All Forum Posts by: Phil Z.

Maximize profits by not marketing the home properly? "Tripping over dollars to save a penny"

You make it sound like the listing agent gets 5% .. but then your ok offering 2.5% to the buyers agent. So actually your only saving 2.5%. Then your saying your willing to not advertise the property to the largest pool of buyers which can easily cost you another 5%. You just lost money.

Maybe you should find an agent that actually knows how to sell real estate .. because it sounds like you think your agents only value is a picture on loop-net.

I think you might be ok under $140k (200%).

But why don't you just wholesale it for $100k?

1.5% to the listing agent? .. unlikely. Also the broker has to agree to it, not just the agent.

But if your Agent has no added value other than a run-of-the-mill MLS listing, then what do you have to lose?

If the mortgage and bank account are with the same bank it is possible!

All different reasons .. non of them good ones: Ignorant. Lazy. Don't want to sell the house quickly.

You might want to attend a local REIA meeting and see if their are any investor friendly brokerages or brokers that actively flip houses.

You can not pay based on the sale of the house unless they are licensed (and you will have to pay the broker, not the agent directly). You can however pay him for leads or referrals that are no tied to the sale of the property.

Any buying/selling commissions would have to be paid to the broker and they will give you your split.

As far as the investment profit itself, they do not need a piece of the pie. However, if you actually look into the law .. if you flip houses for a living, you are supposed to be a licensed real estate broker. (at least in CT)

Why would you send mail to a house you know is vacant? Is the post office redirecting their mail? Usually (at least with foreclosures), the people don't inform the post office b/c they don't want to be found.

For most people there is no reason to pay an attorney to write a contract when the board contract has everything you need to protect yourself. Make sure its assignable and add any additional terms you need in the Additional Terms section. Board contracts really shouldn't be more than 4-5 pages. You will have less trouble with agents and attorneys because they know the contract well. I've seen a lot of 'custom' contracts with unnecessary and ridicules terms that only an uninformed seller with no counsel would agree to.