All Forum Posts by: Christopher Rucks
Christopher Rucks has started 3 posts and replied 9 times.
Post: Engaging hard money lenders - order of operations
- Posts 9
- Votes 1
Super helpful, thanks Jonathan!
Post: Engaging hard money lenders - order of operations
- Posts 9
- Votes 1
Hello, Bigger Pocketers
I'm ironing out some of the remaining logistics before I start submitting offers to acquire my first property. I'm trying to understand some things about hard money lenders, as I plan to begin with the brrrr method first.
- When do I engage a hard money lender? Right after I submit an offer? Before submitting an offer?
- What kind of materials do you provide the lender to help assure lending? Property pics, an estimate of repairs, comps? Anything else to paint the proper picture?
- Is it a good idea to get GC recommendations from hard money lenders who have a lot of experience in an area?
Thanks in advance for taking a moment to answer!
Post: Long distance investing - coordinating inspection and GC walkthrough
- Posts 9
- Votes 1
This is all fantastic advice. Thank you, everyone. I have my agent on the ground and I'm building those GC relationships now, but I need to connect w/ my agent and ensure she's available for this kind of on-the-ground work. Thanks, everyone!
Post: Long distance investing - coordinating inspection and GC walkthrough
- Posts 9
- Votes 1
Hi Bigger Pockets!
New investor, working on my first property. I'm investing long distance and wondered what's normal in terms of coordinating the inspection and GC walkthrough from a distance. I'm assuming my agent is responsible for letting these folks in and out of the property while I'm unable to be there. Is that accurate? Or is the seller's agent responsible as they have access to the property?
Would love some insight. Thanks!
Post: Normal to pay a brokerage service fee of $500?
- Posts 9
- Votes 1
Quote from @Bob S.:
Quote from @Christopher Rucks:
Quote from @Bob S.:
Quote from @Christopher Rucks:
Hey friends. I'm an NYC-based investor working on investing in the Philly market. I'm building my team in the area. An agent I've been working with said that her brokerage charges a $500 fee if I go under contract for a property. My mentor said that doesn't sound right and sounds like double-dipping. Any thoughts here?w
Why are you using, and agent is my 1st question, 2nd is why Philly ?
Hey Bob. I'm not local and I'm short on time, so opportunities from MLS and someone who knows the area is the best option for me. As far as Philly, it's one of the closest affordable markets in the NYC area. I also have family in south jersey, so I can get someone there if I need to.
Agents are not where the deals are, go to the local RE forums, you will get much more success
Post: Normal to pay a brokerage service fee of $500?
- Posts 9
- Votes 1
Quote from @Basit Siddiqi:
Everything is negotiable.
You can reach out to her and request that she forgo the fee or ask her to reduce it and see what she says.
Is she a good agent? maybe paying her a fee on top of what she will receive from the seller will be worth it.
I normally see a fee request from the agent is low-cost markets to help compensate them for their time/work.
Philadelphia, from my perspective, does not appear to be a lost cost market where an additional fee of $500 would be considered normal.
Best of luck
Great feedback. Thanks, Basit
Post: Normal to pay a brokerage service fee of $500?
- Posts 9
- Votes 1
Quote from @Bob S.:
Quote from @Christopher Rucks:
Hey friends. I'm an NYC-based investor working on investing in the Philly market. I'm building my team in the area. An agent I've been working with said that her brokerage charges a $500 fee if I go under contract for a property. My mentor said that doesn't sound right and sounds like double-dipping. Any thoughts here?w
Why are you using, and agent is my 1st question, 2nd is why Philly ?
Hey Bob. I'm not local and I'm short on time, so opportunities from MLS and someone who knows the area is the best option for me. As far as Philly, it's one of the closest affordable markets in the NYC area. I also have family in south jersey, so I can get someone there if I need to.
Post: Normal to pay a brokerage service fee of $500?
- Posts 9
- Votes 1
Quote from @Ray Johnson:
@Christopher Rucks Yes this happens. In my experiences, I've always said no. If you appear to be a committed investor and running a business, the agents will not charge you because the better option is the long-term business relationship.
Got it. Thanks for the insight, Ray. The relationship is brand new and I haven't bought anything yet, so wondering if I should push back or just roll with it for the first time.
Post: Normal to pay a brokerage service fee of $500?
- Posts 9
- Votes 1
Hey friends. I'm an NYC-based investor working on investing in the Philly market. I'm building my team in the area. An agent I've been working with said that her brokerage charges a $500 fee if I go under contract for a property. My mentor said that doesn't sound right and sounds like double-dipping. Any thoughts here?