All Forum Posts by: Crystal Smith
Crystal Smith has started 65 posts and replied 2753 times.
Post: Void contract but realtor won't let it go
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Vanessa Puente:
Hi guys,
I need help with a situation in dealing with. I'm selling my house, I did a contract with a realtor & his brokerage firm at the end of August, a month later, out of the blue he informs me that his firm is doing a merge with another broker and we needed to sign a "transfer". I did not liked this so, I refused to do it. He told me that because we didn't signed our listing contract would it be void a soon as the "merge" was done. It's been a week since then, and my property is still active on all sites but when I did a search at the Nevada Real Estate Division site, the license of the broker(that I did my contract with) is "closed".
I've asked several times to our former agent to take my property off the MLS, since our contract is void/null but he keeps giving me excuses, like, "the MLS transfer is delayed, so now we need to sign a withdrawal", or " there's no such thing as canceled status"
How can they casually generate more documents if their license is closed? Isn't that illegal? or to hold an active listing and refusing to take it off the market or cancel it if the listing contract is no longer valid?
What can I do? What are my options here? Should I file a formal complain at the Nevada Real Estate Division against the realtor & his firm?
I just want my house completely free from the listing agreement and be taken off the market so we can find another realtor and continue the selling process...
Any insight helps but if you're an EXPERT... Thank you, thank you, thank you!!
I would cancel your listing agreement in writign with your old agent- even if it's just an email to the agent indicating that you are cancelling the agreement. List with another agent. Gather all documentation, including any email correspondence with your the old agent and then contact the MLS service that your property is active on so they can remove the property from the market and your new agent can take over.
Post: Real Estate Investor for 20 years, but buying first Multi in Chicago
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Brett Carpenter:
Folks, I have been a real estate investor for 20 years, buying condos and townhomes (generally using the BRRRR). I am new to multifamily investments and the Chicago area (My investments are in DE). I am open to any advice, contacts or information you might have as I step into this new market for the first time. I am looking to invest in properties that are generally below $2MM. I've noticed a lot of these properties are class C and bit older. I've run the numbers and can see the 5 to 10 year IR/NPVs that exist in the market. Again, looking for the devil in the details that some of you folks are easily acquainted with due to experience.
Brett
Here are some areas for your consideration in no particular order. I recommend these areas because of your price point; they are near universities or hospital districts, and/or they are being gentrified
1. Woodlawn- Near University of Chicago
2. Bronzeville/Oakland
3. Bridgeport/Amour Square
4. Pilsen
5. East Garfield Park
6. Ukranian Village, East Village & Westtown
7. Rogers Park
Good luck
Post: New Investor In Training
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Joseph Bondarenko:
I am an engineer that would like to add investment properties into my portfolio. I realized that my only income stream is my W2, so I want to add some real estate to it. I am a beginner, I tend to spend too much time thinking and analyzing before taking action. I am here to learn at BiggerPockets, but need to challenge myself to take more risks and start investing.
Weclome to BP. I live with an engineer that use to suffer from analysis paralysis. He still does. So here is what I recommend- Use your engineering background to establish some systems that you trust for your analysis. While doing that establish a small network of industry people that you can also trust & can help you manage whatever risks there may be. An attorney, a realtor, a contractor, a handyman, maybe some other investors. The get pre-approved for a loan & go look for a multifamily (I'm assuming you can find small multifamilies in your market). Live in one unit and rent out the rest. Leverage your team as you work through the process. Good luck
Post: Advice on Structuring a Real Estate Partnership Deal
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Andy Chen:
@Crystal Smith one more question. What kind of attorney do I need for this? Do I need a real estate attorney? TIA.
A real estate attorney is preferred.
Post: Home on Sale for over 100 days
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Mose Gebremeskel:
Should I worry if I'm interested in a home that's been 104 days on the market in a great area?
If the home is listed with a realtor and you have a realtor then you can check the following:
1. Your realtor can check to see if the home has ever been under contract. He/she may also be able to check in private broker notes to see if the listing broker has documented why it fell out of contract
2. Your realtor can also tell you what the average day on market are for similar homes in similar condition to the one you are evaluating.
3. Lastly & most important- A good deal depends on your own criteria- If you are planning on holding the property for cash flow, then a good deal depends on how much rent you can get relative to what you have to pay to acquire the property & maintain the property. Does it meet your investment criteria?
If you plan on fixing and flipping, then a good deal depends on your profit criteria. Your idea of a good deal may be different than my idea of. a good deal.
