All Forum Posts by: Eric Andrews

$5,000 a month to be free, $10,000 is my goal though.

No, they make sure all aspects of the transaction go smoothly. If something comes up, they can help you get the issue addressed, or help you get out of the deal. If you wrote an offer using a contract on BP or another site, it could cost you more than $3,000.

It depends, but if you're not quite sure what you're doing yet, it's much better to have an agent represent you. After finding a property, writing an offer is really the first and easiest step to purchasing a property.

Where can I learn the in-depth details of hard money? I need to figure out how to write a solid offer for a foreclosure which requires a pre-approval letter or proof of funds.

In other words, If you wanted to buy a HUD home for a fix and flip, and finance the majority of the purchase with hard money, how would you go about doing that?

Thanks, - Eric

P.S. I see that you're wanting to get into wholesaling, so disregard what I just said for wholesaling and find deals without an agent, you can always ask for an agent to assist you if you offer compensation, but you'll have a hard time finding one that'll help you wholesale.

If you are serious and want to work with an agent, be straight up about being a new investor, but offer a retainer fee that is only refunded if you close on a property. This will force you to find a property, do the analysis properly, and write solid offers. I don't know what the going rate is in Charlotte, but you could certainly ask around. Just know that there's nothing worse than showing a ton of properties to someone who doesn't have any skin in the game and so they never write an offer, or they don't do their analysis properly so they never write an acceptable offer. But if you have $1,500 to lose, we have a better feeling that you're serious, you'll be forced to do the analysis properly, which will help you make solid offers.

Just my 2 cents from working with investors who liked the idea of being a real estate investor, but never got out of their comfort zone.

I had an electrician address a problem with my hot water heater, he fixed the wiring, but referred me to a plumber to replace the heating element and thermostat. The plumber wants to replace the entire unit for $2,800 (no idea where he came up with that number) because "it's 10 years old and parts are going to continue to break."

To replace all of the parts except the storage tank would cost less than $200, and only $40 for what I need to replace now.

Am I missing something?

Thanks, - Eric

Does anyone have any experience with the online Indiana Broker Course offered by REAL University? myrealu(dot)com

They are approved by the state, but is there any reason why I shouldn't consider them? Is there a reason I should consider a different school? 

Thanks, - Eric

No, that's just a message to the user. You can customize it to say anything you want, and it should fit neatly in between the lines.

I have met a few owners or sellers that are on BP, one was interested in selling him his house, it was well maintained so I told him that unless he needed it sold now for some reason, he should probably list it with an agent.

I couldn't find it anywhere else, so maybe you'll find it helpful.

https://www.biggerpockets.com/files/user/EAndrews/file/yellow-letter-template