All Forum Posts by: Rick Albert

The contract is for a property. You have no intention on buying the property. Your intention is to sell the property to someone else and make a profit. More importantly, you are attempting to advertise the property on public forums. On a practical basis, you are attempting to sell real estate without a license. Realtors are also selling contracts. They are selling grant deeds that give ownership to a house. 

The "I'm selling the contracts, not the property" has been used for years as a possible loophole. However there was a lawsuit going on earlier this year in South Carolina on this exact issue. Depending on how this goes (and I will admit, I'm behind on it), this could set a precedent for the country. 

Steve is right, you need to tread lightly. Typically wholesalers just reach out to their networks, not the general public.

This is rough and I'm sorry you are going through this. At a high level based on what I'm reading, this may be one of those where you give your brother an ultimatum: work together as originally discussed, or you buy him out and call it a day. Not everyone is fit to be a landlord and I don't know what expectations were set when you first bought it.

Regarding him not working on the house since he started dating someone, you need to politely tell him that he has obligations that he committed to. Alternatively, he could hire a handyman, etc. to finish up what he was responsible for and he can pay them directly.

Alternatively, since you both own it, you could take on 100% of the management and your brother pays you X% of the rent like a property manager. You are all adults that did an adult thing. 

The last option is to sell and go your separate ways. Sell the house and move on.

I understand what your girlfriend wants, but unless there is a ring on it, you need to do what's best for YOU and your financial situation. 

I also wouldn't dwell on this. I don't mean to come off as an alarmist, but you have a mortgage to pay. This needs to be addressed quickly and methodically. 

Side note: Double check to see if you can even do mid term rental on a condo. A lot of associations are cracking down on this. 

 I own property out there but we are self managing. The thought by joining is to get updates on local laws, disclosures, and overall market conditions.

We know that markets are hyper local, so having knowledge as to what's happening might be beneficial to how we invest. For example, let's say there was a major development on rent control, that would allow me to pivot and understand next steps. Otherwise I am in the dark.

So you are willing to pay a commission, willing to work with agents, limit the exposure of the property by just the few networking groups you are a part of and expect to sell at the same price as those fully advertised across the platforms that 90% of buyers see?

Again, I don't have any skin in the game since I'm based in Los Angeles. I am just trying to understand the logic.

Were those that went contingent FSBO or marketed by agents? Big difference because properties listed in the MLS are syndicated to the top websites.

Keep in mind if you advertise to investors, then they are paying investor prices. That's fine as long as you are okay with it.

I don't really care because I'm not in your market. I just want you to be the most informed so you make the most amount of money.

The problem is agents are on here for the sole purpose of finding business, not necessarily contributing to the community.

In the posts, I do not (or at least not intentionally) spam anyone. I only post if I can provide actual value. This can be from personal experience or the experiences from my clients. Because of this, I've had people reach out to me directly and we have done business together. It is about adding value, not promoting yourself. 

Hey Sandie!

You came to the right place. There is a plethora of knowledge here and some great resources. 

-Rick

I wouldn't worry too much about it. Most FSBO properties sell for less than what they would be paying in commissions anyways. 90% of buyers are working with agents and never think to look on FSBO websites. Most your leads are going to be investors who want a steep discount anyways and they may factor in the savings in commissions (meaning you technically aren't paying but it is still factored into the price).

I know this because years ago as an experiment I had posted my condo for sale as a FSBO. I only got Realtors trying to get the listing and investors who flat out said upfront they want discounts on the price.

You can still create a brand and set up an IG, Pinterest, and FB profiles and link to the Airbnb site. Take professional photos.

I have only been a customer of Airbnb, but hosts have profiles that shows all of their listings. Make it stellar and call it a day. 

The STR market is very saturated. You need every competitive edge you can get to have maximum exposure.

 If you are looking at off market, typically you would do your inspections once an offer is accepted, not before.