All Forum Posts by: Chris Ayars

@David Macias Fathom is one of the fastest growing brokerages in the country. It is in multiple states. It is not an online brokerage, but IS cloud based. Each state that Fathom is in has at least one broker. My brokerage has a Henrico address, but agents are rarely there. We work from home as virtual offices. For example, I live an hour away from the office. I can contact the broker any time and either get in touch right away or get a quick response. There are other brokerages in VA as well. Fathom's Home office is in Cary, NC - probably only a couple of hours from you.

@David Macias Congratulations on your upcoming licensure and military retirement. I am a veteran myself living in Virginia. I am not particularly familiar with skillbridge, but I am a Fathom Realty agent. Fathom does have a mentor program for beginners coming to Fathom, is based on servant leadership, offers 100% commission less a transaction and an annual fee and more. They also have a veteran's division.

@Max Tulberg Where in VA are you located?

@Lisa Rechsteiner As @Joe Funari said, real estate agents do not have limitless funds to invest in everything that becomes available. As a REALTOR® myself, it is to my benefit to find other investors that are capable of purchasing properties that I do not have the ability to / interest in adding to my investment portfolio. In fact, if I have enough investors that I am working with for both buying and selling their investment properties, then it is a Win-Win situation. 

The buyer's agreement you make with the real estate agent is a legal and binding document that requires the agent to work for your best interests (fiduciary responsibility). Just make sure the agent gets paid as laid out in the contract, and if you like the relationship you have built with the agent, use them again and again. That should keep both of you happy and eliminate the feel of competition between you both.

@Ryan Mortimer You should create an LLC partnership for the two of you for the renovation project. Keep the buying/selling totally separate. When you sell, whatever capital was invested by each party is reimbursed. The profit should be split based upon whatever agreement the two of you come up with.

It would be unfair for you to put in the majority of sweat equity as well as the training involved to have a 50% profit split. The agent that you partner with should understand that. 

Keep the buying and selling totally separate from the refurbishment. The commission on the selling side should be paid out by the LLC before any profit sharing. So, the agent may earn a profit getting a selling commission, but the agent is also responsible for marketing and other fees. It is the agent's responsibility to make sure all parts of the selling process are taken care of properly. Same goes when acting as the buyer's agent.

This is three separate and distinct business transactions. not one. The agent's buying/selling activities have nothing to do with the property renovation project, and must be treated that way except to inform the public of the agent's personal interest in the property.

@Dean Valadez I once owned a home that had a similar problem. Each time it rained hard, water would rush down the hill and go into my basement via a too low window well. I erected a brick barrier wall around the window well. Problem solved. Sometimes you have to think outside the box to resolve a problem.

The job has to be permitted and inspected by the city/county inspector, so the short answer is "YES." 

The longer answer might be to talk to the permitting authority and find out from them how much would be grandfathered in - if any - and how much really has to be re-piped. Then go to a different plumber if you have to. It may require having the job pre-inspected to get that determination.

Unpermitted jobs will cause you problems when you try to sell the property because the appraisers look that stuff up. If you were to shortcut that process, it will only lead to problems down the road.

@Valerie Kinkead You need to use the current market value of the property to do your rental calculations. I can help you with evaluating the current property market value if you need a Virginia REALTOR's® input.

Hello @William R Bebout Jr I am about 3 hours east of you following Rt 460. Welcome.

Does your contract say that it is subject to appraisal? If so, you can either negotiate a lower price or walk away. If the seller makes the clause that a lower price will not be accepted if the appraisal comes in low, do not sign that!