All Forum Posts by: Shannon K.

I'm unsure if he will have a salaried position. Correct, he is a licensed agent... He needs to hang his license with a broker and is being offered employment there. Sorry, I'm not an agent--I'm unsure of what the proper terminology is. The company is a nationally-known company so I assume its fine. It just caught him off-guard being asked to show a W2 and I was unsure also. He thought the company might have been thinking he was not being truthful about his previous compensation...

Hi everyone. Quick question. My friend has been offered a job as an agent at a real estate company and the prospective employer asked him to bring in his most recent W2 during the next meeting they have. Is that legal for them to ask him to show this document? I'm not sure about the rules... Thank you!

Is there any light at the end of the tunnel? Is your initial predicted ARV still reasonable or did you overshoot it with the 80k rehab? If the ARV is still within reach, I'd find a local investor at your REI club to help save the deal. Perhaps you could network around a bit to secure those remaining funds. Otherwise a deep discount is going to be necessary... Homeowners won't necessarily want to purchase an 85% complete house. Other flippers may assume there is something wrong/suspicious going on here....

@Derrick H. --I suppose it could be that he is from Buffalo but buying elsewhere/out of state? You are definitely correct that DOM is a big worry at his price range around here though. Limited number of people can afford to purchase at that price and a majority of homes in that range have been sitting quite a while... some for years! And they're beautiful homes.

Is there no place in the contact you could state your assignment fee? I understand once she assigns the contract to the end buyer, the end buyer takes over the terms originally agreed to, but can’t this problem be alleviated by her stating her assignment fee is X% of total sale or something similar? (I realize some don’t want to disclose this info and can double-close instead) But then when the rights transfer over to the end buyer, her assignment fee is stated and goes along with it… Is that possible so she doesn't miss out?

@Will Barnard -- Thank you. I will check tomorrow on this.

@Will Barnard -- Might you be able to point us in the direction of an example lien waiver or do people tend to have them drawn up by their attorneys? Within the next 3 days, I am nearing the end of one part of a project I subbed out so I need to make a decision soon.

This is a good question. I recently thought about having my contractors and subs sign this as well. I suppose if it were me and I was going to put something like this in place, I'd have each sub sign off on their own form at the end. I'm curious what other people do....

@Ben C. Those cabinets are just simple white "shaker style" cabinets with crown molding on top.  I always happen to think a recessed style door like this looks the best in my opinion.

@Paul Hitchings -- There were a lot of fees on a 203k and the loan officer told me it was most expensive to close this type of loan. I went in preparing myself (and assuming) if regular closing costs are $3-5k, I estimated his loan would be in the realm of $8k or so. As my loan estimates kept coming and bank rehab requirements caused numbers to get reworked, the closing costs just went through the roof. I started out at my original guess of $8k for closing costs and ended up around $17k. That was a shock!

I'm in NY... lovely extra taxes and fees... I had to escrow 1 year insurance up front, 1 year of taxes, padded attorney fees I'm sure, recording fees, transfer taxes, etc. And there were only 2 loan officers I found in my area that were willing to write this type of loan. I didn't have a lot of choice on the fees I had to pay. The next flip is all cash so this paperwork mess was still worth it!