18 May Ep. 40 This Week’s Real Estate Update-Death Disclosures, Open House Cameras, Inept Gas Company
In this episode, Realtor Adam Kruse and Realtor Shannon St. Pierre share their most interesting real estate stories from this past week. Do deaths need to be disclosed? Can open houses be filmed by security cameras? Is the local gas company making mistakes on purpose so home owners have to pay for multiple inspections?
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1:03 Shannon is trying to find new investors outside of the St. Louis area. Shannon showed a California couple properties all weekend long.
1:56 Did Shannon have a way for the California couple to keep track of the St. Louis properties they liked?
2:35 Why is the California couple using the buy-and-hold strategy to property ownership? What are the challenges to a buy-and-hold strategy?
4:00 What are the challenges of buying $5,000 homes?
5:25 How do Realtors cut through the monotony of looking at houses all day long so that buyers don’t get bored? Should a Realtor take breaks between houses? Should the buyer rate properties as they look at each house?
7:50 What kind of criteria do investors look for in a property?
8:30 Now that the California investors have met Shannon and gone on a tour of St. Louis, can Shannon now just send them the numbers and let them look at properties on their own?
9:27 Do sellers have to disclose a suicide? Do seller’s have to disclose a suicide if there was an insurance claim afterwards?
10:44 Does the history of a death travel with the property and does it have to be disclosed?
13:14 An agent got a lead that a seller only wanted what they owed on their house but it ended up being too good to be true.
14:23 What would cause a house to need $60,000 worth of foundation repairs?
14:49 What happens if a seller’s agent accidentally mentions that a tree fell on the house but it wasn’t in the disclosure and the inspections have already been done? Can the buyer back out and do they get a refund on the inspections?
16:59 What is a mutual release?
17:38 Is the local gas company missing problems on purpose to get home owners to pay for multiple inspections?
18:58 What is a flame disturbance?
19:21 What are those stars that are found on the sides of brick houses that are all over the city? What does it mean if the stars on the sides of the house are missing?
21:00 What is an abandoned conduit line?
25:40 Adam has a listing on a home and part of the agreement is that the seller will finish the basement. The buyer’s agent has not been very good at setting expectations.
29:30 How can a buyer’s personal life affect a sale?
33:12 Adam had a 1 week window between tenants and had a surprise during the final walk through.
36:44 Adam has a seller that wants a bodyguard at every showing to protecthis stuff. If there is anything of value, should it be moved out? Should an agent be at every showing to protect the seller’s stuff?
42:20 How are smart lockboxes and cameras helpful during showings if you are worried about security?
44:02 Adam had a 4-plex in Benton Park West he wanted to buy but once he ran it through his Golden Spreadsheet none of the numbers worked out. The $150,000 property brought in $2,150 in rent each month but the down payment was 25%
47:20 How does the Golden Spreadsheet for property investing work? What is ROI, months to get down payment back, gross rent multiplier, cap rate, market appreciation, cash flow, equity, comps, and a diverse portfolio?
49:58 Hermann London had a new agent meeting to help the newest agents get comfortable asking for help and training and so they will hold each other accountable.
53:42 Contact Shannon St. Pierre at 314-583-0070 Shannon@LivingTowerGrove.com