All Forum Posts by: Chris Loker

I am concerned about the realtors, though. I just got licensed earlier this year for MLS access and just general learning, and know how hard they work. I am trying to be very careful with my wording and was clear that the contract would have to be broken and it is obviously not a decision to take lightly. Going forward does it ever make sense to pay some commission or some kind of compensation if we are the reason a contract is broken?

Thanks @Cody L. and all. She is still reaching out to me and just told me the property is actually paid off full and clear. She asked for 10% down, because she thought she would still be responsible for the closing costs and realtor commissions. 

I see what you're saying @Cody L.. I told her the only way we could come to an agreement anywhere near retail price that makes sense for us would be to take over with basically nothing down, and then make payments to her over time. Waiting to hear back from her.

I have been looking at properties with sellers before getting into any discussions about terms or price in order to establish rapport, but found that this was wasting a ton of time for me since the vast majority aren't even remotely close to being deals regardless of how well we "click" or not. So now I am not even looking at a property unless we can come to terms that are at least in the ballpark that will work for both of us. Is that the best way to handle the initial point of contact or should I continue trying to get to know them before discussing terms.

The reason I ask is because a guy contacted me this morning, but won't give me any info about the property as he said he had some bad experience previously with other investors and wanted to meet face to face to make sure I am legit, which is completely understandable. However I told him that I don't want to waste his time or mine if there is no possibility of  me moving forward on the deal, so I required the address and what he's asking before meeting, he then told me he wasn't interested anymore and hung up. How would you handle sellers like that?

@Vinod Dasani yeah I switched to L/O or subject to when she told it was listed and I saw some comps. I figured there might be something there if I could control for a few thousand bucks but just wanted to double check before automatically dismissing properties with no equity and higher down payment requests.

Thanks!

Just spoke with a lady in Gallipolis, Ohio who is moving to England. Her home was listed with a realtor a few weeks ago at $125,000, which is retail. She is open to keeping the loan in her name but needs $25,000 down and basically wants the full price if she does that.

Is there any way to make a deal work for both of us when the seller is offering 80% financing, but at retail value and requiring 20% down up front?

In the future if we ever do come to an agreement on terms with a seller, would that be considered a sale in the traditional sense, so we also need to keep in mind the 3% to the realtor?

Thanks!

Update: Passed both parts of the exam this morning! Time to start hunting for deals.

I purchased the Compucram software at the suggestion of my broker, and it is fantastic. That was literally the only thing I used to study for the last week and I scored over 90% on both sections. I googled promo codes and found TENOFF or Coupon10 that saved me $10 off the price, or if those are expired just search for some updated ones - although the codes only worked at the Compucram website and not through the Hondros website for some reason.

If I had to do it all again I would have purchased Compucram BEFORE classes at Hondros and studied during those. The instructors do their best but there is only so much material and there is a lot of wasted time. There should be more than enough time to study and then basically be prepared for the exam as soon as classes are done and your application is approved.

Good luck!

Awesome Robert, it looks incredible!

Just to update I decided on Key Realty. Awesome low commission with basically no other fees outside of the Realtor dues plus weekly training sold me. 

Perfect for what I'm looking for and anyone looking to just "hang" their license here in Ohio. 

Thanks everyone!

@Robert Ellis thanks!

@Joan Defenbaugh Yes, please do. Which did you like best? 

@Melroy D'Souza Haven't heard back from any of them. BuildRealty is supposedly all investors according to their website and the other two are flat fee brokers.