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All Forum Posts by: N/A N/A

N/A N/A has started 10 posts and replied 246 times.

Post: Tennessee

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  • Posts 251
  • Votes 7

I'm here in Nashville and I am buying and holding for rentals. Have you joined REIN? I find it to be a great group -- lots of good information at the meetings and classes.

From the State of California's Website:


Q. - I am a licensed California real estate broker and I specialize in the sale of real property, primarily residential homes. I would like to branch out and engage in mortgage brokering. What additional licensing must be obtained?

A. - As a licensed real estate broker, you may engage in mortgage brokering without any additional license. A real estate broker may engage in a variety of real estate related activities including residential home sales, mortgage brokerage, and property management, among others. You may, however, wish to consult with the Department of Housing and Urban Development to determine their rules regarding real estate sales and the arranging of FHA loans. Additionally, if you represent a buyer or seller in a real estate transaction, and will also be compensated for obtaining the loan for the buyer, Commissioner's Regulation 2904 requires you to disclose, to all parties in the transaction, the form, amount, and source of the compensation received or expected for the loan.

http://www.dre.ca.gov/faqs_mlb.htm

It doesn't give any info about how to get into the game, but it's something.

Originally posted by "deuce442":
My lawyer told me to use certified mail to issue notices like that. That way there is at least a signiture saying they recieved it.

But they don't have to accept it or sign for it, which is what has happened to me in the past. The letter will just sit at the post office for a week and then be returned to me as undeliverable.

Does that do me any good when it comes to going to court? I can just hand it to them personally, but I thought I needed some sort of independent "proof" that the message was delivered.

Post: real estate agent's job

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  • Posts 251
  • Votes 7
Originally posted by "spizzo":
I am very good at my job but no education or information or even experience would be able to tell me whether the bottom will fall out of a market or if a planned development in the area will go bankrupt, or that the zoning laws will change so it makes the property less valuable 9 months after you buy it...

Well, you should know:
(1) where is the market now and how has it been trending up to this point?
(2) what planned developments are in the works and what is the track record of the developers? How have other similar development projects under different developers done in the area recently?
(3) what are the current zoning issues in the neighborhood. Are there pending changes before the city council? Are there new zoning trends sweeping through the area (like "specific use" zoning, which has come on like a hurricane since it was introduced here a year ago)? Have there been zoning changes in adjacent areas?

Yes, there are lots of variables, but it is your job to put them all in perspective.

Post: real estate agent's job

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  • Posts 251
  • Votes 7
Originally posted by "spizzo":
I can make a guess, but it would be just that.

No, I can make a guess, you, as a paid professional, should be able to provide an educated opinion. They are not the same thing, and neither requires knowledge of the future.

Post: real estate agent's job

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  • Posts 251
  • Votes 7
Originally posted by "spizzo":
What information are you looking for? We can tell you that given the price of the property and the going rent/selling price you COULD bring a return of your investment of a certain percent. It all depends on market conditions and depending on where you are that could change in the next 3-6 months. We can tell you what areas are hot, and where you have the best chance at getting what you want, whatever that is.

That is just factual information. If that were the only information expected of real estate agents, there would be no need for them to be licensed, educated professionals.
Originally posted by "spizzo":
Realtors do risk liability so we have to walk a fine line

I completely disagree with this statement. The whole reason to have a licensed professional is because his/her professional opinion is superior to that of the non-professional. Agents aren't the only profession that can be sued.

Imagine if you were involved in a court case and a settlement was offered. Now, how would you feel about your lawyer if all he/she gave you was the factual content of the settlement offer and the risks of going to trial. That's not what the lawyer is there for. The lawyer needs to give you advice -- "I think we can do a lot better at trial because of X, Y and Z..." The lawyer might be wrong (you may end up losing at trial) and it is ultimately your own decision. That doesn't mean you will sue your lawyer for that advice (you might, but being wrong isn't the same as malpractice).

