All Forum Posts by: Account Closed

Thank you all for the feedback. I didn't realize it would be illegal (or morally questionable) to do this, which is precisely why I raised the question here before acting. I'll continue to weigh my options!

I'm currently weighing options before investing in my first property. I spend roughly 70% of my time traveling for work right now, and as such my need for a primary residence isn't quite worth the overhead. 

Is it possible to obtain the best financing (residential, with any first time homebuyer incentives) to buy the house for myself, and then rent it out without triggering a due-on-sale clause? I believe I read that lease terms under 3 years, not containing an option to purchase, would not trigger the clause. Are there any caveats to this strategy?

@Russell BrazilThanks for the clarification regarding the fee. If it's standard practice, so be it. The agreement I was forwarded forbade me from dealing with, or contacting in any way, any other agent.

I understand all too well the value of time. I'm certainly not opposed to committing to an agent; I just want to put myself in a position to work with a reputable agent willing to facilitate my learning process along the way. 

@Jon Holdman

Thanks, Jon. My thoughts were the same, but I wanted confirmation from those more experienced. I thought about countering, but even if he did concede to a non-exclusive deal and/or a lower fee, I'd always wonder if I were truly getting his best efforts.

Thanks for the input!

I recently decided to educate myself in regards to investing in rental properties. After inquiring about the NOI and a few other details on a 16 unit apartment building in Newport News, I was contacted by an agent who eventually proposed a 3 month exclusive agreement. There was also a $395 transaction fee if any deal was accepted. Is this fee structure commonplace for agents in this area claiming to be investor-oriented?