All Forum Posts by: Jay Martinez

Marcin,

Great job on the rehab. Awesome price on the cabinets. Can you mention the source? Thanks.

We use Steven G. Smith to handle everything RE for us. He also did my LLC. Mention Jay Martinez. He can do your work or recommend someone that can. I couldn't post his tel # but if you private message me I will pass it along to you.

Thank you Marie and Laura. There are many duties an agent has and it is clear to me I will not be doing it all. I mainly want access to the MLS for all the obvious reasons and as Laura says, access to the homes I want to vet out. I find many homes to review and want to view them all without having to schedule appointments with my agent. Yes they will get the sale but it is a lot of vetting and I feel it is unfair (and inconvenient for me) to drag them to all my hopefuls. On the sale end, I certainly don't mind paying for good sales work, so saving on the commission is not the immediate priority. I want to handle the marketing, open houses and showings. We have a lawyer in our group that handles the paperwork and closings. Looks like I will be signing up.

 Thanks for the link. I'm new on BP and had not found this.

Thank you Don and Daren for the useful information. Best of luck with your classes Don, and do let me know how things work out at the end of the year. Daren, the perks you mention are the exact reasons I feel getting a license is worth it. 

I'd like to hear both positives and negatives so if there is a reason not to go this route, let me know that too.

Has anyone here on BP become a RE agent JUST to help with your own buy/rehab/sell business? Meaning: 1) have no intention of selling other peoples property. 2) Just got your license to have access to the MLS and other avenues to help find their next flip project. 3) Maybe sell your finished flip. Has the time you invested to get your license, take required continuing classes, and the costs been worth it? Do you have to "sit the office" at a brokers office? Any advice would be greatly appreciated.

Terry,

I had just asked BP if there are any REI clubs in Lake County and how to find them. They suggested I post on a forum and ask. I keep seeing posts about members attending meetings in other states and would like to find a club in our area. Hopefully a facilitator will read our posts. We can also keep searching other posts until we find a club. I'm sure one must exist.

Tarl should know his final numbers best but I see an error in both his and Adam's calculations. Here are Tarl's numbers:

Purchase: $211,000 (cash)

Rehab: $46,000

WA Excise tax (1.78%) and sellers closing: $9990

Agent commissions on resale: $16,650

Sellers concession to new buyer: $7,000

Staging fee: $1500

SALES PRICE: $333,000

Total Net Profit: $36,911

NET Project ROI: 14.1%

---Now, just using the numbers given---

Out of pocket costs: Purchase $211,000 + Rehab $46,000 + Staging $1500 = $258,500

Gross Sales Margin: Sales Price $333,000 - Out of pocket $258,500 = $74,500

Profit = Gross Sales Margin $74,500 - Closing Expenses of $9990, $16,650, $7000 which leaves us $40,860 profit. ($3949 more than the $36,911 above).

Net Project ROI = 40,860/258,500 = .158 = 15.8%

A nice profit on a job well done. Congrats Tarl.

Thank you Rubelyn. I am finding good solid information on BP. Will add my 2 cents where I can.

@James Miller

How do you know which title company Auction.com will choose? (in order to make out your check properly?)