All Forum Posts by: Daniel Owens

Derrick,

The company I may work with is based in Minnesota and works in the Minnesota market.  

Jonathan, I made a contact in Minnesota that I am comfortable with so I may go with them for my first foray into real estate investing.  I am not against investing in my home state, Illinois, but I just don't have the contacts yet.  

Adam, thank you for reinforcing that.  It helps knowing that I'm not being taken for a ride! 

Yes Daniel, it is exactly as you said with the SHALL box checked.  I will ask about the 2.7%, thanks for the tip!

Thanks for the info Brad!

The company I may work with finds houses that need some work and recommends deals to its investors.  They then find the contractor to do the work and have in-house property management for the rental.  It's kind of like a turn-key except the rehab is paid for by the investor and the investor benefits from the forced appreciation.  So if I want to go with them I basically have to use their in-house agent.  

I am a new real estate investor and am looking at buying a single family home as a buy-and-hold to rent out.  I received a "buyer's representation" form to sign from the realtor.  I have two questions about it.

1) It says that buyer will pay broker, as broker's compensation, 3% of the sales price.  I thought that the seller paid both the 3% to the seller's agent and 3% to the buyer's agent, no?

2) The realty company also charges a $400 "broker administrative commission" to the realty company upon a successful closing.  Is this a BS charge?  Isn't their compensation from the 3% they get from the seller?

I am in Illinois and the broker is in Minnesota, in case that is important.  

Thanks for the advice ahead of time!