Summary:
Real estate is not what you ever expected it to be, until you end up in the middle of something fun. Power-house broker Sher Powers tells us about the worst experience she ever had viewing an investor property in Nashville, when she opened the door to hundreds of cockroaches. Sher has worked in both normal and investment real estate, and she’s learned to expect the unexpected. Tune in to find out why Sher values renovations over resells, and how agents can ensure their clients get the best market rate for investor properties.
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Time Stamped Show Notes:
- 01:06 — Sher’s background and how she got into real estate
- 01:08 — Started as a real estate investor, buying property to renovate and resell
- 01:29 — Hit a snag in partnership and ended up with a portfolio of 24 rentals and no cash reserves to cover repairs and tenant needs and make readys
- 01:45 — Used license to survive – became a realtor
- 02:08 — Wanted to help new agents and new buyers
- 02:33 — Specializes in 1st-time buyers and investors who renovate for re-sell
- 02:22 — Why doesn’t Sher call them flips
- 02:58 — “There is nothing flippant or flippy about doing a full renovation – it’s a lot of work.”
- 03:44 — Flipping is a quick, non-emotional transaction, compared to renovation, which is about creating a house that someone will love
- 04:08 — 1st-time homebuyers deserve good expectations and good education
- 04:15 — Renovations are houses being brought back to life
- 04:22 — They’re ideal for entry-level buyers
- 04:30 — Improve neighborhoods one house at a time
- 04:47 — On seeing the buyer’s response to their renovated home: “I love the experience; I never get tired of it.”
- 06:28 — Sher’s CSIRE story
- 06:35 — Went to Nashville with a client to view an inexpensive property; the client had to return to the car, so Sher entered alone
- 07:00 — “Leigh, I am not exaggerating—I wish I was—hundreds of cockroaches fell on my head.”
- 08:11 — Her client got bug spray from the car and sprayed her with it
- 08:28 — She still can’t watch Indiana Jones because it triggers the memory
- 09:34 — In real estate, you will see hoarders, and you will see families that live in ways that is heartbreaking
- 10:11 — “There is a heartache that goes with buying destitute property.”
- 11:51 — She never enters a house without using her toe to push the door open
- 12:30 — Note for agents to think about
- 12:44 — Sher once encountered a tenant who did not want the property shown or sold
- 13:04 — “He answered the door stark naked.”
- 13:56 — Encourages her clients to negotiate on the front-end, where buyers can see the property from the inside before making an offer
- 14:34 — If you’re wanting to sell an investment property, it needs to be vacant
- 15:42 — Do everything you can to make it easy for the tenant to say yes
- 16:31 — Sher’s contact information: Visit her website Urbane Residential Specialists or Urbane Residential Specialists on Facebook
3 Key Points
- Renovations are different from resells.
- Investors should be prepared for the unexpected when viewing investment property.
- Vacant investment property will yield a higher market price than occupied.
Credits
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