All Forum Posts by: Dell J.

I used a real estate agent to place my tenant and the agent's fee was the first month rent. Everything went well.

However, I was looking at the contract and saw the clause below. Does this mean that if I keep the same tenant and renew the yearly contract the agent will continue to get paid every year? or am I reading it wrong? I was under the impression that tenant placement was a one time transaction.

I know I should have read the contract more carefullly before signing. I am beating myself up already.

"29. Agent: Both parties recognize and acknowledge that XXXXXXXXXXXXX, Listing Agent and Realtor with XXXXXXXXXXXXXXXXXXXXXXXXXXXX, is the procuring cause of this transaction. Upon execution of this present lease or the execution of a new lease between Landlord and Tenant(s), the Landlord agrees to pay the rental commission due to Agent in consideration for having procured the Tenant (s). Landlord agrees to pay the Agent commission under such an extension or a new lease. The Agent is party to this contract solely for the purpose of enforcing rights under this paragraph, and it is understood by all parties that the Agent is acting in the capacity as Agent for Landlord and Tenant(s) must look to Landlord as regards to covenants, agreements and warranties, and that Agent shall not be liable to Tenant(s) in regard to any matter which may arise by virtue of the Lease Agreement. ............"

On what basis is he double charging. Does he have a reason? He cant just be doing it for no reason. First you need to ask him why.

124k-47k-18k-other cost = profit

congrats on your first flip. Not all of us are a success on the first one

Nice rehab. Good luc on the sale. I agree with other posted on areas that seem narrow but you said that may be the lense.

thanks. Im downloading now.

I have bought in the the Virgin Islands. But the caribbean is made up of different islands and countries so the experience will be different in Nevis.

Is the house your selling a vacation home?

someone above said it is a great flip. I wouldnt call it great. It is borderline fail of the 70% of ARV criteria-and thats with the 25k number. Im not saying its a bad deal just saying its not a homerun.

I fell in love with a house that was my first deal so I twisted around the numbers and stretched the 70% of ARV rule and ended up doing an excellent job on the rehab but getting stuck with negative equity. I was over optimistic with my ARV number and I under estimated repair cost. I was basing my ARV off of list prices.

If you are sure about the repair cost and ARV it maybe worth it to look into.

260K * .7 -25K = 157K Max offer

260K*.7 -33k = 149K Max offer

thanks for your reply Jerry. I am in the U.S. Virgin Islands. The text i posted is actually a bullet item amongst other bullet items on the terms of sale sheet. Its a tax dead auction.

I just find it strange that a creditor would open themselves up to that risk.. If the person doesnt pay their taxes the creditor who has that house as collateral looses?

Right now I am reaing as much as I can and I plan to go through the whole process from research to attendance at the sale but I wont purchase this time. I want to on the next round.

I am looking ino purshasing at the tax auction. However on the state website under terms of sale section there is the statement below.

Im trying to figure out what they mean. is it saying that the purchaser is not responsible for any leans or mortgages on the property? I cant imagine banks would agree to such a hing.

thoughts?

".....Purchasers of any property at auction do not assume liability for encumbrances
associated with the property. These encumbrances remain the responsibility of
the original property owner. If the property is not redeemed during the
statutory period of redemption, the government will provide a marketable title
to the purchaser....."