All Forum Posts by: Aaron Lovett

You bet, @Korey Hodges!  

Hi @Darrell Shepherd - I'm a Realtor in Murfreesboro, SE of Nashville, and have lots of experience doing rehabs and residential construction.  If you want to do anything in this area, feel free to reach out.

Some things to look out for. Septic vs. city sewer makes a difference as to whether another bedroom is even possible. If it doesn't spec, it won't count as a bedroom. City sewer is probably fine, but it's still something to check. (Otherwise, you woulnd't be able to advertise it as a 4br, regardless of the improvements.) Check local codes to say otherwise, but you'll likely need both a door and a window to count as a bedroom, possibly more. Don't count on "drastically" increasing value until you talk with a Realtor who can make a good ROI analysis for you.

Hi @Elizabeth Wilson, the issue is with disclosure, as mentioned.  If you purchased an Investor Carrot website template which uses prepared text, you are still responsible for the content.  As mentioned, you must disclose your agency.  Your website (as of 1-9-16) states exactly the opposite:

Home page implies that no agent is involved:  

"Even if an agent can’t sell your house, we can help. (Sometimes selling a house through a real estate agent is not for everyone.)"

FAQ states that no agent is involved: 

"Q: Will you be listing my house on the MLS or actually buying it?

A: Great question. We’re not agents, and we don’t list houses. "

Q: How are youdifferent from a real estate agent?

A: ... But that’s where we’re different: We’re not agents, we’re home buyers."

(Emphasis mine.)

That was after a minute of looking over your site.  No doubt your husband's broker and any lawyer or judge looking at this would provide an even deeper analysis.

I'm sure you can understand how this would be in violation of the law, which requires that an agent disclose his status in any real estate transaction.  If you clean up the language in the site - state clearly that your husband is a licensed agent, then I don't think there will be an issue.

For the most part, I would agree that sitting down with a local lender is better - not just in terms of interest rates, but also in service.  For one thing, you can meet face to face, not just during the application process, but also later when you have questions or if anything comes up that you didn't expect.  Some local lenders will actually consider your unique financial situation instead of making a decision based only on credit scores.  Also, a local lender will have a better handle on the local market - this can make a difference if you have a unique job history or credit situation.  Of course you should compare interest rates, and if the local lender seems high, find out why.

Here's another advantage to using a local mortgage lender - relationship building.  This may be your first mortgage, but it probably won't be your last.  Hopefully, it will be the first of a series of successful ventures that makes both you and the lender money.  You can't build that relationship by filling out forms on websites or calling 1-800 and getting the next sales rep.

The local lenders may not have the budget for national advertising, but they can definitely compete in the mortgage market.  If anything else, why not explore all of your options?

Hi @Stan Taylor, and welcome to Bigger Pockets.  There's a ton of info here - blogs, books, forums, etc.  I'm down the road, reach out any time if you want to talk real estate.

You're very welcome.  Keep us posted on successes.  And when you need a temporary distraction, write up a nice tutorial on how to build a successful flipping business and share it with the world!

@Scott Weaner, mad photoshop skills!  ;-)   Or at the gable ends, with letters on the doors:       

     /  \                   /  \

  / 111 \              /111\

|   A  B  |           |  C  D  |

If that actually translates across the interwebs, I'll be very surprised.  

Hi @Delresa Rollerson, 

I'd take an inventory of your own strengths and liabilities, and decide where you would best fit into this new business location.  Not to discourage you from getting your license, although that would add "owner/agent" to your deals, and depending on the property/market/etc. some would say that matters.  In my experience it doesn't make that much difference, if at all.  But back to my point: Do what you do best.  If you were able to successfully build a team from a variety of professions once, you can do it again.  Would getting your license and doing the duties of the Realtor really be the best use of your time?    

Take a look at Gary Keller's "The ONE Thing" and "The e-myth Revisited" by Michael Gerber.  Instead of (or maybe in addition to?) my 2 cents I'll offer those two book suggestions.  

Oh, here's another perspective: if someone else in your new area had a similar business and team of contractors, realtors, attorneys, etc., and they had two positions to fill: General Manager, and Realtor, both of which pay the same: 100% of the net profits.  Which one would you apply for?  Why?  (There's no right or wrong answer, just another perspective.)

Hi @Eric Telese, 

Lots of good points in this thread.  Instead of asking if they own rentals, I would ask if they are currently looking to buy investment property.  If they are, then find out what they are looking for.  If it matches with what you are looking for, then they would be setting themselves up for a potential conflict of interest if they agreed to be your agent.  After all, the agent should represent your interests above his own.  

As to your other questions about what to tell your agent - when you hire an agent, you are hiring him to represent your interests.  He is legally obligated to hold your information in confidence and not to reveal it in the future.  If you don't trust him with basic information about your goals, what you want, etc., then don't hire him in the first place.

I like the way @Kevin Siedlecki put it - take ownership of the analysis and only invest in deals that make sense to you.  I also think it's not necessary to have an "investor/agent", but you should get a Realtor who is willing to put in multiple low offers, show you a dozen properties in a day, etc.  My experience is that the Realtors who are willing to do that usually have a heart for investors, some of them are or have invested in RE themselves.

Finding a great Realtor is a huge advantage, but that's only a part of the story of your business.  I don't know any successful investors who have no clue about what they're doing but built huge success on having a great real estate agent. You have to take ownership of the decisions - it's your business.

As a Realtor, it's not my place to make decisions for investors. I can help you run numbers, help you identify properties, feed you expired listings, etc. I will also play the devil's advocate and ask you questions to make sure we're on the same page. It's in both of our interests for YOU to know what you're doing and for YOU to succeed.

As to the point of investor agents swiping up the good deals, I can see how that would be tricky.  An honest, ethical Realtor who is under contract with you as a buyer's agent, is obligated to send you the kinds of deals you have specified. I know that not everyone is honest or ethical, but some up-front conversations with prospective Realtors and with local investors should help you get a feeling for who would be good to use to help.  

Fun stuff - I love the different perspectives!