All Forum Posts by: Chris StPeter

Why not use a buyers agent? The seller is the one paying for it. If you think you're going to get a better price by not having an agent, you are mistaken. The only difference is the agent representing the seller is going to get double the commission.

Not having an agent is like going to a gun fight with your fists clenched. No matter how hard you can punch, you're going to lose.

If You're Unhappy With Your Realtor, Maybe It's Time To Find A New One.

Hi Kevin. Welcome to BP and RI, and thank you for your service. 

My father was stationed in Connecticut as a recruiter in the navy for a while back in the early 90's, hopefully the requirements for the position have changed since then. It was not a good experience for him. 

I'm a realtor with Keller Williams Realty Newport/East Bay. I'm also a real estate investor in RI. My wife & I own a multi family house in Newport with a partner, in addition to the home own and occupy in Portsmouth. 

I would love to get together with you to help you develop a plan for purchasing some investment properties. My contact information is listed in my profile. Please feel free to reach out to me any time with any questions you might have. 

I look forward to speaking with you, and i wish you the best of luck with your investing and your Air Force career.

That's correct, you would benefit, but your father wouldn't. I'm sure he isn't flipping this house so he can take a loss. If you were to talk with a hard money lender, you might be able to get your 20% down payment covered, then finance the rest of the purchase with a traditional mortgage, and then sell the property to make a profit. Then everybody wins, your father doesn't have to take a loss and he gets his investment back, you get the property without having to worry about making payments to your father, and when you sell it, you get to make some money. 

I'm just trying to offer you some alternative ideas, since that is what you asked for in the original post.

Have you looked into hard money lenders? you may be able to explain the situation to a hard money lender and get one to help you.

I agree with Simon. The easiest way to proceed is to treat this like an owner financed deal. Your father sells you the property and finances the deal. At that point you can do what you like with the property. You can rent it out, sell it, keep it, etc. I would caution you to be smart about what you do, your father might have different ideas about what he thinks you are going to do with the property, and he might take offense to you selling it after 2 years if he is selling it to you at cost. Make sure you are up front and transparent with him from the very beginning. You wouldn't want to jeopardize your relationship with your father over a miscommunication.

I also recommend speaking with your tax professional if you are concerned about capital gains. There are options available to help avoid paying capital gains.

Hi Calvin.

I'm a Real Estate Investor & also a Realtor. I have an office in Bristol, and would love to buy you a cup of coffee some time.  I can offer you some advice on investment properties based on my own experiences, and can also help you narrow down your search for the right property. 

My contact info is listed in my profile, I am not allowed to post it in threads, I guess BP doesn't want realtors clogging up their website with advertising.

I look forward to hearing from you.

Brandon Ingegneri I think it is whatever you get out of it. For me it was a free lunch and smart watch for my kid. For the 2 ladies sitting behind me it was lunch, a smart watch, and more credit card debt after they purchased the 3 day program. The point of my post wasn’t to put down the program, it was to say that for me, the skills they offer to teach were skills I learned on my own for free on BP.

Thanks for the reply Nick. I wasn't trying to insinuate that I thought your program is a scam, I apologize if it came across that way. My opinion is that the skills that are being sold during your informational meeting are the same as those you can acquire on your own right here at Bigger Pockets. I'm guessing the difference is that in your program, there are coaches pushing you to take the risk. Like Danielle said, no risk no reward. 

Your free seminar helped me realize that I not only wanted to get involved in the  real estate world, but I want to rule it. It motivated me to go to real estate licensing class and get my license. Since November 2016 I have worked hard to get my license in both Rhode Island and Massachusetts. I feel like I'm well on my way to becoming the Mega Agent that I know I can be. 

Hi Alan. I'm in the same boat brother. I'm all set to finally pull the trigger on that first deal, the only thing holding me back is my fear. The struggle is real. I'm mostly interested in buy and hold multi family rentals in Rhode Island.