All Forum Posts by: Ryan Ruiz

I know this is an older topic, but I thought I would weigh in. I started offering internet and access to the streamed cameras I installed to new tennants. Sice I posted this in my ads the types of clients I am geting is drastically different. They are almost always employed for over a year, have careers jobs, and are college educated. It makes for a gernally more reliable tennant, but of course there is no guarantee. I charge $25.00 per apartment for the 100MB connection split to my 4 units. So it pays for itself and I was really offering it to reduce the pain the internent copmpanies inflict on people who have to rent a place. I worked it like this; 1 cable modem to a chosen apartment, lines run to each other apartment with a wifi router. I don't offer ethernet lines as I don't want to fish them in every wall. They either go wireless or nothing at all. Each device has to be added by me to the modem as they are restricted to MAC addresses only. This is like being able to offer access to only those devices with a certain finger print, so their buddy can't just come over and hop on the net, and there is no password to get out. So far this has been a big help to my tennants who just stream TV and those  who are looking for a fast connection and don't want to pay out the nose for it. Also really brought up my tennant class.

Justification:

Just to update everyone. I met with the attorney and the realtor today and was completely shocked at the outcome. First off, the seller was not there. Near show stopper at that point. I had decided to listen in anyway at this point and see what I could see since I was worried I was jumping to conclusions. Without the seller there I only had one question for the attorney, how much does he charge, so I asked it and the sat down. The sellers agent asked the attorney most of the questions, which were all about what a bond for deed is and the things she needed to know to ask the seller. It became strikingly clear the meeting was not really for the seller, but for the agent to find out what a bond for deed was. I was shocked. She should have already known this. The attorney was shocked too. He tried to politely tell her the seller should have been here and that this is pointless without him. She said he was supposed to be there and wasn't sure why he wasn't (I found out why later). So me and the attorney began educating her on bond for deed, even with my limited knowledge on the topic it was obvious I knew way more than she did. It came to the point where I realized she did not even ask the seller any of the questions my agent had requested, and at that point I had to interject. I asked her if she had presented any of the questions my agent had sent her to the seller, she said no, that she didn't want to just go on verbal questions because she didn't think it meant I was serious. The attorney cut her off at this point and asked me what the questions were. I listed them and he flat out told her those were absolute pertinent questions needed for my agent to write an offer. He basically told her that if we put an offer together before knowing those answers and more, it would be a waste of time for the agents and myself. He said in a bond for deed the seller needs to be involved early and often. Since we have started this it's obvious the agents have kept the seller shut out of almost everything. I was completely shocked.

I knew I was just answering questions and finding information today so I didn't bring my agent. I specifically told the other agents this when they called to give me the time and place for the meeting. After the meeting they sent my agent an email accusing her of standing them up, yet their own seller was not there, the most important piece of the puzzle.

I felt completely justified in doing what I did after I left that office. I decided to let the deal go, and follow my ethics. I called the seller and explained the entire situation from day one on what I had been dealing with. I found out the agents had never even told him the time and place for the meeting today. He had been waiting for a phone call the entire day and....nothing.

I gave him the number to my agent and told him if he feels he needs confirmation to please call her, and I gave him the number to the attorney we had met, which they had failed to provide him as well. I told him I wished we could have come to a deal, but I felt better about making sure he was not messed over by agents who obviously had no idea what they were doing. He was surprised by all of this and had no trouble believing it as some of the things I was saying were confirmed by events on his end. I hope he dumps them and finds agents who better work for him, and not against him.

I'm going to try and report these agents somewhere. They were horrible and absolutely did not support their client.

Yes, thanks for the pespective. I am a ful time VA employee who works with elderly disabled veterans all day. I have no intention of taking advantage of him, in fact, I understand he needs to just get rid of the burden of the property and I want to make sure can. In fact, should he deny the offer id like to come back and offer to manage it for him since I have a property down the street. I'd collect and give him the rent for free even. I feel his pain.

