All Forum Posts by: Brent Tomczak

Hello,

I'm preparing to list my first flip, and I'm debating how I should go about this. When I was about 98% done w/ the rehab, I put a sign out front just to see if I get lucky, no real serious offers. There is no doubt this house will sell within first month, if it is on the MLS, on all the real estate apps, and priced right. I'm just trying to maximize my profit, but perhaps I'm being greedy. I really do not want to give someone 5-6% for all of my hard work.

I was strongly considering going with a flat fee broker to save $7-8000, and just handle the buyer agents.  I was hoping to get some advice whether this could be a strong way to go, pros and cons. 

How much more marketing can an agent do besides listing on MLS, and the real estate apps? Is it WORTH it, or is a flat fee broker a solid way to go?

Thanks!

 

There is no "fair share", taxation is immoral.  You're not entitled to the fruits of someone else's labor.

Taxation is THEFT...

 

I was a bit harsh with my post, but I did file a complaint with the BBB, and was refunded my money. We just had a difference of opinion regarding the ARV of the property, and was not happy with the evaluation timeframe, because it almost cost me my earnest money. I do think they fund deals, but you're better off finding them yourself rather than buying wholesale to minimize cash to close. The partnership just wasn't for me, but we ended on good terms now.

 

I was a bit harsh with my post, but I did file a complaint with the BBB, and was refunded my money. We just had a difference of opinion regarding the ARV of the property, and was not happy with the evaluation timeframe, because it almost cost me my earnest money. I do think they fund deals, but you're better off finding them yourself rather than buying wholesale to minimize cash to close. The partnership just wasn't for me, but we ended on good terms now.

I had the same experience. We all should contact a lawyer, and pursue some kind of legal action against them. They deliberately sabotaged my evaluation process, when I had comps on the same block going for 169k, but because some homes sold for 135k  a mile away, in Chicago, which is HUGE, and weren't near the same caliber of rehab.  Total scammers. 

Run as far away from these people as you can.  Had an absolutely horrible experience with them.  They stall every step of the way, yet claim they can close in 14 days. Maybe if you bring them a 200K spread, unicorn deal that you fleeced from some grandma.  They false advertise other deals that people went to them with. Claim that they're 100% funded, then mention at the end that it's 20k cash to close.  

I am 100% confident that they DELIBERATELY sabotage the evaluation process ON PURPOSE. When I brought them a profitable deal, they brought in supposedly 3 independent real estate agent elevators who provide comps, and what they believe the property could sell for. These 3 real estate agents did not come up w/ a single comp that was the same house. Literally impossible, considering the best comps were 3 and 10 houses down, which sold very high.. But because some homes a mile away, sold for less, and didn't have near the same quality rehabs that the close ones did, they decided they had to drop the ARV 20k, and keep me out of a near 100% funded deal. Total sabotage.

They'll play nice with you on the phone, and pretend to have your best interest in mind, but they're completely full of it.  Also their origination fees are outrageous.

RUN!!

They'll also post deals on their Facebook or through email where the buyer doesn't have the cash to close, and they'll advertise it as Rehab:100% funded Purchase:100%, than when they post the numbers and you go to cash to close, and it's sitting at 22k.... Total Scumbags!

They're the absolute worst to deal with, and they'll sell you a dream that will never come to fruition.  If you want a 100% funded deal, you better believe in Unicorns... 

I recently brought them a deal that was close to being 100% funded. I had two comps, ON THE SAME STREET, 10 houses down, same layout of home I had under contract, both went for 169 and 166 respectively. One of the "independent evaluators" they brought in comped houses almost a mile away in Chicago. In Chicago, that's FAR, and absurd, and was virtually in a different neighborhood. The comps one of the evaluators provided weren't even the same caliber remodel, nor the same size, and they had put the ARV of only 135 solely based on that. When the other two evaluators came in at 169, and 179 ARV. They then said I had to bring 25k cash to close, and even after a value audit, they only gave me a 145 ARV. This was a slam dunk, does not get any better kind of deal, and yet they wouldn't budge. I truly believe 100%

The customer service people are so fake, they put on an act trying to make it look like they're pulling for you. It's a total scam, RUN and HIDE FROM THESE PEOPLE!!!  They call/text you 3x a day trying to get you to sign up, than you never hear from them again. 

Thanks Nate,   what kind of rates would I be looking at for private rental funding?