All Forum Posts by: Ivonne H. Magdaleno

@Ashton Davis why not make your father in law a partner in an actual partnership agreement to purchase your next investment property? That way it is an agreement between 2 parties. He invests and you do the work, so both of you would be in on the investment and would both cash in on the profits.

@Mark DiPietro the last one I saw, they said they were taking a break. Probably in need of doing other things right now. Or maybe they really just need a break.

Hi Kathy. I am a REALTOR in MD and work in Montgomery County (MoCo, as it is locally referred to). Basements with full kitchens are legal here.  However, you must get permits for these types of units i a home, and final approval from the county. Rental units require a license. Here is a link to the County's Landlord/Tenants info. You can call there and get specific info you seek. Market demand is very high and inventory lasts 5 days or less on market including going under contract. Expect to pay premium for a property in MoCo.  https://montgomerycountymd.gov...

Call the county land records and ask if recording the contract is an option.  Yes, I would seek the advice of an attorney.

@Alex Powell Hi Alex. What type of purchase contract did you use? Is it a form from thw local REALTOR association? Was it written by an attorney? What contract did you use? Usually, contracts are not instruments that are recorded at the courthouse. Contracts are meant to either be mediated OR contested and enforced in a court of law. I would carefully read the contract to see what thw remedies are for default. There should be a clause on the contract that addresses default by the SELLER and by the BUYER. If you are unsure, seek the advice of a Real Estate Attorney. An attorney can review it and advice you best on what to do if the SELLER defaults. Has the SELLER actually broken any of the terms of the contract yet? Also, you need to make sure the contract is actually valid. Meaning, all parties agreed to all terms, initialled where needed and signed the contract completely. Also, all parties must have a copy of the contract. Consult an attorney if you need advice.

@Melissa Patten Check out Tony J Robinson's podcast on Biggerpockets. He mentions several tools there which he uses for booking, pricing, managing, and communicating. He is also on Instagram. I found his episode to be quite informative and STR's are his investment focus.

@Craig Parsons Hello Craig. You've received some great advice here and also some good opinions from many investors.

With regards to the agents you contacted, please don't take it personal. As an agent, I can personally tell you it's very easy from the point of view of an investor to judge th work of agents without really knowing how they work. It seems to me you are missing the part of a relationship with an agent. All agents will not work with investors. You need to find one that does and ask them how they work and what you should expect of them. Interview first. I develop relationships with people first. As for recommendations in the area you are interested in. Look for off market properties. With a hot market listed properties on the MLS will likely sell for full or more than asking price. Asking an agent who represents the seller, to place an offer on your behalf that is less than market price with owner financing is not even a consideration for a Seller. The agent should have called you back to say NO, at the very least. Remember, to get your own representation. Seller's agents have an obligation to the Seller. That's it.

You need to find out if a buyer's agent is a FULL TIME agent and works with investors.

Honestly, the market at this time seems to be hot everywhere. Learn to generate OFF MARKET leads and make offers in writing to Sellers after you develop rapport with them. This is a people first business.

It may take time to find the right agent. Keep looking. I agree that a new agent will most likely be a better option because they'll work harder, but the trade off is lack of experience.

Look for the right agent. Find someone who will represent you and works with investors. You need to do your work first. Don't expect red carpet service. Be qualified with a loan up front. If paying cash, you'll need proof of funds to give with your offer. Make sure you have all the documents you'll need when making an offer.

Ask others in the forums if they have a recommendation for an investor friendly agent, or meet one at a local REIA or meet up.

You can obtain a list of agents through the city's local REALTOR Association. Call title companies and ask if they can refer you agents who work with investors.

Best of luck.

@John Apple Hi John. That is certainly disappointing, but it is part of reality in an agent's life. It is not worth doing anything. The laws in your State regarding the agreement would be the best place to start. Also, did you thoroughly cover their responsibilities and yours when you went over the buyer's agreement? Being upfront with clients at the initial meeting(s), helps avoid issues like these from happening. In my state of Maryland, the only possible way we may have recourse is if you showed them the property they bought with the other agent, and can prove it. Your Broker would have to be interested in pursuing that fight. It sounds like your Broker wouldn't bother with it. Perhaps it would be good to revise the way you work with buyers. Are you new in the business? It's always good to ask buyers questions regarding the property after each showing. For example, I ask after the 1st house I show: "what did you think about the property?", "what features did you like and dislike about this home?", take notes, then compare each property showing with the previous one. This will help you narrow down the features the buyer really wants. After doing this a few times, yiu can begin to show the right properties and try to close after each showing. Meaning, ask them if they want to move forward with an offer on that property. Buyers don't always know exactly what they want. Paying attention to reactions and comments at each showing helps us find out more about buyers' preferences. We learn from experiences.