All Forum Posts by: Lee S.

that's nice. I think the main reason I don't want to do more as an agent is I hate the paperwork, not to mention the work is very similar to being an investor except you make way less money per transaction. My brokerage also offers a similar option, I think it's 2-3k with unlimited transactions and no E&O. This is excluding my board and MLS fees which I included in the $1500 above. I may switch to that in the future if it makes sense.

I did not know this, thanks for the info.  I looked into signing on with a traditional broker but I just couldn't justify the cost for what I do.  Would have been 4-6k a year plus commission splits.  I would do that if I had no choice but happy to have the options I do. 

I could see them using it if you have 6 months of records to show them.  Otherwise, when I've done it I just show them the signed long term lease.

like everyone else has stated, get your own license. If you have two brain cells to rub together it's not difficult, keeps you out of any possible legal trouble, and you can refer all you want and get a cut of the commission or list yourself. I hang my license with a brokerage where I pay $70 a month and no commission split (~$400-$500 for E&O per close), adds up to maybe $1500 a year for everything excluding E&O but that would just be deducted from profits.

Hey @Account Closed yes I've relocated your website and we actually exchanged emails today.  You guys do basically what I was looking for, definitely going to test it out soon.  

You seemed to have missed the part about "brainstorming".  I get that an exact offer may not be the way to go and that a given percentage isn't the best way to get a deal done.  However, doing the "we buy houses" and having to weed through 50 people thinking they are getting a full price offer in cash today can be time consuming.  Looking for ways to avoid these type of calls and get a more motivated call.  Of course any offer would not be binding, it's a starting point.  Anything constructive to add?  You do deals or just marketing?

Brain storming marketing ideas, I know the typical DM methods and i've used them in the past with good success. I haven't done DM in the past 2 years as I was sourcing properties elsewhere. I've started the search on my own again and looking for other ways to use DM. I'm also using RVM and a VA for expireds and FSBO's. Looking to see if anyone has sent DM with an actual offer in it? I want to do this but I know giving a specific offer based on the value of the house would be too time consuming as far as gathering data. What about a general offer of for example 75% of appraised/market value (minus repairs)? I look for both discounted homes to buy (not a wholesaler but not against it if that's the best option) and terms deals. I'm a licensed agent so no legal worries. Thought I could add in this cash offer along with a general terms offer like LO or owner financing. Looking for ways to weed out the tire kickers. In the past I used the standard "we buy houses" with good success, sent out 4-5k total and bought 2 houses that I BRRRR'd that cash flow and have 250-300k in equity. I'm in the process of testing a different post card focusing on terms deals.

I've only done my own off market purchase transactions in California and therefore was fine just using a P&S agreement. However, I'm looking to add terms deals to my business (lease options, owner financing etc) and trying to figure out what forms I should use? is a P&S with a TDS enough to legally cover me in these transactions? I'll use a separate option form for a lease option. I despise paperwork, looking to work with a transaction coordinator also. If anyone has done so for their investing business and could also recommend one that would be great.

wanted to circle back and post this for anyone that is looking for same information in the future.  Still not 100% sure without calling the state labor board, but I did talk to a consultant and I'm leaning towards paying minimum wage plus commission just to be safe.  I looked at the IRS 20 questions to make a determination and even though 75% lean towards independent contractor it's not worth the risk.

hmm, found this on an attorneys website.  Primary job would be talking to buyers and sellers and the rest would be tracking leads and paperwork etc....they would be working from their home.

“Under federal law, outside salespeople are also not entitled to the minimum wage. An outside salesperson is an employee who customarily and regularly works away from the employer's place of business, and whose primary duty is making or taking orders to sell goods, services, or the use of facilities. If you fit within this definition, you may be exempt from the federal minimum wage and overtime laws. However, if a state or local law entitles you to the minimum wage, you might still be protected.”