All Forum Posts by: Priyanshu Adathakkar

The biggest flaw I have seen here is inexperienced people giving advice when they themselves have no clue of what they are talking about!

Hi Ian,

In almost all states there are limits to what an unlicensed people can and cannot do, just think of the medical profession, can you prescribe prescriptions? Can you perform surgery? Can you consult with patients? If the answer is NO, same goes for all other professions including real estate. The only way you can gain experience is investing in a property and managing it yourself.

Maybe I am repeating an old adage but no good turn goes unpunished. If you want to attract good tenants who actually can afford to and want to live in the area, they will pay market rate. If just want to attract tenants regardless of whether they could afford market rates but just have a desire to live in the neighborhood please be gentle and do not rock the boat.  

@Steve S. Under licensing laws, the agent has to follow his/her client's instructions. If the agent's text is per instructions the deal is truly off the table. If it is without his client's instructions but because he/she is trying to warn you, you might be in a grey area on the other hand if his/her client has breached their contract and a lawsuit is in the works and he/she is claiming that the two of you are trying to cheat him/her of a paycheck, you need to be cautious. These are the cons. On the pro side, the agent is just plain stupid and is trying to muddy the deal without the client's knowledge or a gameplan. Either way, you need to decide if this property is really worth investing in! My advice is to do your due diligence. 

Thank you @Meyah Manigoe  finally somebody gets the bigger picture! I could not have put it better. In plain words, if the guy is willing to screw his own agent what will he do to you?

@Account Closed it is a matter of opinion derived from experience, but it comes down to individual decision.

@Account Closed I disagree, if everybody is on the title with no management structure in place or mechanism on how funds upon sale would be disposed, you are asking for trouble. Yes I  agree consult a lawyer.

Form an LLC specific to the property and put in place an operating agreement that specifies that you are the manager/operator and how the proceeds from the sale of the property will be dispersed.

Have you looked at/considered the Columbus Ohio market?

@Meyah Manigoe you are right in a way, it depends on how the representation contract is written. If it is exclusive it does not matter who found the buyer. Even if there is no contract but the agent has put in considerable time and effort in the deal, the law is in the agent's side. As they say whatever goes around comes around plus why would you participate in something that would harm a person's hard work and earnings to save a few extra dollars?