All Forum Posts by: Michael Baradell
Michael Baradell has started 65 posts and replied 177 times.
Post: Should I be paid a realtor commission if purchasing in partnership?
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
Hey Guys,
Myself and two equal partners just recently purchased a property in which I was the buyers agent. My question is, since this is a partnership, should I keep all of the commissions ( buying and selling )? It was suggested to me by a partner that it would only be fair to concede a portion of, if not all, of the commission as the realtor and put it back into the property, which in turn would basically be split up equally between each partner. Obviously, as a realtor I feel I should and deserve to keep 100% of any commission earned on the property. All suggestions or comments are welcomed.
Post: Help with a foreclosure!!
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
@Chris Piper thanks for the info. I am able to find the owners info on the assessors site but, there is no info for the bank. Is there a specific type of search I need to do in order get this info?
Post: Help with a foreclosure!!
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
Hey Guys, I have found a vacant property in a great neighborhood that is in foreclosure. My question is does anyone have any advice on contacting the bank who owns the property? The home is still in the early stages of foreclosure. I have written a letter to the previous owner but, the only address I have for him is this properties address so he may not have received the letter. Is it pointless to contact the bank before they actually list the property?
Post: Advice on creating partnership.
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
One thing I did forget to mention is that we plan on setting up each B/H with their own LLC. Would this be a viable option?
Post: Advice on creating partnership.
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
What's up BP!! I am in the beginning stages of setting up a real estate investing company. It will consists of 3 equal partners and our model starting out will be to flip 4 properties this upcoming year and once we build enough capital, we will convert to a buy and hold model with flips thrown in when they are too good to pass up. We are already working on one together, but we do not have a structured LLC set up as of yet. ( I know, I know). We are all in agreement on how we will structure the company and we are meeting with an accountant and attorney soon to do so. If anyone has any advice on starting a partnership or building a company, please comment.
Post: First Closing Set!!
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
Well BP world I am excited to say that my first closing is set for this Friday!! I am purchasing a 3/2 1600sf single family that I purchased for $85k with the seller paying $3k towards closing. My strategy for this property will be to fix and flip, but I can rent it very easy as well. Renovations will be about $19k and take around 4-6 weeks. ARV will easily be $135k+. There have been recent sold comps in the $140s. They have 2 active comps over $150k so I feel good about the $135k initial goal. Although this is not a home run, I think it's a great property to cut my teeth on. I would like to give a big thanks to the BP world for giving me the knowledge and confidence to take that first step. I can assure you, it will be the first of many!!
Post: First Deal Under Contract!! Aluminum wiring found!! Help?!?
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
The house is a 3/2 1600sqft with a two car garage.
Post: First Deal Under Contract!! Aluminum wiring found!! Help?!?
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
The accepted offer is $82k. My contractors estimate is around $19k to completely update the home. Including new kitchen and bathrooms. I will also be the realtor on both ends of the sale as well.
Post: First Deal Under Contract!! Aluminum wiring found!! Help?!?
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
The owner is not willing to drop the price for the total rewire. He will however, cover the cost of pig tailing the wires. I put the ARV at $130k, but I know I am being very conservative. A similar comp sold for $137k less than 60 days ago and they have an active comp that is slightly bigger listed for $159k. I can also rent the property very quickly for $1300, possibly more. I am waiting on a few insurance quotes now. If they come back at a reasonable premium, then I will consider moving forward.
Post: First Deal Under Contract!! Aluminum wiring found!! Help?!?
- Property Manager
- New Orleans, La
- Posts 184
- Votes 34
Still gathering info. I have found out though, that there are a few insurance companies willing to insure the property as long as it has been repaired using the pig tailing method and the property is placed on a maintenance contract. Rewiring the home is not an option for me as the quote I received yesterday was $16,500, which does not include repairing the drywall that will be damaged in the process. I am still debating whether it is worth the risk of potential buyers possibly being scared away due to the number of insurance companies Not willing to insure it. My due diligence period ends tomorrow.