All Forum Posts by: Keith Pentz

Cool buddy!  Good plan and good clarification. Wanna see ya get treated right !

Go get em!

KP

Hey Neil!

You are going to get answers all over the place, but I can tell you 1. Check with your Instructor from your Prelicensing course. 2. Check with your Real Estate Attorney that you plan on using. They can direct you if OH has any specific wording that prohibits the contract from being assigned. 3. And this is a BIGGIE..check with your BROKER that you will be working with! Some Brokers won't be cool with it since you may be using their resources to make your money that they won't see any of!

Good luck and check with your local pros.

KP

Hey @Nicholas D.!

Just a quick note, and I don't mean this to sound like ANYTHING but me trying to help bro!

Your post sounds like you are looking for Contractors that will do more (a bunch of quotes on properties that you may or may not get accepted offers on with a quick turnaround time) that you will pay less (but give them MORE jobs that you will pay them less on) . This won't get you quality people IMHO. I'm not saying get taken advantage of of course! But get a few referrals, let them know you are looking for bids so they keep their profit margins respectable and get a big list of people! Everyone in the trades are busy at different times and ya never know who you are going to need to call when your "go to" is too busy. Oh and make sure you get your permits pulled if ya need em! Im in Central MA and there is a major issue right now with unpermitted work causing major resale issues. 

Lots of good peeps on here that should have some great local referrals for ya. Good luck!

KP

Hey Walner!

Marc Canner Esq services both Boston and South Shore.  Great firm...tell him I sent ya!

• 200 Highland Ave., 3rd Floor
  Needham, MA 02494

http://www.cannerlaw.com/contactus

hey Kevin! It is...I'm at the gym and will pm you the info in a few hrs. Or sooner if Dropbox gets done with their maintenance!

Here's the link for the licensed schools in MA for Pre Licensing. http://www.mass.gov/ocabr/licensee/dpl-boards/re/c...

I don't see any prelicensing courses coming up soon at NorthCentral Realtor  Board in Fitchburg or The NorthEast Board in Westford BUT CMAR in Auburn has prelicensing classes starting 2/20 if ya wanna trek down to Central MA! http://www.cmarealtors.org/prelicense-class.html

Here's the course outline for the exam http://www.mass.gov/ocabr/licensee/dpl-boards/re/c...

The class will get you ready to pass the exam for the most part but if you are looking for extra learning/practice exams I always recommend the license professor. Good stuff! http://www.licenseprofessor.com/

Good luck and reach out with any questions!

KP

Hey Chelsea! What area of NH are you in? Since MA doesn't allow online prelicensing you have to do your 40 hours prelicensing in person. Let me know where - ish you are and I can reccomend a school in the area.

Congrats on your decision! Never a dull day!

Hey Matt! It is! I'll PM you the details tonight.

My pleasure! Feel free to reach out if I can be of any help!

Philly in the HOUSE! 

Here's the CYA. Code of Ethics 4 States that YUP, you have to disclose that you are a Realtor when acting as the Principal in any of your own transactions. Good news is you probably did so in the contract if you used a PAR or similar one. Should be a disclosure of Buyer's/Seller's Affiliation section in there. Good practice to have a separate disclosure drawn up as well stating "HEY IM A REALTOR!!" Anything you can do to keep the "You didnt tell me's and I didn't know thats" at bay...Get as much as you can in some type of writing, even email, of what you advised. Crappy part about the Code is 4-1 states that disclosure be made prior to contract but that seems to pertain only to Selling and not buying. Buying just states to disclose (not even in writing but how do you prove it otherwise?)

In the future I would keep what your intentions with the property are to yourself. Just make the offer. I understand why you are asking question 2 about just remarketing. Basically you told her you would either list it at 90 or buy it at 65k and put money into it and resell it. She thought that sounded ok since she didnt have the means to do the same thing. Turning it around now to just relisting it for a profit would probably chap most people up a bit.  COULD she come back and say you took advantage of her for a profit obviously knowing she was desparate? Yes. WILL she? I doubt it based on what you have stated. WOULD you be on the hook for it? Maybe. But that's why you're asking right?! Best advice is check with your Broker and in the future keep mum about what your intentions for the property would be and of course make sure ya disclose you're a Realtor when you list it! :) Good luck and here's the COE...

Article 4 (Case Interpretations for Article 4)

REALTORS® shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner’s agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser’s representative. (Amended 1/00) [listen]

• Standard of Practice 4-1

For the protection of all parties, the disclosures required by Article 4 shall be in writing and provided by REALTORS® prior to the signing of any contract.(Adopted 2/86)