All Forum Posts by: Brian Gibbons

MIDDLETOWN, CT (WFSB) -

A Middletown mother thought she found a home for an irresistible price on a trusted real estate website, but she wound up losing $800 in a scam.

Lisa Garcia, who is a mother of three, had been sifting through ads on the real estate website Trulia for weeks until she found the perfect listing. A rental house that was larger than hers with utilities for less money than she was paying.

“It was supposed to be $900, everything included. It would have helped us out a lot to be able to save extra money,” Garcia said.

http://trove.com/a/CT-woman-falls-victim-to-real-e...

@Gerry Rae

There is a thread here

http://www.biggerpockets.com/forums/93/topics/1847...

Arizona Regs

In accordance with the Commissioner’s Rule, R4-28-1101 (B), a licensee participating in a real estate transaction must disclose in writing any information the licensee possesses that materially or adversely affects the consideration to be paid by any party to the transaction, including:

• Any information that the seller or lessor is or may be unable to perform.
• Any information that the buyer or lessee is or may be unable to perform.
• Any material defect existing in the property being transferred.
• The existence of a lien or encumbrance on the property being transferred.

In accordance with the Commissioner’s Rule, R4-28-1101 (E), a licensee shall not act directly or indirectly in a transaction without informing the other parties in the transaction, in writing and before the parties enter any binding agreement, of a present or prospective interest or conflict in the transaction, including that the:

• Licensee has a license and is acting as a principal.
• Buyer or Seller is a member of the licensee’s immediate family.
• Buyer or Seller is the licensee’s employing broker, or owns or is employed by the licensee’s employing broker.
• Licensee or a member of the licensee’s immediate family has a financial interest in the transaction other than the licensee’s receipt of compensation for the real estate services.

In accordance with the Commissioner’s Rule, R4-28-1101 (F), a licensee shall not accept compensation from or represent more than one party to a transaction without the prior written consent of all parties.

NOTE: The above listed disclosure issues reflect only those requirements in the Commissioner’s Rules. Refer to other Federal, State, County and/or City statutes or regulations, which may contain additional required disclosures relating to a real estate transaction.

http://www.re.state.az.us/Inv/InvFaqs.aspx#FAQ7

I would talk to the re.state.az and a senior re broker over anyone on a public board.

Dont get mad, get even, get a partime job for $600 a month on top of your other job for your truck, and save some money!

Get the books and get licensed.

@Jay Hinrichs

What is it about people being so OPPOSED to getting licensed whether it's an agent or brokers license and building a strong business using those licenses?

If your license you can act as a principal and for-profit right?

I think people there so worried about doing wholesaling, is they think that if they get their license that they won't be able to do wholesaling.

Most of the most successful wholesalers I know are licensed just so that, I imagine, they can get 1) respect and 2) access to the MLS

Is getting licensed worth the hassle if I'm going to just do wholesaling? I really believe it's worth the hassle

What say you BPers?

@Jesse Conners

Where in New York are you? I live in Westchester County which was poor and rich

You need to look at your expenses and write them out on a yellow pad what you're spending every month

Just put them in columns such as name, amount, interest-rate, etc

Look seriously at the job and what your future is for advancement

Go down to a good training company like Keller Williams KW  in New York and talk to the broker and show that you're very sincere about learning real estate and you want to study the new agents books and They might even give them to you for free

Try to tell everybody that you want to be really good at real estate and that you don't be working your rear end off

Try to limit your TV intake

Think about tending bar or some other one or two nights a week extra job and put it in a jar

I don't know what you're netting for income every month but 450 a month for a vehicle...wow

Cut expenses, make more money

Good luck

@Bill Gulley 

Great post!

Dealing with agents and presenting a creative offer is not easy.

1. Read Ch 10 of this book Shft - Gary Keller of Keller Williams

http://www.amazon.com/Shift-Estate-Agents-Tackle-T...

Expand the Options - Creative Financing

2. Servicing company - www.NoteCollection.com - 

All payments go through servicing company

3. I personally show all of Seller's options

• Sell Traditionally w Agent
• Rent
• Sell On Terms. either Sub2, Installment Sale, Lease Option etc.

Show the "net to Seller" on each

The Broker (agent's boss) maybe against it.

@Brent Coombs

If you're licensed and you're acting as a listing agent or buyer's agent, you have a fiduciary duty to do a good job for your client.

If you're acting as an agent you have to act to a higher standard 

There are restrictions as to what realtors' assistant can do and can't do

Realtors have a code of ethics to deal with

I hope that helps answer your question about other possible rules

In Ohio if you're assigning contracts and acting as a principal and not a fiduciary, not as an agent but as a for profit business person, the Ohio commission wants you to be licensed regardless

Would you consider contacting the Ohio RE Commission, or at least talk to a senior RE broker and asking more questions?

Sure

Lease to own is a good strategy for sellers don't have a lot of equity

if you read Gary Keller's book SHIFT he talks about creative financing to help sellers that are having difficulty

You have to be willing as an agent to act as a principle business owner, and tell your broker know that you're doing deals as a principal versus acting as an agent

You can make 3% as a option release fee, buyer or seller pays

I love saying to the homeseller of expired listing

"I know you tried to sell traditionally with an agent and it did not work out for you, 

but what if I can get the house sold for you, and maximize your equity, so that you do not have to pay a commission?"

Get a Licenced and act as a principal on low equity home sellers

@Gary Van Horn

Thanks for posting that Gary