All Forum Posts by: Brennen Cook

Congrats on working a deal! Seller financing to boot.. It sounds like this property is listed on MLS with an agent. This means the house will be a sale. Agents commissions come out of the sellers purchase price. You should definately use your own agent. If you don't it sounds like the listing agent will be handling both ends (buyer and seller) potentially. He's obligated to a fudiciary relationship with both parties but it is the equivalent of have one lawyer for defense and prosecution . . May not be advised. Plus, since it really no money out of your pocket it's in your best interests to have your own agent looking out for your intersts.

I myself am an agent. I know much about seller financing and actually own two duplexes using seller financing on each. A title company is a must And you will pay for half of closing Most likely.

Please feel free to contact me and I will advise you in any way I can. Or if you would like an agent to handle part of your end I would be more than happy to do that as well!

 Hi Oliver,

I am from Sacramento, am an investor,  and also an agent. I would love to connect and discuss. I'd be happy to answer any questions and if I do not know, I'll know where to get the answers. 

I myself am a investor friendly agent and also with closely with other brokers and agents who also heavily deal with investors. 

You financing seems alright. Do you have a preapproval yet? If you have alright credit I know Quicken Loans offers a conventionally mortgage at 3% down.

Again, I'd love to connect and maybe we can work something out. Please feel free to message me and I can provide my contact info.

Congratulations Andrew. On the job, graduation, and the bar which I am sure you'll pass. 

I live in Sac. I've lived in Elk Grove, Granite Bay, and Roseville (Not a big downtown liver). First off I would have to strongly recommend living no where near the Oak Park area. Yes there are "nicer" areas. Yes, there are good people. Like Matt said, it is the hood.

One problem you've already found is that there is very much competition in your price range. With that being said you have to do everything you can to make your offer most appealing without just throwing more money at it. You might have difficulties getting acceptance with FHA. If a owner has to choose between two identical offers, one FHA one conventional, they will go conventional every time. FHA has more requirements you have to satisfy which can cost sellers more money in repairs in comparison to FHA.

You mentioned FHA supplemented by cash. FHA is 3.5% down I believe. You can qualify for conventional for 3% at some places ( I used conventional 3% when qualifying). I think if youd have some better luck with that.

I will admit in your price range you're probably dealing with many investors with serious financing or cash.

You might want to consider renting for a period while looking to buy. If you need any help I'd be happy to assist you in any way. 

 I'd love the info on cbz. On here, private message or email. Whichever your most comfortable. I appreciate the post and info.

 I am actually looking heavily into changing that wall. I do think it is a structural wall. Hoping i can just leave a beam and pillar and open it up as much as possible. I admit that is a great suggestion and would add so much by making that area more open.

P.S. Nail on the head. That is one of the reasons I wanted to post this on BP ( among many others). The available resources here are endless! Thank you for the heads up and I will keep that in mind.

Hello RE Professionals,

I am a newly licensed salesperson in Sacramento, CA with no broker affiliation.

I come back to BP for some MORE advice... No surprise.

I recently ( Yesterday) passed the California Real Estate exam and was issued my license NBA or no employing broker. I have heard many people say who and where you should start your RE career, but all of that advice seems like it applies to people wanting a full time job in RE... Let me explain.

I am currently a full time union electrician here in Sac. About a year and a half ago my family and I began to invest our funds into the real estate market. We have done 2 flips and are on the 3rd, we own two duplexes ( buy and hold ), a lot of land in Cameron park, and have played hard money lender on a few other investors deals. I say this not to boast, but in no way do I plan on making a major shift into real estate ( Strictly agent sales) full time any time soon. Do not get my wrong, I would love to be in RE for myself full time and quit my construction job ( As eventually I SERIOUSLY plan to do ). It is just hard to immediately leave the security of a great playing career with a wife and 2 year old son.

With that said I decided to get my license to 1) be able to cut out some of the middle men, 2 ) Gain access to the MLS and appropriate forms, and 3) Practice RE for friends and family or on a more time appropriate basis. And of course it is to put a few extra dollars in my pocket.

I would like to know where you other agents would recommend I go to. Also, how much are the fees associated with "start up" at a new broker? I am looking for access to MLS, lock box keys, forms, and limited guidance when needed. Any suggestions?

I appreciate everyone help and time and look forward to not only selling my first home, but many more to come.

Thanks,

Tom,

A huge thank you for taking the time to not only view the pictures, but understand the layout and give a suggestion. I really appreciate it.

Most of what you mentioned is pretty much on par. Going are the awnings, japanese blinds and front stone finish ( replaced by a,more modern stone). I plan on refinishing the hardwood floors darker. I am working on a plan to take out the portion of wall between dining kitchen and living area to make a,more open. Definitely a mid century look at the end.

Here is my suggested floor plan. The only thing not shown is a small kitchen pantry where the master bathroom is.

 The only reason I did it this was is because the sun porch area is not a raised foundation as the rest of the house. Building this out would cause much more expenses than I think are needed.

This plan should net a nice Sacramento 3/2 home with a nice size master and master bath. I'm excited about this layout and house this home will end up.

Anyone with any suggestions? 

Sorry BP for the lack of updates. Holiday and all...

Here is a,link to the existing floorplan. I will have the AFTER version shortly As only a few walls will be moved. A few pictures have been added of the rear of the house.

http://plans.sensopia.com/559a91fb222af

 Thank you Derek Jones and Gordon for your insight. I have come to find out the house is actually 1428 square feet. Prior owners had said 1378 but after measuring rooms it is slightly more. As I had mentioned this one is pushing the limit.

I had do done another flip in Cameron Park and my price per square foot eval worked out like a charm. Fingers crossed with this one.

I actually have a family member who is interested in purchasing the house which would help for RE commission.

I will be adding a few photos of the rear and a floor plan soon. Before and after. 

Thanks again for all the advice, insight and questions. Look forward to getting g this one moving.

 Agreed! I have had several independent agents comp this house and walk it. They all range very similarly. I would be extremely interested if there are any Sac agents very familiar with Land Park that will chime in.

Regardless there is some money to be made I think. Either you keep it 3/1.5 or spend the money to 3/2 if you can get it out.