Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: John Collins

John Collins has started 45 posts and replied 311 times.

Post: If listed with an agent, can I FSBO

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337
Originally posted by @Marc Winter:

@John Collins, are you going to kiss the agent before?  Really, do you need to ask this question?  You have a contract, and if it an exclusive right to sell listing, you will owe the fee.  Karma can have a nasty bite.  

You're in the wrong here. I can drop an agent any time I want, for whatever reason I want. 

Post: If listed with an agent, can I FSBO

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337
Originally posted by @Jonathan R McLaughlin:

@John Collins you didn’t include your dissatisfaction in your original post, which makes me wonder if you are emphasizing it after the fact to justify a course of action you aren’t comfortable with.

Same answer, you made an agreement you should honor it. You could have this conversation with the agent and see what happens if you are convinced they did t serve you well. You could have terminated the contract before any buyer if you weren’t happy But you could also have negotiated this possibility beforehand if you knew you were going to be doing marketing work on your own.

And an agents job is to represent you through the closing, so a good chunk of their work is yet to be done.

You haven’t lost anything here. If the agent brought you this buyer you would have paid them the same commission. Not sure what you mean by an honor code? 

No, I clearly stated this was the first time I'm doing it after a decade of transactions so... basically, you can drop an agent at any time. I am fully within my rights to do that and sell direct FSBO since they didn't get the job done, but I guess I'll hand them a 3% check to maintain etiquette.

Post: If listed with an agent, can I FSBO

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337

Originally posted by @Michael Noto:

Your listing contract most likely states you would owe them their fee if you did something like sell it FSBO. Approach the agent and seeing if they will agree to a lower fee may be your best bet in this case. Tough situation on both sides.

What makes sense is send them a check for the 3% and just not pay a buying agent since I am selling direct. 

Post: If listed with an agent, can I FSBO

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337

@Jonathan R McLaughlin

@Dan Travieso

Go through the agent anyways, even if I'm not happy with how they've marketed or pursued finding buyers? Like I said, I have 100% gone with agents in the past but the past week I had time to do some due diligence myself and found a buyer with a grad student .. an avenue I told them to pursue. I don't see this as backdooring as they have more than had their time to move this (even before corona) , is there really an honor code when I can cancel the contract anytime? 

I have done it before where I handed over the lead but only because I was happy with the agent or knew them well. 

Post: COVID-19 vs. Basic Freedoms

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337

The thing you're missing, is that the health care system is already overburdened. Health care workers are not only getting infected, but dying due to the lack of currently available resources. As the USA scrambles to procure these resources, quarantining is the best possible solution to buying them time. Your little speech would be good if you were a cheerleader in high school and want everyone to rah rah, but in the real world you need substance. People are dying on hospital floors and being dumped in body pits by the hundred because of a lack of resources to combat a virus totally different to the flu. 

That is why quarantining is important now. Yes, the middle class and wealthy can complain about others not working all they want, but it is the actual workers who are disproportionately affected, whether they be $15/hr restaurant workers, $25/hr construction workers or $82k a year nurses. Actual workers. So it is out of consideration for an already overburdened system, and to not make things worse, we quarantine for a while and NOT go to sporting events, music festivals, restaurants etc. because it is the country's obligation to treat those who are critically ill whether you like it or not. I'm getting hurt financially but as someone part of the human race, I accept it is necessary. 

Post: 100k cash what should I do with it in this market

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337
Originally posted by @Remington Lyman:
Originally posted by @Akeem Moreno:

First time home buyer here and I would like the opinion of the BP community. I have 100k cash what would be the best strategy to build a passive portfolio in 3-5 years and double even triple my initial investment. I know about house hacking, brrrr, buy and hold.

 I started with much less money than that and have now surpassed it. I started with house hacking to 10 units in Columbus, Ohio. I think that is a great way to build wealth. I then leveraged my knowledge I learned while getting my first 10 doors to brokering deals.

You mean SFH's? Or a 10 unit multi?

Post: 100k cash what should I do with it in this market

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337
Originally posted by @Akeem Moreno:

First time home buyer here and I would like the opinion of the BP community. I have 100k cash what would be the best strategy to build a passive portfolio in 3-5 years and double even triple my initial investment. I know about house hacking, brrrr, buy and hold.

To significantly increase an initial investment of $100k in RE, there is only one answer - creative financing to maximize leverage on properties you get below market (which will happen more frequently over next 6 months). To find out about financing, talk to 5 or 6 banks and see what rates you can get with your income level. Might even have to do hard money to refinance after a few months. At this price point cash flow is most important , appreciation is a bonus, so multi units would be a priority. 

Post: House Hack: Should I Buy This Duplex?

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337
Originally posted by @Jeremy Raby:

@AndrewCarlson

Thanks for such a quick response! 

Do you think it's possible there is something going on that we can't see? Good duplex properties in our market seem to get snatched up quickly (we actually missed out on one just a couple of weeks ago because of COVID stuff and it wasn't even listed yet when it sold). This is our first buy and we are concerned about wasting the money on inspection just to find out we were right and that's why neither of these two seemingly very good deals have sold in over a year.

 Always, always do an inspection and pay someone who's good. What's 3-500 for a 6 figure investment? 

Also, talk to local agents and pull up mls lists of rental comps, vacancies and neighborhood issues. 

More to just the numbers. 

Post: If listed with an agent, can I FSBO

John CollinsPosted
  • Investor
  • Tx, Ga
  • Posts 313
  • Votes 337

I've been contacted directly by a grad student who wants to purchase an apartment I have on the market (paid off, completely own) through my own connection. 


It's currently listed with an agent. To sell direct, would I have to formally discontinue my contract with agent then procure FSBO documents to conduct a direct sale? I have always used agents in the past.

Is it standard no matter what the appraisal of your property is?