All Forum Posts by: Jesse T.

Does the deal work at the lower end of your comps?  Would there be an option of a less extensive renovation?  Is there any flexibility on the purchase price?

Is the owner in a position to do a joint venture with you, rather than a traditional flip?  Definitely go through a lawyer for the agreement if you go that route.  You would have to split the upside, but you can probably have extremely limited downside(wasted time vs. money of pocket) if you structure the deal correctly.

Just because they won't charge the card doesn't mean they won't potentially come after you for the appliances that weren't paid for.  In addition to the moral issues, keeping your credit score intact and not being banned from purchases at a big store are good reasons to pay.

I agree with the poster about asking for a discount for the hassle.  I definitely wouldn't pay any delivery fee.  If the appliances were significantly discounted at any point this year, I would want that price.  If you don't get far with getting a discount, maybe free warranties would be reasonable.

One thing that might be on the side of letting him stay until the end of his lease would be the timing.  If he moves out in the late fall you end up with a vacancy that you trying to rent in the middle of winter.  In this scenario I would plan for missing a month of rent.

If you think he could find something cheaper and you could get a better tenant quickly, then offering "cash for keys" for early termination now might be the best option.  Whatever money in that scenario should go either to the new landlord(or movers etc.) or be paid to him after he is out.

Does your contract have a contingency based on the HOA docs? That seems pretty standard in VA real estate contracts. If you can use that to get out of your contract, you probably should. Even if the numbers on the unit look good individually, the combination of your funding and the mess with the HOA seems like a huge risk for the deal.

There are a couple lots near my Dad's house that were foreclosed on by a bank.  It seems like lots in the area typically spend months on the market.

I know for houses banks typically have a formula where they expect to get pretty close to asking price.  Is it similar for land if they have it on the market?  

I don't think the current property values in the area would support developing the land.  However it could have a pay-off in the long-run if the purchase price is right.

I had meant vinyl for the floor and ceramic for the backsplash.  

Although it looks like there may also be PVC/vinyl options for a backplash also.  They may end up saving more time vs. money - but it could be an option.

I agree this is basically a "junk fee".  

For the OP I think the best course of action depends on their situation.  The first 2 factors are how solid is the financing and what is the price range.  If his financing isn't solid he doesn't have much leverage to negotiate, because the chances of the agent getting zero are pretty high.  If the financing is solid, I think he is in a position to demand a limited representation agreement.  For mid-range properties or higher, I would ask the agent what they can do about the fee.  Ideally the agent could get it waived.

On a smaller deal, especially if there are a lot of properties being shown by the agent, the fee might be more justified.  However I would try to get it knocked off on future business.

Even if the broker waives the fee, it could be a good motivator in getting the agent to negotiate a great deal.  If you need to hit a reasonable target price it might be good to offer it to the agent if they can get.  Paying 500 to get a property for 5 to 10K less is a good deal, and your broker/agent have definitely earned a little extra.

 The mortgage broker/loan officer is definitely a good place to start.  Also since they should be doing a decent number of transactions in their area, they should be able to recommend agents for you to interview.  Even if they have a "go to agent", they should be able to recommend a couple alternatives.

What is your target client/properties?  

If you think you will be dealing with a fair amount of families/couples then a 4 door will probably be a requirement.  

If you are targeting investors as clients, I think an expensive/impressive car could be counter-productive.  Clients may wonder: "Is his concern making me money or paying for his car?".

I would look focus on cars about 3 to 5 years old for a few reasons.  They are cheaper but new enough to be reliable and may even still have somethings under warranty.  They also will help you seem a little more established than a new car.

I would recommend using your desire for a "fun" car as a motivation for your business.  Set a goal in terms or sales and or investment properties and once you achieve it, treat yourself with the car you really want.

It seems very steep.  The 15K you would spend on coaching is 15K you don't have for a down-payment, marketing or other expenses in Real Estate investing.

If you are able to "house-hack" you could probably turn 15K into at least one "buy and hold" property.