Imagine if you went to your doctor with some unusual pains and all he gave you were a bunch of stale facts about potential therapies -- "Well, there's an X% chance it's your appendix, with a Y% chance that, if it is your appendix, it will get better without surgery, and there's a Z% chance of complications with surgery..." Yes, you need to make the decision about whether ultimately to actually get the surgery, but your doctor (who probably faces a much greater risk of getting sued than any real estate agent) has to give you some guidance and opinion -- "I think it's your appendix and you need to get it taken out right now." Even if you subsequently die during the operation, it doesn't mean that the doctor committed malpractice for advising it, nor does it mean that it was bad advice (though, being dead, you might disagree). It certainly doesn't mean that he/she shouldn't have given a professional opinion in the first place.

A real estate agent should be held to the same standard. Yes, it's the buyer's (or seller's) decision, but there should be insightful opinion given by the agent. Is this a good price for this house? What will this house likely rent for? What will prices be like in this neighborhood a year from now? Professionals should act like professionals. Nobody knows the future, and opinion can be given with that caveat, but the purpose of all of your training is to help less-trained (unprofessional) people make better decisions. If you won't give an opinion because you are so afraid of a lawsuit every time you might be wrong, you really aren't doing your job.

I'm starting the eviction process on a tenant for non-payment in Tennessee. I was planning to send the initial notice to vacate by certified mail/return receipt requested. However, I have used this method in the past, and I know that the recipient does not have to accept the mailing. What do you do if they just don't accept it/sign for it? I know the tenant is not home in the day, so he'll get a notice that there's a certified letter at the post office. He's smart enough to know what it is, so why would he ever go get it?

The post office has another service called "Certificate of Mailing," but from what I can see, it only verifies that you dropped it off at the post office, not that it was delivered. Since both proof of delivery and the date of delivery are important, I don't think this method is very good.

What method do you other landlords use? Am I missing something here?

Thanks

Post: real estate agent's job

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  • Posts 251
  • Votes 7
Originally posted by "mach":
SO the real job of a Realtor is to Locate a property, take you to it, Open the door, and give you comps and they do that for a mer 6% of 500,000.

I'm not even sure about the "locate a property" part, since so many people now search the MLS themselves then give the agent the list of properties they want to see.

Originally posted by "spizzo":
Here in NC we have to be VERY careful about giving the client our opinion on the cost effectiveness of a property. We can show you the comparable properties and what they sold for and you as the consumer can make the decision...think of it like this, if you are a home buyer or investor and you go to an agent and that agent tells you that the price for home X is a good deal, and you should take advantage of it, if after you purchase and close on home X you find out that your real estate agent was misinformed or just wrong, your agent risks liability. I understand from a home buying prospective that you want guidance and reassurance, but there are limits on what we can do.

...

My office is full of knowledgeable and trustworthy agents...

With all due respect, what does it matter how knowledgeable the agents are if they are unwilling to share the fruits of that knowledge (i.e., educated opinion)?

Post: When do you form a corporation?

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  • Posts 251
  • Votes 7
Originally posted by "Ryujin84107":
If you the other person who is seeing their attorney he/she can in fact dissolve the trust so yes if you remain the only beneficiary then you can run into some issue along the way. However you can place a second, third, fourth, whatever beneficiary in the trust and as long as that other beneficiary is more than "arms length apart" then you should be safe but again a attorney might be able to dissolve the trust.

I'm not sure we're talking about the same kind of protection here. You seem to be trying to protect the trust/property itself. I'm more worried about the owner of the property getting sued for something that happens in relationship to that property (e.g., a tenant gets hurt and comes to sue the owner). If she remains a beneficiary, then the pathway to her (other) person assets remains open. It sounds to me like your plan is to protect her ownership of the property in case she gets sued for something unrelated to the house (e.g., a car wreck where someone gets hurt). Obviously, both are important. Depending upon your personal situation, your risks may be significantly greater in one area than another.