All Forum Posts by: Robert Horton

Thanks for the info David Oldenburg! I purchased an umbrella policy about 4 years ago but will look into the General Liability policy. 

There's a saying in Texas....."he's all hat and no cattle".

You'll need some cattle to get the loan no matter what you are wearing.

GREAT FLIP! The numbers are incredible....looks like you purchased for about $140K and sold for $300K? You mentioned finding it on the MLS....I find ALL of my flips on the MLS. Was it bank owned, estate, Fannie, Freddie, HUD? What was the original list price? How many days on the market before they accepted your offer? Is $300K at the top of the market for the neighborhood? Do you feel like you made your money on the purchase price or value you added?....or both?

Sorry for all of the questions, but I think the answers will help a lot of investors out there.

Excellent job!!.....THIS is why I am a member of BiggerPockets.com......I love to see someone actually buying & rehabbing and sharing their story with numbers and pictures.

Austin, it looks like you did a good job on this one......great margins. You mentioned your Realtor, did she find this property for you? You also mentioned selling it for $25K UNDER the appraised value. Why did you do that? I'm asking because you never want to leave money on the table and you always want to take care of your Realtor IF they helped you find this property.  By the way, I flip AND find homes for investors.

Robert

Wayne, my wife's broker said that he checked into his E&O coverage for the office and it does not cover agent owned listings… even if it's an investment property or their primary residence.

Just joined the site and love it! Here's my first question......my wife lists and sells all of the properties we flip. Her broker just informed her his E&O insurance does not cover properties listed by an owner/agent. Yes, she is a partner in our LLC. We run all of our sales through her as the listing agent because it helps sell the property AND to have an added layer of protection with E&O insurance. Is this something new in the industry? Can anyone recommend a good E&O carrier that doesn't have this exclusion? Thanks in advance.

That Realtor needs to be reported by your listing agent in the following order until you are sure she has been reprimanded or FIRED:

1) Her broker

2) The owner of the brokerage

3) The local Realtors Association

4) The State Realtors Association

If you don't report her, I can assure you she will continue to do this. She's a liability for everyone involved. It's a simple call. Please do it. I'm tired of working with useless agents.