FInally, we could sell our property. It was very hard for us to find a qualified buyer from financial perspective.... It took 2 months to find them, and then it took about 2 months to close deal.
We used Castle Hill Investments (Agent is Robert), and their team was great!
Although appraisal took longer time than we expected due to the law change in May, and bank was slow.

Anyway, Thank you for all of your answer. We can now move forward!! Yay!

Hiroko, the main issue in regards to selling units lately, is related to avalible financing for buyers. You can drive traffic to a property, and get looks, but just as targeting a client, you need to address all of their needs in regards to the overall transaction. In this market, a well rounded team, and thought out plan is the key to success. there are a lot of local banks willing to finance owner occupied units at the 80% mark depending on the borrower. Look from the buyers eyes to get a better idea, and show them the path. From financing, to FTHB credit, ect.. add true value to YOUR buyer. Being selfless is the most selfish thing you can do.

Bill

Hiroko- You do not have to offer to hold the mortgage...but you may increase your odds of selling in this market by offering to Buydown the Buyer's initial interest rate. This helps the investor to ease into homeownership comfortably and confidently as he/she gets comfortable with this investment.

It's a Win! Win! Opportunity for Seller & Buyer!

It just so happens that we provide a service that helps you to increase your odds of selling an investment property in this market . Basically we allow you to offer below market interest rates without holding the mortgage... If you would like us to help...Please contact us: 877-TBD-3210 or visit our site...

ADVICE: Hire an expert Realtor, price aggressively, offer the 321ADVANTAGE. ("FINANCIAL HOME STAGING")
Best of everything!
Barbara Q.

Hi Hiroko!

It can cost you a great deal more in time, money and aggravation to go with less than a Commercial Professional on this one. When you interview Brokers, be sure to interview Sam Trevino (512) 299-6321 from our Century 21 Commercial Division. http://www.realty-tx.com

Expertise and straight talk is what you deserve!

Happy Selling!

Angela Sargent

drop an email to ron seay -- ron@theseaygroup.com -- he might be interested -- tell him roy dubose sent you

Hiroko,

Choose a realtor who specializes in selling multi-family properties. Many agents who sell single family homes will tell you they are qualified but it's actually a much different process. I recommend Robert Grunnah with Castle Hill Investments 512-444-2299. They have sold more multi-family properties in the last few years than anyone else in Central Texas and their office is located in the 78704 zip code.

Good luck! Diana

Welcome to Trulia Kam. I gave you the thumbs up for your good answer. You are batting a 1000 now.
Unfortunately it's going to be all downhill from here. :)

Hi Hiroko -
In response to your question about how to go about finding the right agent, I have a few thoughts:

- Most agents claim to work with investors, but very few actually have specific 'investment knowledge' such as how to value an income property. Ask about very local statistics such as ROI or Cap Rates - not just for the city but for 78704

- Ask how the agent plans to market your 4plex differently than they would market a single family home. Will they be listing it on web sites such as LoopNet that cater specifically to investors, or will it only be included in the local MLS?

- Ask if the agent has a "database" of investor clients. You'll find that agents who regularly work in the investment arena have repeat customers who actively buy and sell this type of property. For instance, I have personally owned ten rental units in 78704, and sold 8 of these in the past two years. From those properties alone, I have a long list of buyers who I know are interested in 4plexes in the area.

- As with any property you try to sell in today's market, make sure the agent you select is honest with you about pricing, staging and marketing needs. And make sure they are very very tech savvy - if they are not using the "latest and greatest" websites and tools (even twitter, facebook, trulia, etc...are must market areas these days!) then they may be missing YOUR buyer.

Hope this helps! Please let me know if you have any questions about Austin or 78704 4plexes - I'd be happy to chat with you via email or phone. Good Luck to you!

-Kam McCoy

Hiroko,

We love 78704. Check out the link below for some info on the agent interview process.

http://www.trulia.com/blog/rockinblu/2008/12/i_ve_got_my_fin…

Wow. Everybody really thank you for your answers!

There are tons of agent who knows 78704, and yes, we need an agressive and Real agent to work with.
Honestly, it is very difficult to find the right one. That is another headaque. RE agent sounds they can do anyhing and make it happen, but I learned that it is not always so. No offense!

What is the right questions to find a realistic agressive seller agent for this 4plex? What is the right approach?

Hi Hiroko,
As long as you are willing to sell the property for what it is worth in today's market, you should have no problem.

9 times out of 10, when a property doesn't sell, it is simply overpriced.

Have a real estate agent do a solid comparative market analysis so you can price the property competitively.

