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Author: Monty

  • Timing your retirement home purchase

    Reader ​Question: Monty, our current home, valued at $700,000+ has no mortgage, and we plan to purchase a replacement home for $650,000 or less. Because we are retired and our income is only $72,000, we do not qualify for a mortgage. We have failed to find a source for a ‘bridge loan.’ We do have…

  • Get the facts before deeding your house to the bank

    Reader Question: I am 83. We bought a property in Maryland in 2006 for $225,000. My husband died in 2012. The agent felt it would take $99,900 for a short sale to sell it. Got a full-price offer the first day but the bank denied the short sale and appeal. I had a break-in and…

  • Senior housing options offer challenges

    Reader Question: My wife and I plan to move to a retirement community. The plan involves selling our present home, and buying a duplex with monthly costs for services. Can you advise on buying a home in a situation where the agent handles all the details of the transaction? We are on a waiting list (deposit of $1500) that entitles us…

  • 9 tactics not found on a due diligence list

    Reader Question: Four long time friends want to make some real estate investments together. Our investment goals are similar; we are each high-income professionals, share similar risk tolerance and see real estate as a long-term investment opportunity. We have identified a 60-unit apartment building we are interested in pursuing. We wonder if there is some…

  • Full service real estate vs. FSBO

    Reader Question: Full service real estate vs. FSBO. We are a retired couple planning on selling our home this spring. We have no mortgage and believe the house is worth about $350k. How would you approach the sale, with an FSBO agency or a traditional Realtor? Monty’s Answer: There are many different service offerings, pricing…

  • Understanding the real estate “buyers agent” fee

    Reader Question: Do buyers pay a fee when buying real estate? Sam D. Monty’s Answer: The answer is, in some cases “yes.” Real estate companies and agents utilize a variety of philosophies to establish the fees they charge for their services. There are flat fees regardless the selling price, limited service fees, percentage of the…

  • 7 tips for discovering the best use for property

    Reader Question: How does one go about finding or creating a buyer for a potential group home?  The highest and best use for this building is a group home. The city permitting appears to be doable. I want a Realtor who can/will market the house to buyers who are interested in this specific use. There…

  • Selling a nice home in a distressed neighborhood

    Reader Question: We have a good house in a distressed neighborhood. The other homes are not as nice and people have junk cars and other stuff in their yards. We have not been able to sell. What can we do?  Ashley C. Monty’s Answer: Hello Ashley, and thanks for your question, and thanks for sending me your…

  • Building a real estate investment team

    Reader Question: Monty, I am saving and looking to buy my first rental this year. What kind of infrastructure do I need to have in place to support this kind of business? Thanks, Rob P. Monty’s Answer: Building a real estate investment team is important. Owning investment real estate can be a great business. You are…

  • Elderly seller avoids remodeling

    Q: What are the pros and cons regarding selling as a fixer-upper in a very desirable building and neighborhood? A: Hello Mary, and thanks for your question. This question will generate a variety of answers from anyone you ask. Most opinions will boil down to this: Two homes are virtually identical. They are both the…

  • The benefits of owning small apartment buildings

    Reader Question: Monty, my wife and I are 32 years old and have just finished restoring a big Victorian 2 family home in NJ. We took on a bit of debt, but I just paid all of the credit cards down and completely paid off a pretty big loan. We currently owe around 280k on…

  • Contractual error costly for real estate agent

    Reader Question: My listing went under contract. The seller texted me and asked if I had remembered to exclude the exterior residential flagpole. I had forgotten. What can I do if the buyers insist on keeping the flagpole? This flagpole is the seller’s keepsake. Oh dear, please advise. Thanks. Arissa D. Monty’s Answer: Hello Arissa,…

  • Passing time can change property usage

    Reader Question: Monty, as an apartment developer, I fuel future development by regularly investing in raw land. I have owned a 40-acre parcel for 20 years. I am certain I cannot rezone it for apartments as the surrounding area has developed as single family. It is a beautiful parcel and has many natural attributes. I…

  • Utility bill increase squeezes tenants

    Reader Question: I am a long time resident at an apartment complex that used to have utilities included with the rent. In 2010, they switched to charging shared utilities. The average monthly increase was about $20 -$30. Since April of 2013, the complex is now using a 3rd party billing company. The utilities added to…

  • Using the same agent when downsizing

    Q:Should I use the same agent for selling and buying?A: In many circumstances using the same agent for both assignments are appropriate, yet there are situations where this may work against you. A bit of background will be helpful.