All Forum Posts by: Eric Percival

I figuered it out, thanks!

Seriously, your suggestion is to give 3% because I forgot the procedures of disclosure when I took the test years ago. I'll pass

Hi,

I'm selling my first flip, and some one submitted an attractive offer but they want me to submit a seller disclosure. What should I put in the disclosure?

What I would put on the disclosure:

-When I bought it there was a freon leak to the A/C unit, because the leak was in the apartment above mines; inside of the walls, the association took care of it and fixed it.

-I'm the owner, also a licensed real estate agent

Should I put this on the disclosure?

-It was a live in flip

-I owe two months of association fees (my dad was at the hospital).

-the association requires 1 year deposit of association fees.

-2 year rental restrictions

I dont have anything else in mind right now that I should disclose, just want to cover all my bases before I submit the disclosure. 

Also, just for future reference, if a buyer doesnt ask for a disclosure are you still required to submit one? I do business in Florida.

Thanks,

Hi, Is it normal for a listing flat fee broker to charge the buyer a fee during closing around $300-500? Called two broker and asked them if there were any additional fee or hiden fees I should be aware of, they told me there was a fee for the buyer & should not effect me. But I just dont want to explain that upon closing unless is an industry standard for flat fee broker to charge that fee? please let me know. Thank you

Hi,

I held my RE associate license for 2 years, and now I qualified for the broker license. Because I've only have used my license to invest, I personally never needed direct MLS access. I currently have my license with a broker that charges me $195 per transaction on the buyer side with no support, which is perfect for me.

The main reason I want the broker license is to list my own properties.

In order to have MLS access as a broker in Miami, Fl, do I need to be part of local association or do I need to be part of both local and the NAR?

I went to the local association of Miami website, and all I could find is the fees structures, but not if it's required.

Thanks

Dalton, 

If you as GC become an investor in a new city and you started rehabbing, and you got 2-3 rehabs with a short term loan so time is crucial. How would you go hiring good contractors? 

Would you hire a single GC for all the projects, and give him total control?

Or would you subcontract all contractors? Roofer, Electrician, Plumbing, Drywall etc?

How would you setup a reliable team of contractors in the shortest timeframe ?

Cody Evans,

I second what Dalton has said, youtube is the best for learning. I bought my first rehab and didnt have cash for labor, so I decided to do everything myself without on hands construction experience. I youtubed everything and watch several other videos on the same subject. I also signed up on all the mayor DIY Forums, and posted pictures to get advice. I did laminate flooring, granite top installation, drop ceiling with can lights, install all the fixture etc. it took for ever, but I love the experience I have gained.

On another note, When I was managing properties for a rehabber, one thing that I would always like to do when meeting contractors at a job site is telling them what you like to have done and then keep quite, if you keep quite you can gauge the credibility, experience, honesty of the contractors. The more they talk the more you have a feel for them.

it varies by state.

but generally, if you need general repairs that dont require thing such as plumbing or  electrical you can just use a handyman. 

For appraisals, you need a licensed appraiser.  

If you are talking about someone to help you get a higher appraisal on your property. you need to look at what will bring you value up on the property, look at comps in the areas

Is it a good deal below market?

How is the cash flow?

a 5 year with a balloon payment is not risky if you  know how to manage your risk which include having a great deal to begin with.

If you can't refinance for whatever reason ( ex: a lot of banks require  that you have 2+ years income tax working in the same industries)... you need to let the property speak for itself, great cash flow obtain at a great price. what happens if you default, the seller will gladly take your investment property and sell it again. 

If you can't refinance for whatever reason, you can reposition the property, sell it for a profit, bring a money partner in, give seller finance to the next buyer where you act as the middle man and collect a down payment and difference in monthly payments. 

Federal means government.

Finally, why do you think the market could crash at any moment?

In regards, to your conversation, definetly try to improve it. RE investing is all marketing!! Marketing for deals, Marketing finance, marketing to sell.

Rehearse your script and try to make a list of all the objection you think a seller might have, and have the solution.

Learn from if each call, and ask yourself how could've it gone better