All Forum Posts by: Gabe Waldrep

You shouldn't have to pay the fees unless your realtor writes the offer and contract. He should be ok with giving you advice. It only takes a few minutes to run comps for a property. Let him know you still want to buy future properties from him, but you have to explore all options. If he won't do it, then I would look for another agent who will. As an agent, I look at investors as repeat business. They may not always buy from me, but since they buy more often than a normal buyer, it's ok to advise on purchases in which I am not involved. They don't all see it that way, but you can pitch it to him that way.

Comps are comparable sales. If it is a wholesaler, he/she should be able to provide you with some recent sales, pending sales, active listings that are comparable to this property. Comparable means built within a similar time period, +/- 10% square footage, same neighborhood or nearby, similar neighborhood. If you have a realtor that you have used in the past, he/she should be able to provide you with some comps. Just ask and let him/her know you are looking at something off market. I do it for clients all the time.  

If you are using FHA, then you need to make sure all systems and appliances function properly, no holes in any walls, the flooring needs to be in decent shape with little to no stains, the structure in good shape, no rotted wood/trim, no peeling paint or unpainted wood, etc. FHA has stricter requirements on condition for their loans. So they may require some repairs. Ask about roof condition and when it was last replaced. Find out age of systems. Check electrical panel. Ask the wholesaler or seller for comps if you don't want to use a realtor. Are you getting a home inspection?

I would agree with Jacob. If the light still turns on and functions, then I would not fix it. But I would have that conversation with the tenant. Maybe let them know that if after a few months of paying rent on time, you will look into repairing or replacing it with something similar. Definitely have a conversation with the tenant, letting them know that it is not a critical item but you will repair it in time. Set a deadline and a goal.

I would have to agree with most of the above advice, especially since you are out of state. Get an agent to help. Having someone local with local connections and knowledge goes a long way. In my experience it is well worth the cost. 

This is common. I have helped a few investor clients purchase wholesale deals, and we always have to add my commission on top of the price. Most of my investor clients are repeat buyers, so I don't charge them the normal 3% realtor commission. It's up to you on how much commission you negotiate. For me it depends on how much business I expect from them and how many properties we have to view per deal.