All Forum Posts by: Brian Egr

@Wayne Bodley what are your investing goals?  Pulling 80K out of it to re-invest doesn't sound like a bad deal maybe in a small multifamily.  But if it's cash flowing that well and has appreciated 78K in two years it might be worth holding on to and see how much more it appreciates while a tenant is making the mortgage payment for you. 

So just so I understand, he fed you a line of BS and wanted discounted rent which you agreed to verbally, but then when you called him on the BS he threatened to get a lawyer? What is he going to tell the lawyer, that he lied to get a discount on rent under false pretenses and now want's to sue when he isn't getting it?

I can't tell a lot from the pictures, but the method they used to connect the joists to the beam is by no means a best practice method. The joist should not have been notched and then set on the beam like that. It should be the full depth of the joist sitting on the beam, or joist hangers should have been used. I don't know if that directly affected what happened or not though.  

@Shawn Regnier right on, I hope it all goes well for you and you sell a ton of houses! If you change your mind in the future don't be afraid to reach out.

You just ran into what we in the business call a "professional tenant". Get their email address and follow up every conversation you have with them in an email documenting what you talked about.  And blind copy your lawyer on it!!

There's more to the Realtor wanting you to sign the contract that just a commitment that you will use them exclusively for your purchase.  There is also language in the agreement (at least in Nebraska) that outlines the role and responsibilities of the agent in the transaction, who specifically they represent in the transactions, the extent of their fiduciary duty etc....

You won't be able to make an offer on a house through a buyers agent until you sign the agreement with some agent, whether it's the one you are using now or a different agent sometime in the future. 

I would also add, if you told this agent up front you want to look at a lot of houses before you make a decision and they still agreed to show you properties without an exclusive agreement signed they are going to work hard for you through out the process.  I run into a lot of agents that won't even show a single house to a buyer without a signed exclusive.  

@Greg Dickerson Is there something official that qualifies you as an operator (like something a bank would look for), or is it just accumulated experience? Is there a minimum amount of deals, or amount of units, or amount of $ managed, that qualifies someone as an operator?

What do you mean by operator?  A property manager?

Did they sign the lease agreement? What are the terms in the agreement you use if the tenants wants to break the contract early?  

To be honest, even though you're feeling screwed by the tenants, it might be easier in the long run to give them the deposit back and find different tenants. If the tenants are professional tenants they might lawyer up to get the deposit back, in which case just your time of having to deal with that isn't worth the deposit.   

@Chris Mason I'm not sure what the negativity towards the "pyramid scheme" is, at KW you have to be sponsored by someone so the agents just as well talk about it to other agents.  I was a KW agent at one time.

@Shawn Regnier I recommend eXp, we have a much better "pyramid" scheme, it isn't dependent on the market center being profitable first before the agents get their cut.  And the share % is higher.  Also eXp is a publicly traded company and agents can buy company shares at a discount.