Thank you all. I will meet and ask/listen then. I understand about the stero piece, the questions went through my agent. I think I will just show up at the meeting and see how it goes. I just will make sure not to sign anything.

On another note, since I am the buyer, am I expected to pay any comission? Could I not just offer the seller the 10-15K as downpayment?

I agree about the leases Andrew, it was just something my agent tossed in, but in any case, there are no leases.

I will be all ears at the meeting. I am very interested in his terms. I have 15K reserve, so there is cash, but I don't know if/how we need to handle it. If he wants it as a down payment then I won't have the ability to pay comission, or if he wants 10k. I can do that, and swing the rest to commissions. I have some cash, just not 50k. I'll go to the meeting and see what he needs. Hopefully I come away with more from there. I just don't liek being rushed into something and that's what this feels like.

Agreed, Karen. I think it is very unlikely to happen. But I can only be told no. I don't mind the no, just not when it takes a smeeting between real estate agents and an attorney to get there. If the agents don't feel he will accept the offer, then fine, but then say that. Say, my client won't accept that, or if not, then present it to him and let him decide. Why waste his time, the attorney, and mine just to ask him a few questions that could be answered over the phone in less than 2 minutes and we move on. And I asked if the meeting was for the client, they said the meeting was for me to ask the attorney questions about BFD, which I don't need answers for. Confusing. So yes, I am maybe jumping to conclusions, but I have to admit, my agent and I are completely baffled by their actions and seemingly unorganized approach. I am seeing the consesnus here though, let my agent deal with it. If she feels need then she will file complaint. Thank you for your view on it.

By taking advantage, I mean they are not presenting him with my offer. They are just pushing him to the table. I don't think they have explained the BFD to him completely and made him aware of my terms. He should be offered the terms my agent presented and be given the option to decline, amend, or agree, from there we can meet. This has not been done, instead they are puysing straight to meet with attorney.

And I know my terms for the BDF are steep, but that's why I am asking him first before wasting anyones time. It's the position I am in. I can get the 13-15k for comission and fees, but not the 50+k for down payment at 20~%. I wanted to be upfront and let him know my position and what I can offer. Instead, the agents are continuously pusing for meeting with attorney and seem to be ignoring my agent an my concerns. It's frustrating.

Oh, and I own a simliar property right down the street. I know the kind of condition it's in and am fairly comfortable with the property, i.e, i'll do the inspections and all, just need to know if my terms are ok. I had set up a meeting before and they said they would only let me see two units. I said I wanted to see all and the agents said no, that the owner has tenants and doesn't want to risk losing them. I don't even think they asked him.

This is a Bond for Deed sale. The gentlemen is basically wanting the property management side taken over. My agent said the MLS typo could have been taken by an unscrupulous agent, printed, and presented at end of deal when everything is signed. She said items on MLS can be binding, and he would have to sue to get his money back if they managed to go through with deal.

I didn't schedule the meeting, they did. And it was in response to me asking to meet with the seller to discuss the details of teh BFD to determine what his terms would be, i.e, two year finance, how much over mortgage he wants, that kind of thing. I think they are pushing for a contract far too soon. I have not even seen the property personaly, and I have some basic questions that need answered, which will determine if I can even do the deal. Here are the quesitons and my agents email

1. I can't make much, if any, down payment. Most of the money I will

scrape together will be to pay for the attorney, and agent commissions and

other such items. Even then, I don't know if I will have enough. So, will

the seller accept little or no down payment?

2. What is his current mortgage and all monthly expenses on the

property? i.e, does he pay water, electricity, gas?

3. It will take me 2 years to get enough capital to try and buy him

out with a conventional loan (guess), is he ok with the bond for deed for

2 years then I try and refinance under a conventional loan?

4. I want to reserve the ability to be able to continue the bond for

deed if I am unable to refinance at the 2 year mark. Is he ok with that?

In addition to answers to these questions, please provide copies of all

current lease agreements.

My client is planning on meeting with the bond for deed attorney on

Thursday but may not be in a ready position to sign docs at that time as

he would like to do all of his due diligence ahead of time.

Thank you,