All Forum Posts by: Jeff Moore

Marco, interested in this as well, please let me know if this is still available.

Marco, is this place still available?

Is this property still available??

PM me if you own and are renting out or flipping luxury SFR's. I'd love to chat!

@Austin J., Talk with the owner and find out what he's willing to do in regard to seller financing, then go to your partner and find out how much they'd be willing to go in on it with you. The middle is where the commercial financing would come in.

Example:

Seller financing 20%

You and your Partner?: 20%

Commercial Lender: 60%

It's a possibility that your personal income may not matter as much, since you own your business you could use it's income statement and buy the building under that entity, potentially. And how great would that be? Suddenly you own the building your business is in and you're no longer paying rent, but collecting it instead!

I have several lenders that operate in Greensboro but I would need much more information to narrow it down. If you'd like, PM me and I'd be happy to help. :)

@Matt Morand You can do it either way, but if you go with a portfolio lender, they will usually require a minimum number of properties AND/OR a minimum appraised value of each property, i.e. minimum of 5 properties each valuing at least $50k.

First of all, I want to thank everyone who chimed in here the last few days. I honestly didn't expect such a large response so I'll do my best to respond to everyone here.

The list price for the house is just shy of $155k. @Christina Carey and @John King, thank you for your input. They gave me a Seller's Net Sheet Estimate (which actually states at the bottom that all figures are estimated and subject to change ) that spells out what the brokerage and seller's agent % commissions and corresponding dollar amounts are.

6% - $9641 (my agent/his brokerage)

4% - $6194 (seller's agent)

Total (math & stuff): $15,835, or exactly 10%, so the seller's percentage isn't coming out of the 6%. It's a full total.

Now, I take full responsibility for my ignorance here and just blindly signing things, especially as someone who deals with commercial finance regularly and has his own clients sign similar fee agreements.

Honestly it just never occurred to me mostly because I was just so damn excited to sell the house and be done with it. But then I took a second look after one long restless night of thinking about it. @Steve Haight is absolutely correct in that this is one of those unforced errors that I should probably just high-five the guy for getting it past me.

In my eternal optimism, I'm hoping he was inflating that commission as leverage to use for negotiation with the buyer. For instance, if we couldn't come to an agreement on price with the seller, he could say, "Oh I'll just throw in a point or two off both agent's commissions to make ends meet, and we have a deal!" and look like a big hero.

And if that didn't happen, perhaps at closing he'd be like "Hey look, here's a bunch of extra money I didn't think you'd get!" and look like a big hero.

That's my eternal optimism, though. Surely not reality. But hey, a guy can dream.

I really don't believe Agents make too much money -- everyone has a right to make as much money as they possibly can. I will attempt to negotiate a bit with him and I think he'll play some ball, but at the end of the day I'll write this off as a solid life lesson.

Thank you all for your input. You've all be wonderful.