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All Forum Posts by: Chuck Mader

Chuck Mader has started 1 posts and replied 34 times.

Post: Flip going south: Here is my story. I need advice on what to do

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30

@Parker Eberhard. Funny, literally listened to that episode today.

It’s a great piece of advice - calling zoning/code enforcement during due diligence.

Post: Delayed Financing and rehab costs

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30

Thanks much!

Post: Delayed Financing and rehab costs

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30

There was a podcast about a year ago where the guest discussed a trick that allowed delayed financing to include rehab costs. 

I believe he said that if the rehab costs were included on the HUD 1 and the money was escrowed it could be included in the delayed financing figure provided it didn't breach the LTV.

Anyone know which guest:and or podcast this was?  

Thanks much!

Chuck

Post: Realtor wants us to sign contract.

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30
Originally posted by @Charlie MacPherson:

@Chuck Mader  Redfin agents receive a salary, benefits and paid time off.  

Compare that to other agents who get none of those things, plus they pay their own expenses and make ZERO unless they get your house sold or help a buyer to find one.

Question 1: Which agent is motivated to work harder?

Question 2: Which agent do you want working for you?  The one with more hustle or the one on a salary?

 I’m not here to promote Redfin. I am simply reported my experience which was:

1.  Both times we’ve used Redfin to purchase we’ve won in multiple offer situations (and got cash back). 

2.  Our last sale we paid 4.5%, had a 99% contract in 7 days, and closed in 30. It was a smooth transaction. 

3. We were recently dealing with an independent agent who is reliant on the “hustle”. It took me two weeks to get a meaningful conversation with him and after 3 attempts we still never got the info requested.  

Bottom man is it’s dependent on the agent. 

Post: Realtor wants us to sign contract.

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30
Originally posted by @Don Konipol:

@Chuck Mader, Hi Chuck, could you elaborate on the terms of Redfin paying agents to show property?  I am totally unfamiliar with this business strategy.

@Don Konipol - 

This is my understanding of the Redfin model gained from using them a few times. 

When you use the Redfin app to set up a viewing, the Redfin agent that shows the house is an associate agent. They are junior agents and are paid per showing.  It’s been made clear to us that they want to show as many as possible because they get paid for each showing. 

Simultaneously, we were working with a senior agent who would show houses, as available. 

It sounds kinda clunky but we have been very satisfied every time we have dealt with Redfin. 

Post: Realtor wants us to sign contract.

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30

@Russell Brazil

Interesting. Thanks for that clarification!

Post: Realtor wants us to sign contract.

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30

@Russell Brazil

I wasn’t real clear - I have signed at the point of making the offer.

I think this really boils down to the level of trust and, thinking through if there isn’t mutual trust then you probably shouldn’t be working together anyway, right?

Post: Realtor wants us to sign contract.

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30

I’ve bought many homes and have never signed a buyers agent contract, nor would I.

Does it have a cancellation clause?

I can see it from the realtors perspective but, at the same time it locks you in. What if they don’t perform? Suddenly stop responding timely?

Do you have Redfin available in your area? It’s a really neat concept because associate agents are actually paid for each showing - They want to show you as many as you want to see. We’ve had great success with them.

Good luck on your search!

Post: Finding deals on Redfin or Zillow?

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30

@Corey Samuelson

Make an appointment with Redfin. The associate agents actually get paid per show so they want to show as many as you want.

Work with the Redfin agent to get the proper values (and do your homework, research solds, etc).

The listing agents loyalty is to the seller.

Post: Am I a Shady Landlady?

Chuck MaderPosted
  • Investor
  • Punta Gorda, FL
  • Posts 35
  • Votes 30

If you’re having to ask the group if it’s shady.....I know I wouldn’t rent from you - especially when you disclosed you raised the rent 6 months in.

You’re trying to get the benefit of a long term lease without the responsibility of it.