You also may want to find an agent or broker who works primarily with investors, since a 4-plex is great investment property.

Good luck and let me know if I can help.

Hello Hiroko,

- Marketing and Selling in that area is fairly straight forward, it is a "hot" area with alot of interest. You would do well to interview and hire an aggressive REALTOR, get REAL sales info and develop a plan.

- Owner finance is not especially difficult, however as an absentee owner/financier it is probably more trouble than it is worth.

- With the proximity to UT and St. Ed's you will want to move fairly quickly, that way it can be marketed to parents whose kids will be going to school in the fall and are in the market now.

Good luck with your endeavor, feel free to call with any questions.

Jay Warren

Dear hiroko,
We work with investors all the time and the 78704 area is one of our main areas served. Please feel free to contact us at any time to discuss your options. About half the buyers we assist are looking for property in 78704, this area has remained in high demand. The Austin market is not as depressed as the rest of the country. According to the Austin Chamber of Commerce, we still have about 1000 people a week moving into Austin. Call me and I would be happy to prepare a comparative market analysis for you and send it via email.

Sincerely,
Betina Foreman

I agree with you, if you are not hoovering over a property, the tenants can be relaxed and take advantage of the remote owner. There must be someone that wears the black hat, and be the bad guy who instills the law. There are two other fourplexes in that area that are also on a short sale list at $505K for two four plexes. If I owned property there I would form a coalition with the adjacent owners to establish common large dumpsters, The problem as I view it is that each and every tenant has their own trash can, and as a potential buyer or tenant pulls onto the street, the street appears to be full of trash cans in various stages of repair. Not a pretty picture! Although the properties have a fairly good floor plans, townhomes with small private yards.
If you hired an aggressive, tenacious, relentless Broker who knows the area and is an expert at commercial real estate you could make something happen! In general the 78704 zip code is a pretty hot area! Eclectic urban professionals looking for cool space.
Feel free to call me for more information Barry L Marotz, CCIM 512-963-8399

Hiroko,

It really just depends on ROI of the property. Typically we see about 10x monthly rent, so if your are getting about $3000 in monthly rent then $300,000 is probably a good number. Of course this depends on so many factors such as, is it fully occupied, how long have the tenants been there, what is the payment history, how long are the leases, age, condition, location, etc.

Best thing we can do is get you connected with a great Austin Realtor like Perry Henderson and let them do a good market analysis for you and see if it makes sense to sell at this time.

Owner finance here, really only works if you own the property outright with no liens, or perhaps if you will carry a second, if there is equity. Most lenders will still require investors to put in 20%. They won't let the owner carry a second for 20%, lender puts in 80% and buyer has 100% financing. They'll want some skin in the game from the investor now.

Good luck.

Everyone Thank you for your quick answer!

- Our property is located close to Banister.
- We bought at 2 years ago, but remodeled completely. Hope we can sell about $300K.
- We will take loss. We have realized RE investment is not for us and move forward.

Hello Hiroko,

I have a great referral for you --- Patrick J. Walker. He is a consultant who brings buyers and sellers together.

I am a Broker in the Seattle area and have worked with Patrick for several years to successfully help my relocation clients and investor clients.

I think you will find him an excellent resource for you as well. You can also google him and will find him well connected.

Best of luck to you.

Hi Hiroko,
If you fourplex is anywhere near Willowrun Dr. in 78704, let me know and I might have a buyer for you. It depends on what part of the zip code in 78704 your property is located. Thanks! - Debbie

Investor property is harder to sell right now than single family residences, but there are buyers out there with cash, looking for investment property to keep or flip. True, the AUstin market isn't as tough as others, but it has definitely slowed and prices are beginning to drop.
A couple of things to know before you decide to sell: how long have you owned the property & what did you pay for it? If you bought it within the last couple of years, you may not be able to recoup your investment, but if you have owned it for awhile you may be in good shape. The numbers will have to make sense to a buyer, what will the ROI be in this environment.
The market is showing signs of activity which hopefully means our inventory will start to sell this spring. If you want to get more specific, please contact me and we can talk some numbers to help you decide what if it's the right time for you to sell. My contact is susanavant@aveone.com

Hi Hiroko,

My Team works with Investor, and would welcome the opportunity to assist you. We have Investors in most states. Properties that are priced right and in good condition usually sell.

Overall Texas is still a solid market with good job growth. In order to recommend a selling price I would need more information about your property..i.e. location, size, age.

If you need additional information you maycontact me directly.

Bes regards,
Mattye P. Smith
Realtor
mattye.smith@vrimail.com

American Realtors