All Forum Posts by: Bill Schrimpf

To any agent or brokers out there, have or will you modify your practices, simply to not get caught in in the suit?  You know what happens next, bottom feeder lawyers looking for their next victim based on Sitzer decision.

Sitzer / Burnett decision ink isn't dry yet, yes NAR will appeal, lots still happening but this is a big deal. Our broker had some very specific advice about how to word contracts going forward. The most interesting being to not use round numbers such as 2.5%, 5% 6% etc.

Taken literally, this decision leaves the buyers agent in the wind. How does that impact appraisals if commission is "baked in"? Will lenders lend to the buyer to cover buyers agent fees? How do VA buyers get impacted?

Maybe I open my own brokerage, market huge savings to sellers and offer peanuts, or zero to buyers agents.  Become a pariah to all my colleagues!  

Its going to be fascinating to see how this lands, who and how will the industry be disrupted.  

Surprised there isn't already lengthy discussion on this.  What are your thoughts, questions, fears, and most importantly, opportunities!

@Drew Smith - Its been a break even situation for me. I'm on my 3rd round, so I'm not wow'ed but not hating it. The leads are marginally better than other lead platforms like Zillow. Basically, lots of low quality leads when BP advertises the program on social media such as LinkedIn or PPC. For me, if the lead has a somewhat filled out BP profile, it's probably decent quality, otherwise its an aspirational investor, rather than an investor. Maybe the aspirational leads turn into something someday, but Im buying the lead today, so I want an ROI that is measured in months, not someday, maybe. Your mileage may vary.

@Branden Wintermyer - What your really asking about is something called dual agency.  The idea that you dont know that, tells me that you should use a buyers agent, dont call the listing agent.  

Some states prohibit dual agency by law, and many brokers prohibit it by office policy because it's considered by many to be unethical, or potentially opens up lots of liability and conflict of interest concerns.  On the flip side, others argue it can be done correctly and ethically.

Here is a decent article from Nerd Wallet...  Dual Agency

@Jake Andronico - Are you a real estate agent in Nevada?  I looked up your name in the NV Real Estate Division, and no records were found.

https://red.prod.secure.nv.gov...

@Nathan Gesner

@Jake Andronico - Welcome to BP, it's a great place.  I saw you hitting up the Reno threads, even old ones, which is kinda cool.  Be careful about soliciting, the mods take it seriously.  I had a post removed a few years ago and was upset at the time.  Looking back, I'm glad they take good measures to keep that activity down.  My unsolicited $0.02, avoid sales'y activities, bring real value and advice, you will do great!

@Iris Dichupa - Welcome to BP!

@Gloria C. - I just sent you a private message.  

@Gloria C. - Wow, sorry you have to do an eviction, not a fun thing!  I'm not a property manager expert, but it sounds like your PM may have dropped the ball on this.  2 months, no rent!  From what I hear around the office talking to our PM, this should be a very short process when handled properly.  

I'm not sure about having to store someone's stuff after unlawful detainer but will ask our PM next time I see her.

Below is the website for the local court, it talks about the process and required forms, timeframes, etc.  At a minimum, it should give you enough to ask more specific questions of your property manager.

Reno Justice Court Evictions

@Kaiston Terry - The title of this thread is approaching a Fair Housing (FHA) violation, because you may be using family status as a determining factor. From a fair housing perspective, it may be equally bad to title this thread "Renting to blacks", or "Renting to homosexuals". You likely didn't know that...

There is lots of good and practical advice here.  The advice about using combined income, and if one tenant moves out, it's a violation of the lease seems like a practical approach.

You dont need to be a wiz on fair housing laws, but reading these may keep you out of hot water.

HUD Guide

NOLO Article