All Forum Posts by: Edward Burns

@Alton Williams

I think the big difference is a real estate agent that treat it as a profession, and takes pride to give his client the best possible service versus a real estate agent that treats like a job. A true professional real estate agent is worth his(her) weight in gold, where a shoddy real estate agent can cost the buyer a lot of time and money. The trick is finding the right one. And yes, it is nationwide (probably worldwide).

Because HUD has a minimum commission on low price homes, most agents will pocket around $600 (after all splits, including their brokers share) on the sale. Two sales/week x 50/weeks =~$60000. That should be worth a little effort in my opinion. especially for the listing agent, now the buyers agent, yes, it is a bit more for the same $600, but still if each sale requires 20 hrs. of work, that still works out to $60K/yr. $60K is twice the average income in Detroit according to the city's web-site.

@Samuel Pichardo

The county assessor can give you some information, but is by no means close to accurate. The assessor valuation of an house maybe 3-4 x's higher than the actual value (depending on the economics of the area) and recent sales prices may be way off if located in an area with a high number foreclosures recently sold especially when you do not what condition they were in. My current home was bought for under $10k, assess value is over $40K (the purchase is recent enough that I have not been able to file an appeal yet), and the appraisal price (after $10K in repairs were made) is $35K.

Assuming your residence is at the lower end. Refinancing (@80%) would give you around 96K - Current mortgage. Depending on the amount still owed on the house (it should be close to the amount you originally finance plus maybe a few hundred, you may result in getting only a few $K by time you pay the loan closing costs.

I have used MagicJack for a few years now. Their majicjack plus works for Wi-Fi systems and they do have airbus cards available also. Initial equipment cost is about $50.00 which includes 1 year of service. Additional years are around $20/each.

I would still begin with the county courthouse. Explain the circumstances and Ask them how to change the deed. They may not be able to do it themselves, but they can advise what direction to take.

Good move.

I can see where a buyer can look at a house that is priced below market and wonder why. What is wrong with this house that I do not see that makes it less valuable then the one next door (or on the next block, whatever)? The unknown can be very scary to many folks.

The deal is based on the expert sharing his expertise for 33% of the profit. If there is no profit the expert does not get anything. I see nothing wrong with it except for a time limit or number of deals. I would be concerned if the "expert " said pay me $xK and I will help you get a deal.

Also I an advocate of putting things like this in writing, it often avoids misunderstandings in the future.

Based on your numbers, I would definitely investigate it further. I do believe the vacancy rate you are assuming may be low. The utilities charge seems to me to be water and sewer (not common area electric as suggested by others) but it needs to be confirmed one way or the other. In addition you seem to be budgeting about 15% to maintenance, this might be low when you consider normal maintenance plus big ticket capital items like roofs, etc.

It appears like you have no experience in the construction industry, or what to expect. I would team up with a general contractor that has the experience and expertise you are lacking and learn from him(her). Then if it makes sense branch off on your own.