All Forum Posts by: Bryan Stell

Hi All,

I am an experienced investor/landlord who is ready to leave his 16 year job. I want to gain more access and credibility in the real estate market, and like the idea of uncapped income potential as a realtor (my old hourly medical job was capped). I have a friend who is a successful realtor of 16 years and was thinking of joining his team. I am awaiting the actual pay breakdown to be able to project some type of income. What is a typical pay breakdown? His team seems it would provide a lot of support and potential clients/listing so I imagine the split between sales is higher for more support. I just want to know how it went for you as a realtor when you started out, what is typical? What is to be expected of me/the team?

Thanks!

My Wife and I are looking to buy a commercial building to move her Physical Therapy business into.

We have 2 family members who would pay large portions of the cost of the property. I am looking for a service who would create customized payback/ amortization schedules (For peace of mind) for the family members. IE 5% APR on a 200k loan over 15 years.

Any ideas?

Thanks!

Hi Friends,

I helped an out of state friend buy a quadplex in my area. I manage it with some of my other rentals but am not necessarily a property manager. The way I structured the deal was that I get monthly management fee's plus a year end bonus based on how much the property increased his net worth! It's getting time to calculate that and I wanted to see if any wizzes had any docs they could share that would help me not forget any line items based on the property's performance.

Thank you!

Hi Everyone,

This is a new situation for me. I bought a 5plex in a nice area, I also live in one of the units. One of my inherited tenants on the third floor is moving out and buying their own home in April. Their lease ends in May, but thats ok. I want them out.

They supposedly, via the previous sellers flushed kitty litter down the drains requiring plumbing to be redone at a $5000 expense before I purchased the property. I inherited all of their security deposit. $850.00. Should I be credited with this despite the previous sellers expense? Assuming they, their 3 cats, 1 large dog, and bunny all move out and keep the place in good condition. (only 2 cats were allowed on their original lease.  I am glad they are leaving, but just don't know what I can legally do with their security deposit.

-PS. I live in Pennsylvania.

Thanks!

Bryan

I am looking for a real estate lawyer who can help me with my first rent-to-own/lease option deal. The property is in Broomall, PA. I live in Bryn Mawr in the philadelphia suburbs. Any recommendations?

Thanks guys, I do have a few traditional bankers I am friendly with. I just got a discount on the property for closing quickly and have an agreement with my uncle to have the loan exist for atleast 2 months so he can make some money on the deal. So I have plenty of time to shop around for a low origination cost loan. Thanks!

Hi Guys, I am underway on a flip with ARV 300k. I bought for 185 and will probably put 60K into the rehab. I hope to have it on the market as a rent-to-own by July. I put 10% into the deal and will finance the entire rehab using my existing home equity line. My uncle financed the rest. Since it was his first deal with me, I am giving him 15% interest with 1 point if I re-finance out of the deal within the first 3 months. So basically he makes a minimum of 6K for being the transactional lender, as he put up 170K so we could close quickly.

I now am at the point where this "rough" property will qualify for a bank loan. I don't want to just sell it immediately as most of my estimated 30K profit will be eaten up by taxes. I want to do a lease option. What would you say is the best way to re-finance this property cheaply as I can't afford to continue paying my uncle 15% I may shop around and go to my uncle with the deals I have lined up and see if he'll beat them, IE now that the property appraises for 300K and has a lease-option tenant, will you continue to finance it at 5-6% instead of having me pay the fee's associated with setting up a mortgage.

The goal is A.) have my uncle continue to lend to me.

B.) Obtain new lending terms on this property as 15% is not sustainable.

C.) Maximize profit over time by avoiding taxes.

Thanks!

Hi Guys, 

I live in Pennsylvania and wish to begin marketing to motivated sellers for mostly wholesaling/lease-options/seller financing etc... I want to discuss the transfer tax.  In PA transfer tax is usually paid as 1% from the seller and 1% from the buyer. Does anyone have experience with transfer tax in non-traditional financed deals??? Thanks!

Thank you for the response Andrew. 

I approached him about the seller financing option simply by asking if it is something he would be interested in. He replied that he is not since he believes he can do better in his new Florida Market with the immediate say 370k that he could have from selling the duplex. He's been a cash buyer for a while now so I don't believe he is interested in refinancing any of his properties and accruing interest charges.

I believe you are correct that the duplex is currently overpriced, but it would sell quickly at say 360k. I guess my question is, after the listing expires does that give me any added leverage, besides the fact that he may not relist it and I could still negotiate with him openly? What should I do when the property fails to sell at the 180 day mark? currently I have 20k Cash and a 100k HELOC at -.4% prime.

Hello all,

My fathers good friend and my real estate mentor is "retiring" to his newly built home in Florida. He wants some cash to play around in Florida real estate and most of it is tied up building his new home. He's had a nice duplex in an "A" neighborhood listed on the MLS for 178 days. It is about to expire and he hasn't gotten an offer of which he wants to accept. The Duplex is paid off and rents for 1400/1600 and 115 for the garage. He is not interested in seller financing as he wants 395,000 for the duplex now. I've seen inside and it's nice. It's also rented with 1 long term tenant and her friend. The guy hasn't done evictions in a LONG while.

My question to the community is how can I help my mentor get what he wants ( a reasonable amount of cash for the property, say 375k) and also negotiate strong terms in my favor. Once it is off MLS, what bargaining chips does this give me? He is not interested in seller financing as I already asked him. Also, since it's paid off he is making over 2k/month on this house as the taxes and maintanence aren't too bad. Could I have some ideas for creative financing/negotiating here. He likes me, but won't just give me thousands of dollars for essentially free...