Post: Buying a property with tenants that don’t pay
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Johnathan Cummings:
Hello BP, I’m looking at buying a property to flip. Currently the seller is an estate and they’re willing to seller finance for 2 years at a $600/month payment, 4% interest, $5,000 down. Currently there is a tenant in there that the estate inherited that has no formal lease and hasn’t paid in 6 months. If I buy this property what are my risks and what is the best approach to evict them, go through eviction process? My thought was to just offer them cash to leave. This is in Bethlehem PA.
The first thing I would do is check the laws in your area regarding the eviction process & how long it would take. Once you understand the process & the potential time then run your numbers to see how long you potentially be paying $600 per month before truly having control of the property. Whatever those numbers are should be added to the cost of the renovation. If the deal is still worth it then maybe proceed.
Another idea is to structure your offer where $ are escrowed to include cash for keys, but no closing on the deal until the current owner gets the current tenants out. It then puts the pressure on the current owner, with your help, to get the tenant out while limiting your risk. If the owner is unsuccessful, then you get your EMD back.
Post: Advice on Structuring a Real Estate Partnership Deal
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Andy Chen:
Hi all, I’d like your advice on how to structure a potential deal.
A friend of mine owns a property outright that still has plenty of space for additional development. Since I have construction experience, he’s interested in partnering with me to build more units.
The property originally cost him $600k, and the projected added value is about $2.4M. I estimate total construction costs will be around $1.3M–$1.4M.
His initial idea is for me to cover the construction costs, and then we split the profit once the project is sold.
How would you recommend structuring this deal?
TIA
My recommendation- Establish a Joint Venture that lays out each partner's contribution to the project. His contribution is the property/land & your contribution is the capital required for the construction. You'll have to ensure that the contribution is protected through a recorded instrument or lien against the property. I'd hammer it out with your potential partner on paper first, then take it to an attorney to clean it up & consummate the relationship.
Post: Thoughts on 100 year old properties
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Vincent DeLucia:
Hi BP family,
Wondering what some your thoughts are on properties older than 100 years? I am looking at a few opportunities in the Midwest and the numbers seems to work, my biggest concern is some of them were built in the early 1900s. I have done most of my investing down in south FL, so I am used to looking at properties closer to 50-60 years or younger.
Any feedback, advice, or thoughts would be appreciated.
In my market- In my opinion- Much depends on whether or not the property if Brick or Frame. If Brick, then we are looking for whether or not the property has "good bones"; i.e., no structural problems. If it has good bones and the room sizes are large enough, or we can expand room sizes, then it's just a matter of updating the plumbing, electrical, and HVAC to modern standards and dealing with cosmetics. This is where it becomes a numbers came regarding if it's worthwhile to invest. I emphasize room sizes because there are some old buildings in my market where the bedroom sizes are so small that certain villages won't allow those rooms to be used as bedrooms unless expanded or fully gutting the property.
Post: Hello from NYC!
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Robert Nebel:
Hey guys, my name is Bob and I'm from Staten Island, NY. I joined Bigger Pockets looking to learn more about real estate investing (available strategies, tools to help find the best deals to focus on, etc.) and looking for guidance from mentors / other experienced real estate investors on the best path foward in my current position (23 yrs old with a small amount saved up).
Would appreciate any help or guidance from anyone!
You live in an area- New York City & Surrounding Suburbs that is so diverse that I recommend spending the next few months studying all of the submarkets in/around Staten Island. Understand the price points for purchasing, renting, and days on market. Maybe join a few investment groups. Consider becoming a realtor, not to broker deals, but to gain access to many of the tools available to realtors. I recommend all of this because there are so many different strategies but strategies start with understanding your market first.
Post: Would you buy this deal? Mom and Pop Retail Space.
- Real Estate Broker
- Chicago, IL
- Posts 2,814
- Votes 1,749
Quote from @Laura Casner:
650k purchase price
1300 sq ft in mixed use condoized building. True NNN.
Cap rate 7.2%
Class A Building (2008 construction recently built out for current Tennant in 2025)
Lease terms: 5 years with 3, 5 year renewals. Rent bumps annually 3%.
The Tennant is a mom and pop coffee shop that has only been open for 3 months.
The shop has a one successful location on the west coast but this is their first location in the area.
Two neighboring units just sold at 500k/sq foot, but both to owner operators.
Since the deal is dependent on one small tenant I'd try to figure out how to look at the books of the tenant before pulling the trigger