All Forum Posts by: Jamie O'Brien

Great information from everyone! As far as I understand it, Agents have to be careful when anything can look like a rebate or a kickback. I believe Alabama has just passed some more legislation that makes it harder for Agents to pass on off market deals to buyers. As far as buying off market, I don't see how this would be an issue unless this particular agent would consider your wholesale fee to be a kickback for finding him a house or thought it would violate his code of ethics. However, I have found that when buying off market deals you are usually doing the seller a favor and taking a burden off of their shoulders.

"The REALTOR® Code of Ethics’ Article 1 requires REALTORS® “to promote and protect the interests of the client.” REALTORS® must always keep this in mind when recommending a pocket listing to a client. Even beyond the Code of Ethics, state law generally dictates that real estate agents owe a fiduciary duty to their clients, meaning real estate professionals must place their clients’ interests above their own and act in the best interests of their clients at all times."

Read more here - https://www.nar.realtor/articles/law-policy-professionalism-and-pocket-listings

Thanks Paul and Ritch! Great feedback and important questions!

BTW... not sure why my last sentence is starred out up top but that is supposed to say "...actively pursuing my first flip..."

Hey Everyone. I'm a new investor and have been granted an amazing opportunity to spend a day with the TOP house flipper in my market. I want to make the most of this time to learn from the best as well as make an impression on him for potential partnerships and an ongoing relationship. I understand the numbers and am confident I will pick up the process of handling contractors and estimating rehab once I get "hands on" into my own flip. I'm actively looking for my first flip and have several offers out currently. 

Here is my question. If you had this opportunity when you were first starting out, what questions would you ask? How would you best utilize a full day with the leader in your market to jump-start your career as a Flipper?

Thanks for the input!

I have to agree with Clayton, although he know WAY more about this than I do. Chew on this a little. Double check tax numbers and make sure those taxes aren't exempt in any way. Also, for an investment property expect to pay about half a point higher in interest, unless you plan on living onsite. We just closed at 4.75% @ 30yrs and that was the best I found. You're looking at least $30k in repair. That would probably be a minimum. You can't just patch a 31 yr old roof.... let me rephrase. You shouldn't just patch a 31 yr old roof. Plus the mold issue. How are you planning on funding these repairs? You can get as aggressive as you want with your initial offer. Doesn't mean they will accept it. It's been listed for 210 days for a reason. Good luck!

@deniseevans is the Alabama Tax guru, from what I have seen thus far. She may be able to answer your question. 

Hey @Michael Rothenberg and all my other Birmingham Investors. I'm a new investor as well in the Birmingham area. I'd love to get together and talk real estate, deals and strategy with any or all of you in the area. I am currently looking for deals and am Intersted in BRRR, standard Buy and Hold and Fix & Flip, depending on the area. My goals are to build a real estates business that replaces my wife's income and go from there. I'm extremely interested in partnering with an experienced fix and flip investor on my first few. I am able and willing to partner 50/50 both with time and finances.

Good luck on your venture!

Welcome Skylar. I'm also a new investor in a Birmingham. I've found BP to be great and have begun networking at local REIA's. If you haven't already, jump on MeetUp and look for real eastate. Lots of meet ups with new and seasoned investors around Birmingham. I look forward to seeing you around!

Hello Bigger Pockets!

I've always been interested in real estate investing, but, like many, never took the time to understand it and was afraid to jump in. That was, until a "deal" fell in my lap. I'm currently under contract on my first deal with a partner and decided that it was time to learn real estate.... Backwards. I know. Luckily, we do have a deal. The more I read and listen to the podcast, the more excited I get. I'm eager to learn and grow my network in Alabama. I've always had a personal goal of being financially independent so that I can one day be the best father that ever was. I believe that real estate will help me achieve that.  

I plan to continue working a full time job and want to use real estate to cover my wife's income gap so that when we have children she can raise them at home. I plan to purchase 3 buy and hold properties and flip at least one house in my first year. 

I look forward to many conversations with all of you on BP.