All Forum Posts by: Jacob Villalobos

Most likely smoke and mirrors. Standard contract allows for them to keep EMD and that should be it. DM contract if you need someone to look it over for you!

0 Votes

I rent to my best friend in the house behind me. Great Guy. Great Tenant.

I had a serious talk with him before he moved in and let him know that in the case of him not being able to pay rent (i.e. job loss) he would need to move out quickly. He understands that if he does not pay we cannot make our mortgage payment.

In any other case it's a No, however it works really well for my situation.

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Originally posted by @Andrew Erickson:

@Jacob Villalobos, great idea. What is the best way to find a commercial agent in LA?

I would google someone who specializes in selling your building type. I have worked with a few Brokers who do large buildings in Los Angeles. You can always DM me or find me on Facebook! Best of luck!

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1. Get a idea of how much the building is worth (talk to an agent). Might be a building in an really expensive area of LA.

2. Get an appraisal and use that a the guide for the buyout price. Not the amount they have been paying for the last 20 years.

2 Votes

Tell the tenant you can only go by the legal written contract.

https://www.floridabar.org/public/consumer/tip012/

1 Vote

Originally posted by @Charlie MacPherson:

@Sandy Brown I'll disagree with a few of my esteemed colleagues here. My practice is to be scrupulously honest without exception. If I can't trust you in the little things, I can't trust you in the big things either.

The Realtor Code of Ethics states that you must be truthful. The $500 lie is a relatively small one, but it's still a lie, meaning that it is a clear violation of the Code of Ethics.

While the seller's agent does have a duty to get the best deal (price, dates, terms) for the seller, she cannot lie to do so. Parenthetically, that's the kind of thing that leads to idiotic statements like the one @Jacob Villalobos made above.

Whether you pursue this is up to you. As a matter of principle, I probably would.

Your options are: 1. A formal complaint to the real estate commission. 2. Small claims court - here in MA, you could sue there and ask for triple damages. 3. Expose the agent and broker on social media, which I normally wouldn't recommend, but you actually have indisputable proof. That means that charges of slander are going to fail because truth is an absolute defense.

By the way, if I were your agent, I would have asked the seller's agent to show us the failed offer before agreeing to match it. The other thing to dig in to is WHY the previous buyer's financing failed. It could have been that the unit would only appraise at $80,000.

And @Matt Shields is right. The seller's agent tipped their hand to the detriment of the seller. What if you were ready to write an offer at $89,000? She sounds like a real gem.

While the strategy @Charlie McPherson suggests is technically correct, who has the time for such things? I laud his effort but by the time you step into court or file a complaint with the Real Estate Department...I'm already bored.

All that work for $500?

Also a ton of negative energy. I got better things to do with my time than chase money/people who are not going to do business in good faith and honesty. Obviously the biggest loss is to the agent and the opportunities he/she will be missing out on because I no longer wish to do business with them. My money is my vote.

The job of a salesperson is to sell. You don’t sell you don’t eat. Some are ethical but many are not. Trust but verify and stay focused on the big picture.

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It will take you $125 months to make a profit of $75k.

*remember taxes and commissions

1 Vote

Yes

I live in a triplex with each unit separate.

Our last house hack netted us $170,000 and a new building in the nice part of town

1 Vote

Run background checks on both of them and tell them, "I'll get back to you."

0 Votes

Bye bye!

Let her find somewhere else

1 Vote

All Forum Posts by: Jacob Villalobos

Jacob Villalobos has started 14 posts and replied 168 times.

Post: Being Sued for backing out of a Deal - What am I liable for?

Post: Renting to friends ? Yes or no ?

Post: HELP! Family inherited commercial property and it's a mess

Post: HELP! Family inherited commercial property and it's a mess

Post: Tenant Says They Had A Verbal Agreement With Prior Landlord

Post: Realtor Lied - Ethics Question

Post: bougnt 5plex 375k , should I sell for $450k if $600 positive CASH

Post: Has anyone who has house hacked had children?

Post: showed apartment to two clients, both of whom want it;

Post: Where to draw the line--managing tenants