All Forum Posts by: Adrian Tilley

Hi,

I just passed the broker's exam, so I need to decide where to hang my license. I will mostly just be buying houses for personal investment, maybe helping out a friend here and there. So what I'm looking for is

1. A place with no (or very low) monthly fees, and minimal transaction fees, and

2. Someplace that can teach me the basics. I'm a quick study, but it would be great to have a little support on my first few deals.

Also, is MLS access included in any brokerage fees, or is it always a stand-alone fee?

Thank you,

Adrian

Genna Golden
If she's a good tenant and you're not short much, it might be a good economic decision to let her stay. If you can get another tenant without too many problems at a higher rent, you might want to let her go.

Hector Perez

I agree with the other poster - I wouldn't guess. Especially on a wholesale, I wouldn't want the buyer upset if I was way off. I'd let them get their own quote, because as stated above their claim history could change the premium a lot.

1. I think the sale contract would specify, but if it doesn't I believe the title company or you can hold EMD.

2. Doesn't matter, everything should be prorated.

3. Your lease should specify, but there shouldn't be anything you have to do other than just give the tenant written notice of where to send the payments and who their new contact is.

Congrats!

John Horner I don't know about the foreclosures (I expect that you don't take them into account at face value though), but I think you'd top out about 105 even if they weren't there because the houses above that have multiple full baths. only one shower/tub is a significant disadvantage. Might want to see if you can add another.

Why is the seller wanting to sell you a house then rent it back? Sounds like there may be issues.

Your math is off. 80% of "assessed" value is 200, not 160.

Allen Herrera
"if a rehabber came in on this with 10k down, 283k financed by the seller (the same amount he owes the bank) so purchased at 293k"

I'm new at this, so someone correct me if I'm wrong, but I don't think this is "seller financing". You are basically buying the property subject to the current financing.

If you're planning on doing that much of the work, sounds like a GC might be a waste of money. I'd contract it out, as it's not that many subs.

I would agree with Patrick G. that you should buy them as you need them, unless you just want to blow $1000 on tools you may not use for a long time. There are a few that would be good to have, but it really depends on what you plan on doing. General maintenance tools are different from remodeling tools. I agree with Jon Holdman that a cordless drill is a great first purchase. Lowe's has a set of Porter Cable cordless tools that is 130-150 depending on the sale that has a drill/driver, circular saw, sawzall, and flashlight - it's been great for me. If you're doing tile work, you can get an 80 tile saw at HD that works great. Good luck!