All Forum Posts by: Tommy Cangelosi

@Bill Plymouth

I’ve battled with this a lot. I work with a lot of investors and to them it’s a numbers game. The commission is just an expense that comes out of their net. Does this guy own a lot of properties? I would just do it for the 6% to make him happy. Work your *** off and get it sold and chances are that he will tell other investors about you. No offense, but if you’re just getting started selling real estate then you don’t have a lot of room to negotiate commissions based on your experience. I say this in the most respectful way possible!! You learn as you go! Good luck!

@Justen Johnson

Of course he wants you to pass on it. He wants to make his fee. I ALWAYS advise clients to get a structural inspection and 95% they do. Some people know a lot more about construction than others and don't get one done. Get an inspection. It will be worth the $300. Id prefer you to get one prior to giving EM, unless you have some clause for due diligence. Always be cautious when someone tells you NOT to get a structural inspection. The lender doesn't order that for you. That's something you get done on your own. The appraiser will sometimes flag repairs that need to be done prior to the loan funding. That is a lot more common with VA or FHA loans.

@Michael Freeman

This property seems like a fantastic cash flowing rental. I would hold it. If you're wanting to acquire more rentals then why would you get rid of this one? I started with a rental property before I bought a primary residence. I would consider borrowing against something else...possibly your 401K? You can buy a primary residence for so little down now. Do you have an FHA loan out right now? I would look for something like that for 3.5% down.

@Collin Cameron

What state are you from?

The lender is most likely going to have you sign a form at closing stating that you haven’t lost your job and that nothing has changed with your employment. Sorry that happened to you man!! Good luck!

@Eric Ippolito

WRONG!! (Trump Voice)

He’s lying or he has absolutely no idea what he’s doing. I bought an investment property with a bank loan before I bought my first personal residence.

@Wouter Ceyssens

Always consult your agent before going to look at a property. Do you have a “buyer brokerage agreement” with your agent? If you go see a house with another agent and then go back to your agent about it then you’re wasting someone’s time. As a broker myself, there is nothing more annoying then someone valuing their time over mine. It’s disrespectful. I know you didn’t know what you were doing, but I would go back to your agent, tell them the scenario, and ask what you should do from this point forward. Hope this helps!

@Michael Donato Stay away from properties that will need cap x expenses(roof, AC, etc...). Only go for those when you’ve built up some reserves. Go for something with that is currently rented, in a solid area, and a decent return. Don’t be greedy on your first. Be logical and learn the game.

@Michael Ritrovato

SELL

My wife have been showing our flip before work is completed. As a real estate broker, I feel confident in my ability to provide mental images for my buyers on incomplete work, but I'm getting hesitant about showing it anymore. We've been getting really good feedback and we actually received an offer but it was a little too low. We've had a few that liked our home, but ended up going new construction. I've considered taking it off the MLS temporarily until work is completed, but don't want to miss a prospect while it's being worked on. I can't currently post any pictures because it's not clean and ready. Any feedback from experienced flippers would be fantastic! Thank you!

@Ev Aguiar

Is the deal off market? Whatever it's listed for on the MLS is what feeds Zillow so that is so strange. Surely a real estate agent would put it on the MLS.