All Forum Posts by: Gerald Thompson

Eric,

The area in question has been good due to the Department of Energy plant that is also nearby.  That plant was 60 years strong and just moved 10 miles south to Grandview.  Just be careful as there are some rough areas nearby. Good Luck!

Gerald

@Tiffany Plovie,

Exactly... It is hard to pay a commission on a transaction that may, or may not, take place. The fact that the contract was signed during the realtor's tenure was the part that I was struggling with. It sounds as if the commission will be paid at the time of the actual close of the deal; therefore, commission in order even if the actual closing of the property occurs 2 years after the fact. GOT IT! Thank you so much. It is alot clearer now.

@Brian Gibbons,

Thanks for your help. That was what I was thinking. I guess the safest way is to keep a clear break between renting and buying during the contract period. I have already placed a call to my realtor for advice, but yet to hear from her. Thanks again!

Absolutely! I didn't know whether realtors are interested in this type of transaction. So the deal could go forward, if the realtor gets commissioned, even though it is not a guaranteed sale? If so, then at what point does the realtor get commissioned?

Check your local policies regarding bandit signs... If you can get away with it, place in front of home building stores (i.e... Home Depot, Lowes, etc...). Private property is OK, assuming you have permission. ;)

OK... I need some advice. I have a property that is listed by a realtor. No more than a week into the contract, I get a potential lease option deal on the same house in which the realtor is not aware of at this point. What can I do in this situation? I do not want to create a bad relation with my realtor, but also don't want a lead to get away. The house is in a community that does not have a high volume of potential customers; therefore, a serious customer could be far and in between. I thought of standard rent for 6 months (end of the realtor contract obligation) but the tenant doesn't want to leave when the house sells. Should I walk from the deal and hope for a sale later? What are my legal rights in these types of scenarios?

Any input would be appreciated!

Thanks

OK... I need some advice.  I have a property that has been listed by a realtor.  No more than a week into the contract I get a potential lease option deal on the same house.  This was not through the realtor.  What can I do in this situation?  I do not want to create a bad relation with my realtor, but also don't want a lead to get away.  I thought of standard rent for 6 months (end of contract obligation) but the tenant doesn't want to leave when the house sells.  Should I walk from the deal and hope for a sale later?

Thoughts?

Thanks,

Gerald

Have fun!  Not going to make it due to some mentoring training.

@Asha Holly,

This is not a good scenario for an investor.  This price sounds to be retail; therefore, there is no room to allow for tenant failures.  That said, you will find yourself with a loss for the majority of the time.  I have experienced this issue personally; fortunately, I am able to perform most of the repairs to save, but this tactic is not advisable for the true investor.

Good Luck!