All Forum Posts by: Jason K.

Thanks guys for your time and input. It means alot. I think I've got it down now. And I have this post to go back to now.

Aaron, I look forward to seeing that example

I briefly spoke to my broker about it just a few minutes ago, and he's not very knowledgable in the area. He has asked me to send him my entire "ideas" on what I want/am going to do, and he's going to come to a decision with our Regional Manager....ha

Any key points you recommend that I express to him? I'm almost positive he's going to try to say I'm representing the brokerage since I'm licensed...and that they are due a piece of it, why wouldn't he? I need to be ready to defend why he won't get paid.

I can see this being a big part of my biz, but I also know I wouldn't risk letting go of my license to pursue this.

I need to "soothe" him on the idea as much as I can.

I know that I can say that because I'm acting as the "principal" I am abiding by the law..but..

Any last recommendations of things I should mention and make note of? I have a feeling if I don't make the right points and schmooze him a little bit he may disallow it.

Haha, thanks for all your help. I'll keep you posted.

Thanks. If you have any advice please do help.

To sum this up quickly for you--

Please help me differentiate my options after I've gotten a 1-4 contract written with the correct verbeage needed to assign the contract.

Chances are, I'd probably be most interested in just obtaining a fee & selling the contract for my finding for the first few unti I completely grasp the concept. I've got a target property already but I need to make sure I take the correct steps to steer clear from any legal issues or blindsides....

Will my broker need to know about this, and is he due a piece of my assignment fee? I'm assuming that there is no conflict of interest here and that this IS legal, being a bird-dog Realtor in Texas...anyone else is welcome in the topic too. Thanks so much guys.

Jaremy,

You're a tremendous help. It is starting to make more sense and I appreciate the valuable input.

I still have my confusions regarding the two different contracts(between myself and seller, and myself and buyer). It's alot more difficult to understand through a post than to actually witness someone showing me.

If you can walk me through this....

I find Harry Homeowner who wants to sell his home for $50,000. I write up offer from me to him with my name at the top with "assigns to ____" (future buyer), correct? Do I add in the verbeage in the "Special provisions" about "this sale is only contingent upon my buyer coming through" (How would I word that?), and disclosing that I am a Realtor. (I'm assuming I'd use the special provisions box to disclose this info., I purchased my home before I got my license)

Is this correct so far? Now, this is where I get confused...

I have several options at this point as to what I can do with this contract. (although I have no intentions of buying it myself)

I can sell the contract for a negotiated fee to my buyer, or write up another contract between he and I as if I already own the property, and do a double closing..is this correct? If I just want to sell the contract for a fee, what steps must I take. What form or contract is needed to make this happen with the buyer?

Also, in my initial purchase contract with the seller, how do I fill in the financing portion of the sales price since I'm not sure how my buyer will pay?

*Key steps -- Find buyer, get an executed 1-4 re-sale agreement signed while disclosing I'm a Realtor and that this sale is contingent on the end buyer, while giving me time to close. Find right buyer. Assign contract to buyer, (this is where I still need help) I've got the first half down, but I need help finishing the transaction.

Is it legal for a Texas licensee to "bird-dog"?

If so, is there a conflict of interest at any point, or anything to be careful of legal wise? Or, what actions must a Realtor take in order to bird dog for his investors?

Is the Realtor's sponsoring broker due a piece of his assignment fee? Does the sponsoring broker need to be informed of his agent's bird-dog activities?

Please advise....

What are some of your most desirable neighborhoods in the Greater Houston area?

Good morning all,

I'm a Texas Realtor that specializes in investment properties, primarily deals from the MLS, and bank owned properties.

I've been browsing various topics and posts for a few days, but haven't found answers to some of my most important concerns.

I'm trying to expand my business to homes that aren't being advertised or listed and I have recently been driving different neighborhoods in the Houston area that are prime targets for my investors, just looking for potential deals and motivated sellers.

I'm a hard worker and very passionate about my career, but I want to get EXPERT advice on if this would be a waste of time for me, driving these neighborhoods 1-2 times a week (4 hours a week) looking for deals for my investors, and even myself.

How often should I expect to locate a deal where the seller is open minded or desperate to sell his home below market value. I'm confident in my negotiating skills I just want to make sure I manage my time efficiently. Any advice here is appreciated.

Also, being a Realtor, I'm a bit confused on how I would structure my offer with the homeowner, not knowing the financing of my end buyer...How would I fill in this section of the offer? In legalese, how do I cover my a$$ in the contract to make sure I'm not liable, and can walk away in an event my end buyer does not come through?

I've read how to assign the contract -- where I would write 'my name' as the buyer at the top, then "assigns to ____" but if someone could provide me with exact verbeage here I would greatly appreciate it.

Also, what is good fee to use in Texas? I've heard where some will take earnest money up front and also collect their fee at closing. What is the most popular way to go about this if any, what do you recommend as a good fee? I don't want to sell my self short here, and don't want to be to steep.

Thanks in advance for any of you who wish to participate. It all sounds a bit needy, but after I've conquered these concerns, I'm on my way. I look forward to any help I can get. If you have any questions about the Houston market and need my expertise, please don't hesitate, I'd love to help you as well. Thanks!

-Jason-

Good morning all,

I'm a Texas Realtor that specializes in investment properties, primarily deals from the MLS, and bank owned properties.

I've been browsing various topics and posts for a few days, but haven't found answers to some of my most important concerns.

I'm trying to expand my business to homes that aren't being advertised or listed and I have recently been driving different neighborhoods in the Houston area that are prime targets for my investors, just looking for potential deals and motivated sellers.

I'm a hard worker and very passionate about my career, but I want to get EXPERT advice on if this would be a waste of time for me, driving these neighborhoods 1-2 times a week (4 hours a day) looking for deals for my investors, and even myself.

How often should I expect to locate a deal where the seller is open minded or desperate to sell his home below market value. I'm confident in my negotiating skills I just want to make sure I manage my time efficiently. Any advice here is appreciated.

Also, being a Realtor, I'm a bit confused on how I would structure my offer with the homeowner, not knowing the financing of my end buyer...How would I fill in this section of the offer? In legalese, how do I cover my a$$ in the contract to make sure I'm not liable, and can walk away in an event my end buyer does not come through?

I've read how to assign the contract -- where I would write 'my name' as the buyer at the top, then "assigns to ____" but if someone could provide me with exact verbeage here I would greatly appreciate it.

Also, what is good fee to use in Texas? I've heard where some will take earnest money up front and also collect their fee at closing. What is the most popular way to go about this if any, what do you recommend as a good fee? I don't want to sell my self short here, and don't want to be to steep.

Thanks in advance for any of you who wish to participate. It all sounds a bit needy, but after I've conquered these concerns, I'm on my way. I look forward to any help I can get. If you have any questions about the Houston market and need my expertise, please don't hesitate, I'd love to help you as well. Thanks!

-Jason-