All Forum Posts by: Christian Weber

SFH under contract for $106k (current owners purchased a year ago for $59k and did lipstick on a pig) - neighbourhood nice b /class neighbourhood - no crime

Inspection brought up a few things

Asbestos tiles in the basement, im told they are fine but I would prob want to epoxy over them to be safe though not needed I just dont want to have anyone at risk ($1500)

Roof will need to be replaced in the next 1-2 years ($8-9kish)

Garage door needs to be replaced ($700)

Stairs and driveway need to be addressed ($2k)

Had drain scoped needs to be cleaned out ($500)

AC is working but on the way out ($2k)

a few windows needs to be replaced and smaller stuff etc - looking around 15-20k out of pocket to get home up and running

Now all done up this home will appraise for $120-125k and rent for 1400 a month

however and I understand the sellers want to make some money (home was sitting on the market for awhile) but this is a pretty big list of big expenses and while I dont mind taking them on to be all in with zero meat on the bone from an equity standpoint seems not ideal as I will be locking around 40-45k up in the property.

Insight appreciated - thank you for getting this far

0 Votes

Originally posted by @Bjorn Ahlblad:

Make sure you check out the PM thoroughly. You do not owe them any allegiance. Look at some others too.

A friend uses them and said they were decent enough and he hadn't had any issues.

0 Votes

Quick one - Under contract on the first out of state rental (SFH - 3/1) - inspection early next week, having a friend go to it (he is a handyman) to walk with the inspector to give me honest feedback otherwise im flying up for it.

Using second home mortgage for it with 20% down - Plan is to keep in my name and just get a big umbrella policy

Anything else anyone suggests to make this go smoothly

Property management company in place

Thanks in advance

0 Votes

Originally posted by @James Wise:

I guess I just dont see the difference in referring a client to an agent and referring myself to an agent as at the very bases of it, it is a transaction of a licensed agent passing the details of a qualified buyer over to another licensed agent. Just because the agent is also the buyer doesnt change the fact that the process is the same. I dont see it and thats ok we disagree
If anything it will be an easier transaction with someone who has done business before and understands contracts, time lines, not getting a new credit card the week before closing etc or is a cash purchaser then a brand new buyer that will need to be walked through the process, have the hand held etc. But each to their own

thanks for the insight

0 Votes

Originally posted by @Kamil Baldyga:

Hey Christian, I'm an investor specialist agent in the Fayetteville, NC area. It is very common to have a buyers agreement that has the buyer paying a premium, making up the difference for commission. Reason being is that investment properties are typically lower cost and the agent's commission is not enough for the time and effort they put in (investment properties also tend to be more complicated and troublesome type of transaction). Agents gotta eat too. On our team, any property purchased over 120K has no buyer premium.

Hope this helps, let me know if you have any questions!

Much appreciated - what is a typical buyers "premium" fee you charge? Is it just a standard 3% or a round number?

0 Votes

Originally posted by @James Wise:

Originally posted by @Christian Weber:

Originally posted by @James Wise:

Originally posted by @Christian Weber:

Originally posted by @James Wise:

Originally posted by @Christian Weber:

I believe that if you were to ask for that referral fee, you'd find more people would want to punch you in the face than work with you as your agent.

So in the 200mil $$ of homes you sold / your career you never referred one out for a referral fee? Is that not one of the benefits of having a license?

I don't know where you're going with this question. You aren't making any sense man.

Sorry (fyi the YouTube is hilarious) - I meant in regards to your comment asking for a referral fee would go down poorly, so I am wondering have you never asked for a referral fee on any deal as you have done a tonne of volume.

1 Vote

Originally posted by @James Wise:

Originally posted by @Christian Weber:

Originally posted by @James Wise:

Originally posted by @Christian Weber:

I believe that if you were to ask for that referral fee, you'd find more people would want to punch you in the face than work with you as your agent.

So in the 200mil $$ of homes you sold / your career you never referred one out for a referral fee? Is that not one of the benefits of having a license?

0 Votes

Originally posted by @James Wise:

Originally posted by @Christian Weber:

Looking into investing out of state (im licensed myself)

Agent out of state I was speaking with told me I would have to sign a buyers agreement that states they must make a min of x amount on a deal and if not I make the difference up (plus office fee). Home are around the 75-100k

Is this normal as if anything I was going to ask for a referral fee but noticing how low the prices was I was going to not do that.

Just wondering if this is standard practice, I personally dont use those contracts myself with my buyers as if the house doesnt pay enough I dont want my buyer to pay. I will make it up on the next transaction.

Thoughts please

Thinking about asking for a referral? Bro, just ask them directly how much they want to punch you in the face.

I dont quite understand your comment?

1 Vote

interesting - the agent has been doing RE for 1.5 years and doesnt own any investments himself which is why I was wondering on that. As an agent myself I wouldnt have my clients sign that and when I see them try to enforce it on reddit etc all it does is great a bunch of angry home buyers/sellers.

Appreciate the insights

0 Votes

Originally posted by @Wayne Brooks:

Yes, any experience knowledgeable agent has minim amount of commission they’ll be willing to work for. Assuming they are content with 3% gross on $75k, I’d expect the buyer to make any shortfall from that, and wouldn’t be interested in having to pay you a referral fee on such such a small sale. Some will say, just out of stubborn principles” “no way, there are plenty agents...”, yeah that’s true but a rookie agent will cost you much more than 1-2 difference.

unrelated - in this market in S FL you have buyers agreeing to pay the difference if the commission is not 3%?? I tip my hat to you if thats true

0 Votes

All Forum Posts by: Christian Weber

Christian Weber has started 21 posts and replied 64 times.

Post: Under contract -1st out of state deal, insight welcome - Thanks

Post: Under contract on first out of state rental - pro tips

Post: Under contract on first out of state rental - pro tips

Post: Do I pay the agent as a buyer?

Post: Do I pay the agent as a buyer?

Post: Do I pay the agent as a buyer?

Post: Do I pay the agent as a buyer?

Post: Do I pay the agent as a buyer?

Post: Do I pay the agent as a buyer?

Post: Do I pay the agent as a buyer?