BP lurker with potential deal in hand
Good Evening fellow Bigger Pocket Community!!
First I will give a little about myself...
I recently finished college and have a job at a well known tech company as a cost accountant. Real estate investing peaked my interest when I heard how lucrative it could be (like many people on here)...if everything goes to plan. I have an uncle who has been flipping houses for a few years (who is my mentor) and a cousin who works with him and partners on deals occasionally.
I reached out to my cousin because I have built up enough capital to buy a house and wanted to learn more about the process - start to finish - of how buying a house works. I quickly engulfed myself in all the different aspects of real estate investing and which I would feel most comfortable.
I love the bigger pockets podcasts, specially how they take the time to explain little things that some new listeners may not have heard before, and have read the Ultimate Beginners Guide to Real Estate Investing! The other two real estate books I've read were by J. Scott - Guide to Flipping Houses and Estimating Rehab costs.
Fast forward a little bit and here I am present day lurking on the MLS for my first deal. My goal this year is actually to make my first deal. I don't want to have analysis paralysis so if I don't make my first deal by the end of the year I feel like I will lose interest.
Now to the point where I need help on...I was speaking with a friends' dad and he mentioned that he owns a multifamily (2 unit) that he is trying to sell. His mother had passed and he and his 3 siblings own the house. He says that he would sell to me for $235k without going through a real estate agent because if he did then he would list it for the assessed value of $250k.
I have a couple questions on this...
1. If he isn't selling the house through a real estate agent, would he have to pay the realtor commission to my buyer agent (cousin)?
2. I tried to do the 4 square analysis (shown below) of a rental property and wanted to make sure the numbers I got seemed accurate.
Please let me know what you think and thank you for having me aboard!
Steven