All Forum Posts by: Dietrich Gale

Thank you very much for your response. It does help. 

I do not, at all, want to imply bad intentions. I  was reading some articles warning investors that becoming an agent could put you in an unintended legal situation when negotiating the price of a house for yourself. And I was curious if the legal obligations cross boarders when one becomes an agent. I don't want to negotiate what I consider a fair purchase price of a house that needs repair, only to be sued (and lose) because I didn't disclose something I didn't realize I should have. 

I do know I can't sell outside of CA. I have an opportunity to work with a broker here, part time, and would like to take advantage without creating a large roadblock to investing outside state boarders. 

Cheers

I am considering getting my RE license in California. I also want to invest out of state. While I don't plan to swindle anybody, I also know that agents have a fiduciary responsibility, specifically when disclosing information. Would those responsibilities carry outside state boarders? 

Investment Info:

Single-family residence buy & hold investment in Albuquerque.

Purchase price: $150,000
Cash invested: $12,000

Originally an owner occupied VA loan. My wife and I bought it as a primary home and kept it when moving to CA. Time, and a refinance when the market crashed, helped turn it into a cash positive investment. I came up with an estimate of how much we put into it by adding the mortgage payments we made as well as the negative cash flow we ate for a few years.

How did you find this deal and how did you negotiate it?

Real estate agent.

How did you finance this deal?

VA loan.

How did you add value to the deal?

Waited. And realized the because we had no down payment, it was essentially a free house.

Lessons learned? Challenges?

The negative initial cash flow, poor timing; combined with the current state of the house's financials made me realize how powerful real estate investing is.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My agent, not so much...

BUT

Network Realty, owned by Robbie Childs, is an outstanding management company. One bad tenant, and a few other minor issues, all handled by Robbie and her team with professionalism and punctuality. They have been awesome.