All Forum Posts by: Anthony Dooley

$14,000 in closing costs? I hope not. You don't need the money for repairs to buy the property. It sounds like you need $35,000 or so to close on the property. You could use equity from your other property, sell stuff like a car or motorcycle you don't use, get a personal loan from the bank, borrow from a friend or relative, borrow from a 401(k), or ask the seller to carry back financing on a portion of the purchase price in return for not asking for repairs or closing costs. If you are not using an agent, the seller is also saving money on commission. Those are some creative ways to get the down payment. Once you have the property, do repairs from your income and cash flow. 

@Marylin OShea it kind of doesn't matter if you liked it or not. The book has valuable information for real estate agents, especially if they are just starting out.

Definitely wait. You will pay early withdrawal penalties and be taxed at your current tax rate on the withdrawal. The home sale from the estate from 2006 will be taxed on the gain from then until now at 15%. Your primary residence will not be taxed at the federal level, but possibly at the state level. Good tax advice is worth paying for.

@Rashaan Ahmad all you need to know is how much is the current income and how much are the current expenses. These are provable numbers. Anything else is subjective. The agent probably knows very little about investing. The seller is the person to ask, if you can talk directly to them.

@Kevin OBrien projections are speculation. The value is a math equation based on actual income and expenses. Yes, you will want to add value and increase occupancy, but that is value that you will add AFTER you buy it. Today, it is worth 50% of it's potential value based on income. If you are willing to over pay for it, you are accepting the risks based on your knowledge and ability to increase the performance of the property. I suggest you make the offer based on NOI and cap rate, but making it easy on the seller to sell. This costs you nothing. For example, make your offer with no contingencies. The seller would know that you will not renegotiate later, based on the inspection. They also know that you are very confident in getting funding.

Your brokerage firm should offer training to new agents. I also recommend The Millionaire Real Estate Agent by Gary Keller. You are in the business of marketing property, so any books or training on sales and marketing will be helpful. Get out of the office and get into your market to stir up activity.

@Susan Tan does the closing attorney have the contract as well? Closing will happen when the bank has it's paperwork finished. You can't make them go faster. If you have access to the property, you can get bids on repairs. This assumes that you will not ask the seller to pay for any repairs after the home inspection. You or the seller will need a termite inspection. The lender will probably require this.

1. You can do this without a license.

2. You can become a member of your local board or realtors, pay the fees, and get access. BTW, most investors don't buy deals from the MLS.

3. Another source of income assuming you make a commission, minus your monthly and annual dues and fees.

4. Retail transactions differ greatly from investor transactions directly with sellers.

5. As an agent, you are expected to conduct transactions through the MLS and your broker, who gets a cut of your commissions.

@Richard Davis III land contracts are a very risky endeavor for the buyer. I would never recommend them. Seller financing, sure.