All Forum Posts by: Matthew Herrington

Regardless of your Politics, the recent scandal surrounding US House of Reps. IT worker Imran Awan has a core lesson about conducting your Real Estate business in an above board manner. See below for the most recent news story but also check out the FBI's criminal complaint which allowed for his arrest and detention (2nd link). Obviously there are other issues in play here, but the legal basis for his current trouble should give pause to rookies and pros alike that are investing using their and their family members' names. See if you or someone you know could end up on the wrong side of this US District Court Criminal Complaint. Removing the flashy news story, the name and the other issues, there is a pure REI teachable point about what kind of worst case trouble can happen when you are less than accurate in your dealings.

http://www.sun-sentinel.com/news/politics/fl-reg-wasserman-schultz-discusses-imran-awan-20170802-story.html

http://www.trbas.com/media/media/acrobat/2017-07/70111632278740-26141843.pdf

It might be possible to have your grandparents do a cash out refinance and add you to the title. My parents did this for me when I purchased my Father's duplex in 2005. The cash went to my parents and the loan is in my name. We are both on title. Have a lawyer check to see that this does not violate the condo rules and/or what percentage of ownership might need to be retained. Yes it would seem that your Grandparents would still have to sign any written lease and you would fill the role of property manager to keep your Grandparents out of any tenant drama.

Hi Doug. Most States prohibit the payment of referral fees from Agents to non-licensed individuals where the primary  object of the transaction is real estate. I have seen references to some creative ideas for avoiding the constraints of the Fed. law on cash sales, but States usually flat out prohibit Agent to Non-Licensed referral fees. A check of the MA Consumer Affairs FAQ site sums it up:

Who can receive a referral fee?

An active Broker or an active Salesperson (affiliated with a Broker) may receive a referral fee. An inactive Broker or an inactive Salesperson may receive a referral fee.

http://www.mass.gov/ocabr/licensee/dpl-boards/re/f...

There are many creative ways to get paid in real estate so keep at it, but in this case a direct line from a real estate transaction where you are not the buyer or seller of the property, to your pocket spells trouble for you and the Agent who pays you.

Newly renovated 3 family coming online in August. Please contact me and be prepared to provide references, current scope of managed units, and other vitals.

Do you let a tenant who is a professional do his own work on your property? I have a new tenant who gets free satellite service as a perk for his job as an installer. He asked if he could do the job including putting up the dish. No charge to me. Yea or nay? Thanks!

Thanks @Larry T. Appreciate the feedback. I love the 'check yourself' aspect of these forums. Sometimes even though you know you're good, you gotta check with your BP crew! 

Thanks Gents! Its an out of state deal so I will be putting eyes on it soon (and tape measure). Sorry for the cringe-worthy lack of detail. I needed to check myself before making the road trip. I'll post further once I get some real meat for you guys to chew on. Thanks again!

Hi Guys! Anyone want to take a crack at this? Not Market specific, I am seeing $15K-$20K estimates.

Thanks, Matt

1200 sq ft., 2 outlets/ 1 switch per room.

Kitchen

-Scrape, patch, and paint

-Install new gas range

-Install new fridge

-Install Premiere Click LVT flooring

-Remove current dishwasher

-Install shelving where dishwasher was removed from

-Swap all outlets and light switches

Living Room

-Scrape, patch, and paint

-Clean carpets

-Swap all outlets and switches

Bedroom 1 (1st Floor)

-Scrape, patch, and paint

-Frame in for the installation of a door

-Install a closet system

-Swap all outlets and switches

-Remove old carpet

-Remove padding

-Remove tack strip

-Install underlayment for laminate flooring

-Install laminate flooring

-Install trim

Stairs to 2nd Floor and 2nd Floor Hallway

-Remove wall paper

-Scrape, patch, and paint

-Swap all outlets and switches

-Clean carpets on steps and in the hallway

Bathroom

-Scrape, patch, and paint

-Swap all outlets and switches

-Remove old carpet

-Remove padding

-Remove tack strip

-Install Premiere Click LVT flooring

Bedroom 2

-Scrape, patch, and paint

-Swap all outlets and switches

-Plaine down closet door so that it opens and closes properly

-Install trim

-Remove light fixture

-Install new ceiling fan

-Clean carpets

Bedroom 3

-Scrape, patch, and paint

-Swap all outlets and switches

-Remove old carpet

-Remove padding

-Remove tack strip

-Install underlayment for laminate flooring

-Install laminate flooring

-Repair or replace ceiling fan

Basement

-Scrape and paint with Killz

-Install dehumidifier

-Remove toilet in basement and cap off line where toilet was

Congrats! Just received my paperback copy of Brandon's book. Looking forward to kickin' it old school with the real thing. Enough good things cannot be said about this site! Thank you.

Hello Gents. I met Chris Romano at the last REIA meeting. He's with Cassidy, Romano and Love in East Islip. He was presenting some deals and I spoke with him briefly. You may want to contact that firm. Good to see you guys posting @Abram Ylitalo and

@Account Closed 's posts about Jersey and other expensive areas similar to Long Island.