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All Forum Posts by: Reggie Maggard

Reggie Maggard has started 80 posts and replied 326 times.

Post: Typical late fee?

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52
Great help! Thanks guys.

Post: Typical late fee?

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52

What do you charge for a typical late fee? Anybody familiar with Missouri laws on the subject?

Post: Using a friend realtor

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52

thanks guys, very helpful!

Post: Calculations

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52
BP fam! Hey does anybody have a pretty little spreadsheet or doc on how to do all the necessary calculations? NOI, CoC, etc... Thanks guys!

Post: Using a friend realtor

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52
Originally posted by @Brandon M.:

Definitely better to work with an agent, especially one you know and trust. Not to mention, YOU are not the one that pays her commission, the seller pays her. 

Brandon thanks. The commission is only paid if they have a realtor. I'm thinking I might buy a REO or fsbo. Why would a realtor show me a property that she may not get a commission on?

Post: Using a friend realtor

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52
Originally posted by @Jonna Weber:

I can tell you that she would much rather be given the opportunity to work with you now rather than hear later that you used someone else without talking to her.  I would have an open conversation about it now - discuss purchasing scenarios and make sure that you are on the same page.   As an investor, you can be helpful to her by driving by properties before requesting interior showings - this is a huge service to yourself and her.  Often times the neighborhood, view, lot configuration, etc. makes or breaks your interest in the property right off the bat. 

 Thanks for post. Yea, I thought about that too, if she would find out about my purchase. Yes, great idea! I can drive the prop first b4 asking to see inside. 

Post: Using a friend realtor

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52
Originally posted by @Jesse T.:

Do you plan on using her to list your property as a rental?  Is she interested in rental business or just buying/selling?

I would not immediately sign a buyer's agent agreement with her.  My first step would be to ask her to pick out 5 to 10 recent sales(or under contract) houses that would fit your criteria.  If most would match, then you have a good fit.

I would also interview another agent even if you are 95% sure you will use her as your agent.

For the "just looking stage" generally a seller's agent will show a house.

Another option might be to ask if she has other investors who she is showing houses.  Maybe she could show you the houses they are looking at.  I would start off with an investor/properties that are in a different segment, so there isn't an awkward situation where you both want to buy the same property.

 Great point! I hadn't thought about asking her to list rental. So hopefully I won't have to use her to see any house? I can use sellers agent for the showing? Also, I like the idea of asking about showing houses for other investors, conflict of interest.

Post: Using a friend realtor

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52


Originally posted by @Raj Gandhi:

All my purchases have been via MLS. Using my realtor has been essentially mandatory to help me get listings, details and showings. She puts in even more time with the purchase agreement, negotiations and seller follow-up. It is certainly worth it to me to use a realtor buying MLS properties.

MLS queries can't take much time for a realtor; I'd think they'd be happy to do it even if you're not too serious. Showings might be a different story.

If you're fully intending to purchase from the realtor then going to lots of showings makes sense.  However, if you're just going to showings to kick tires and never planning to use the realtor then that's probably unethical (after you've seen a few).  Somewhere in the middle, if you're honestly interested in particular properties then having the realtor take you to showings is legitimate.

Ultimately realtors are sales people that want the opportunity to earn your business. 

 Raj, thanks for advice. I'm more worried about the friendship than anything.

Post: Using a friend realtor

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52
Originally posted by @Jesse T.:

Do you plan on using her to list your property as a rental?  Is she interested in rental business or just buying/selling?

I would not immediately sign a buyer's agent agreement with her.  My first step would be to ask her to pick out 5 to 10 recent sales(or under contract) houses that would fit your criteria.  If most would match, then you have a good fit.

I would also interview another agent even if you are 95% sure you will use her as your agent.

For the "just looking stage" generally a seller's agent will show a house.

Another option might be to ask if she has other investors who she is showing houses.  Maybe she could show you the houses they are looking at.  I would start off with an investor/properties that are in a different segment, so there isn't an awkward situation where you both want to buy the same property.

Post: Using a friend realtor

Reggie MaggardPosted
  • Blue Springs, MO
  • Posts 353
  • Votes 52
I'm am getting ready to buy a SFH rental property and have a question about whether or not to use a realtor. Additionally, my friend is an amazing realtor, lots of connection, experienced in REOs, and I have no reason to think she wouldn't do a great job. Here is my issue. I feel like I'm gonna be pretty picky and I don't wanna waste her time. Also she may not get paid depending on what I buy. thoughts?