as there is so much that I still want to see.
I want to spend my time with my Clients that I really enjoy and that together we can be successful. How many more meetings will we have?
This is a short but very important blog today. Put a high value on your time and energy. Make each and every day count. As you get older the time goes faster and faster. Do not wake up and realize that everything you wanted to do has passed you by.
MAKE your bucket list and knock it off! I am collecting stamps from all of the National Parks. I just started this recently and have many more to go! I am collecting stamps from the different States of this GREAT Country and I have more to get!
Stop and look at the sunrise, I did recently and marveled at how beautiful it was. My day was great that day and I demand more of these!
Have a VERY MERRY CHRISTMAS!
Remember that I answer my phone and value our relationship,
The definition of relevant is being connected with the matter at hand. This goes hand in hand with my thoughts of goals and staying on the path to attain them.
First and foremost it is important to state your goals. IN WRITING!
Every year I personally write a business plan. On this plan I include both my personal and business goals. I not only do this for the coming year but 5 or even 10 year goals.
Years ago, a mentor sat with me to do this. Here was and is my “Kodak” moment or take away from this life changing lesson for me.
If you write a business plan once a year a thought could be that you have goals that may or may not be realized? So you have one chance a year to make an error.
What if you wrote a business plan once a month? Then you have 12 chances a year to reach your goals? What is you wrote 52 business plans? Or 365 business plans? Things change with yourself, the economy and a myriad of other factors. So instead of writing a business plan once a year and failing by something changing, shorten the time distance. Keep in mind your yearly or longer term goals.
I actually set m 5 year goals this time of year. Then I lay down my path for the coming year. The next step that I do is think about what I want to do each quarter. In addition,monthly goals are laid out.
Once I have this, then weekly goals become easier to visualize. I actually write a list on a daily basis of to-do items. I follow it. I do it.
Do not think that any of this is easy, it is not. I use the tools that I have developed over the years to stay on track. You might use a legal pad or a spreadsheet. Some people actually use their calendar. In today’s world with the calendars being online, it becomes easy to write and then move the tasks or goals to the next day if you did not complete the item.
I cannot stress how important it is to WRITE the goals down. Sharing them with someone makes you more accountable. Sometimes only to yourself.
My sister told me one time that if she could not sleep due to things going through her mind that she would keep a pad next to her bed and write them down. This cleared her mind so that she could wake to her “list”.
It doesn’t matter how you get to the goal, just get started. This will keep you relevant to the life that you want to lead.
Remember that I am here to not only help you reach your goals but help you stay on track and REACH these goals!
Call me I answer my phone! 602-688-9279.
Cell Phone, Texting and Follow-Up-How IMPORTANT are these items?
One word VERY!
If Sellers knew how little follow through their listing agents did-they would FIRE the agent.
If Buyers or Sellers knew how important it is to follow up with emails or signed written documentation, they would be shocked!
It should go without saying the Follow Thru is so critical!
If you call me or leave me a message, I either answer or call back. One of the most common comments that I get is “You answered your phone!” or “You called me back!”. Guess what my answer is – “Well you called me!”.
Quick story, over 22 years ago I answered a Real Estate call on a Sunday. The Client had called more than a handful of agents and I was the only one that called back. Guess what Tom and I have been together for over 22 years. Yes, it was Tom that called for Real Estate. The family joke is that I ran his credit and he found me in a newspaper before we could date. Later raise all 4 of our combined kids and now the next generation!
Even today, I pick up my phone and answer or return voicemails. Other agents are pleased. In fact, so many listing agents do not even respond to agent inquiries that it is unbelievable that any listings get sold. One agent called me last week and his comment was,”Linda, I knew that you would answer your Phone.”.
I see in the private remarks of Listings – DO NOT CALL ME only use text. I would fall off my chair if I was a Seller and saw this! Are you kidding me?!!
Remember that as a Buyer or Seller that emails do not count to amend a contract! Only the signed documents work! Signed by both parties! However, when a phone or text conversation is done follow through with an email to confirm the conversation.
I was actually taken to court by a client that alleged that I did not communicate. In a six month time period there were over 4,000 emails. The client NOT prevail as all allegations were well documented and certainly communicated. As the market was at the bottom and the client felt that they could collect from an insurance company, it was proven to be negligent and they went on their way.
Reputation is everything and it should go without saying that follow thru is the key to success.
I work hard and remember that I do answer my phone-just call me! Leave a message or text me!