All Forum Posts by: Matthew Morrow

@John Warren

This Makes perfect sense, I definitely seem to be overthinking it when you phrase it like this. Thanks again for the input.

@Dawn Brenengen thanks so much for the reply. You make some great points and see exactly where I’m coming from.

That’s a great idea regarding the disclaimer, I’ll type something up and in the meantime reach out to my broker who also happens to be on the Assn Board.

I was hoping it would be a clear cut answer, thanks again for your insight.

@John Warren

Thanks so much for your input. I agree that the long-term being an agent may potentially hinder my situation- but my secondary question would be how are so many agents also investors?

Your response definitely sparks some considerations. I know several agents that buy and hold strictly for rental purposes while others are in the occasional flip business. There is even one local company who is very successful at “buy your house Cash now no questions asked” that is Also a reputable brokerage for listing their own flips.

Do you think that prefacing my interactions with potential investment based persons- “Although I am an agent I am not acting as such in this capacity? “ or something similar may suffice?

I thought of going to the local Real Estate Assn to get their thoughts but would rather not open a can of worms against myself lol....

@Anthony Smoke

Nice job Anthony! Keep it up

Hi Everyone,

I am ready to jump into the Investment realm full boar but am bound to the regulations of a Realtor. This initially seemed like a great position to be in, however I'm finding that it requires some finesse when introducing myself to potential investor partners / clients. Even though I only operate part time and by referral, It becomes difficult to want the best 'investment deal' for my particular situation but according to RELRA, I have to present them with a Consumer Notice acknowledging my duties as an agent.... I have always been straitlaced and followed the rules- Is there a clear cut way to do this appeasing both sides?

How do you best begin the conversation with people you wish to invest in their properties-but do NOT want to act as a Realtor to do so? Specifically when I call / mail local properties and this can be seen as solicitation where disclosure is mandatory?

My future is in investments, in fact I have the business plan all ready, just seeking some seller financed / flip opportunities in my area. Being an agent certainly helps to find deals / connections, however It brings some challenges.

Any thought / insight is greatly appreciated.

Matt

Hi Everyone,

I am ready to jump into the Investment realm full boar but am bound to the regulations of a Realtor. This initially seemed like a great position to be in, however I'm finding that it requires some finesse when introducing myself to potential investor partners / clients.  Even though I only operate part time and by referral, It becomes difficult to want the best 'investment deal' for my particular situation but according to RELRA, I have to present them with a Consumer Notice acknowledging my duties as an agent....  I have always been straitlaced and followed the rules- Is there a clear cut way to do this appeasing both sides?

How do you best begin the conversation with people you wish to invest in their properties-but do NOT want to act as a Realtor to do so? Specifically when I call / mail local properties and this can be seen as solicitation where disclosure is mandatory? 

My future is in investments, in fact I have the business plan all ready, just seeking some seller financed / flip opportunities in my area. Being an agent certainly helps to find deals / connections, however It brings some challenges. 

Any thought / insight is greatly appreciated.

Matt

@Dillon Y

Perfect answer. Everyone here has different backgrounds and motives, and it’s hard for each of us to put ourselves in your shoes.

Talk to your accountant, but in the end- do whatever makes the most sense for your situation.

Hey Tim,

I see this is almost a month old- If you haven't found someone yet- Paula Bitterman at RapidReturn is fantastic. I've been using her for years. Just outside of Northampton, Up Howertown Rd from the Kopper Penny. 

Send me a message and i can put you in touch with her, as the forum here will not allow phone numbers / emails to be posted.

Matt

I am cautiously eager to enter my first deal as an investor and looking for some guidance.

My situation is fairly unique. As a full-time pilot on corporate jets, I’ve recently had an interest in real estate. I obtained my real estate license last year, and have been operating as an agent for the last several months gaining tons of experience. My goal however is to not solely buy and sell houses but to invest in properties for passive income into retirement.

I have an opportunity to buy a local condo from an elderly person who is purely looking to offload it. After doing a CMA, I approximate the value to be around 120-125k. She states that she would be willing to take 95 to walk away. This woman is a previous investor and real estate agent herself, but is retired. The property is in good condition with a new roof windows and updated appliances, built in the late 1990s.

The condo is in a nice and desirable area, and has long-term established tenants paying 1450 per month plus utilities. For Face value these numbers put me at over 20% cap rate in year 1.

Now the baggage:

The homeowner is telling me that previous people have had issues obtaining financing on it because one person owns seven of the remaining 10 units excluding hers and 2 others. that majority owner apparently has a very negative local reputation. I have read situations where this can affect financing. The condo association in the past was in significant financial trouble, among other things. In 2017 the situation improved after lawyers got involved. This owner just wants out.

My question is-pending review of the bylaws and situation of the condo association, this seems like a slamdunk first investment. Can any of you offer advice on on condos or the situation in general.

Thanks

Matt