All Forum Posts by: Angie Shires

It really depends on what the scope of work that was agreed upon. If you hired him to rewire a light and some fixtures and he did...then he is owed the money. If you hired him to fix the same problem you have, then maybe and maybe not. 

Could you give more information as to what he was hired to do? 

Either way, if there is anyone living in the home it needs to be addressed. Although I'm not sure why he suggested you call the gas company...unless I'm missing something. 

@Young S. Congratulations on getting your license. You will gain a lot of knowledge that will help you with building your portfolio! 

First, I should say that I wouldn't put much stock in anything Zillow has to say about anything! We have tools as agents that we can use. Have you looked at the reports within your MLS to see how many times it's been emailed, how many times the email has been viewed, how many searches it matched, etc? That will give you great insight!

Also, do you have your key box set up with the property address? If not, you should do that...if the home is vacant, it may be shown and you have no clue! I always follow up any showings with a quick text or email asking for feedback. Most agents will oblige. 

How is the area the home is in? Are there any issues with the house that might be keeping potential buyers from looking? Do you have good pictures posted? These are all things that price could overcome, you just need to know what you're looking at! 

If you are getting views, but nobody wants to see it could mean you area overpriced quite a bit...if you are getting showings but no offer, it probably means you are only slightly overpriced. I review each of my listings weekly to see how activity has been, and evaluate price with my client...you should probably do the same. 

What are your holding costs? It might actually be better to take a price reduction than to sit on your property for a few months. It's a decision that only you can make! 

Hope that helps! 

@John David Hall Congratulations on your marriage and on finding a home! 

I think that is probably a question to talk to your lender about... they have strict regulations as to what they will allow. Have you and your wife gotten pre-approved with a local lender? If not, that is truly the first step in the home buying process. 

@Kiel Johnson Welcome back to BP and thank you for your service! 

I'm about 100 miles from Dallas, and don't personally know contractors in that area...but have you worked with a Realtor in the past? If so, they may know someone. If they don't I'd suggest finding some people in your geographical area that are doing something similar and ask who they are using! You can find those people here, on Facebook Groups or at local meet ups. It's always good to know other folks in the area with similar thoughts to build relationships and share knowledge. 

Since you selected them yourself, it will be your responsibility to pay the attorney...he obviously did the work and does deserve to get paid for that work. It is your reputation, I would say it's worth it to pay them and move on. Unfortunately, the lenders look at Independent Contractors differently...and require more documentation because you are self employed. That's no fault of the attorney doing the title work...in my opinion, it would be best to go ahead and pay! 

@Bernard DePascale That's awesome, and can be a huge boost in her confidence...even if it is someone she knows. Sending out just sold postcards to the surrounding neighbors (there are hundreds of different companies that do this and it's fairly inexpensive). 

She can also go door to door and let the neighbors know that she just sold the home at XX address and if they would like to know what their home would sell for that she'd be happy to help! It's a great way to get listings. A lot of times they just want to know what the home sold for, where the owner moved to and what the new owner is like...but that's ok, it's exposure and that's what will get her business in the future. 

@Reuben H. Do you have a specific property in mind? Each property will have their own set of issues. I'd say the best thing to do is your own due diligence. Make sure that you understand what you are purchasing and don't rely on the seller's numbers solely! When you find a property, post the general info here on BP...just hard to know what issues might arise with little information. The more specific you are, the better feedback you'll get. 

Curious to see how you are doing your searches, just for my own education. How long have you been looking? Do you visit the area or have a friends/relatives in East Texas? Where have you had the best luck finding your deals? 

@Richard Pierre-Victor Congratulations on passing your exam! 

Honestly, whether or not a brokerage is investor friendly has nothing to do with the brokerage and everything to do with the individual agent! As long as you are taking care of business, and not getting yourself in trouble (therefore your broker doesn't get in trouble), your broker pretty much leaves you alone! 

As a new agent, you should interview several different brokerages to see where you might be a fit.

1. Look at how many listings that company has, you want a company that has experienced, productive agents. You can and will learn a lot from the agents in your office. 

2. Does that company offer training for new agents, such as yourself? 

3. How much is your desk fee and commission split? 

4. Does your personality fit with the broker and agents in the office? 

Ultimately, the type of agent you will become depends on you! You choose what kind of people you work with by who you surround yourself with!

@Robert Youngquist That's typical for what you are asking...they basically have to start from scratch. This is not the typical just add improvements and viola...it's over. They have to do a lot more work, then get County and City approval, get with 911 system, and probably other entities that we don't even know about. It is expensive, but unfortunately that's what you're looking at! 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $30,000
Cash invested: $60,000

4/2 Brick home and 3/1 frame, was a part of an estate. Seller had listed on the MLS for over a year along with home next door. Neither had ever had HVAC, rewired, refinished wood floors, new cabinets, paint, fixtures.

What made you interested in investing in this type of deal?

It had been on the MLS for so long, I knew we could get it for the right price

How did you find this deal and how did you negotiate it?

They had homes listed together for $60,000, we offered 1/2 and didn't budge.

How did you finance this deal?

Cash

How did you add value to the deal?

Added HVAC, re-wired, and remodeled.

What was the outcome?

Still in the process of rehabbing. Brick home almost done, when both homes are complete we will cash flow over $700

Lessons learned? Challenges?

Rehab will be more than we originally anticipated, but we will still cash flow well because we bought so low. Learning to find good contractors that don't drag their feet!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm a licensed Realtor, and we paid cash. I love the challenge of finding that home that nobody wants, but has great potential. Love the process!