All Forum Posts by: Lance Riggen

@Jay Hinrichs

He was never not getting paid. And really he had not done much up to this point. We found the deal through another investor. We are not shady people. If we were we would not be asking these hard questions on this format. We simply wanted to see if there were a way to salvage some profits. My guy is a friend that we have known for a lot of years. We ended up paying him just less that his full commission. So it is a win win.

@Jay Hinrichs, thank you.

He was totally understanding and really cool. I would not have done it if it would have damaged the relationship. Just wasn't sure at the time. We ended up bringing him in to broker the deal. So all is well!

We talked to our realtor, he is totally fine with taking less of a commission to help us out. After contacting the irs it seams we owe more than they had initially said we did. 

Thank you for the advice. This is coming from mistakes we made over the years with our countertop business. Money being too tight and not being able to catch up with our taxes. We are on a great path to success now. In fact the buyer wants to sell us his 2/1 home or trade it in the deal for a great under market price! Things are really starting to come together.

It was not easy airing our dirty laundry on here to get advice. We appreciate the bigger pockets community and look forward to our future of investing for freedom!!!

I don't

Yes I agree with what all of you have said. This was a deal  we found on our own so no one was entitled to the sale. Yes I know there's a good profit margin and I do count it as a profit and not a loss. I've since spoken with our agent and have come to a agreement. We are moving forward with him. 

Side note: my husband had a heart to heart with him and he didn't feel us breaking contract given the circumstances would have affected our relationship. However looking at it with a different perspective we know upholding our commitment is the best thing to do.

Okay all,

 Honest answers here because we want to grow & better here on BP. This project was very profitable, however during this project we ended up getting notice on lien on the house for taxes (the jist is we've been working on it paying our balance with the profit last few houses). Anyways the lien landed partway through this project and we were open and upfront with our realtor (who's also been a long time friendabout the situation it would be putting us in), we are planning on asking him to break contract with this project so that we can walk away with money in hand (14K roughly/ project will actually make 47K and 33K will satisfy lien) its embarrasing talk admit to, but we've owned another business doing granite countertops with store front for 12 years and the recession left its mark, what else can I say?)

We have been loyal to this realtor since the beginning and will ask him to do us a solid this one time and we can get him back on the next deal,we know its not his problem however to date we've paid 60K in back taxes and this final amount will get us free and clear but feels like a gut punch to walk away with $7500.

Jessica (Lances Wife)

Chase & Nick C.,

 Also great advice.

Hi Jay, 

  Thank you for your input, I appreciate the words of wisdom. I think he will be open to reduction out as this has been his fourth sale with us.

Hey BP Fam, 

 Odd situation we are currently in, please advise. We have just finished our 3rd flip and the neighbor wants to buy the house with cash (he has provided proof of funds) he also came to us without and agent, just wanting to buy our house owner to owner with full cash offer. Our agent has been great, however due to circumstances I wont go to deep into here, we will basically be giving our agent 1/2 of the end profit. Our agent is willing to break contract for us, however I am torn between damaging a relationship and paying thousands for me to have found my own buyer (I know its business and not personal......but) WWYD? Also looking in tools currently to do my own contract and negotiations (Any tips on favorite forms?)