All Forum Posts by: Lien Vuong

@Mindy Jensen Haha! I've never seen someone answer posts as expedient as @Jay Hinrichs! He has so much knowledge and seems to know something about literally every subject on this site!

I don't this is particularly unethical. It's unfortunate that you were mislead with the taxes but that information is public info that can easily be ascertained. I am sure you will never make that mistake again. 

I think that you should review your PM contract to see if they have some facilitator fees for the sale but your original buying agent has nothing to do with this transaction. 

Why do you think your tenants would purchase the property? What made you think they would be open to this idea and what they'd be a fit as buyers?

I think it's simply the verbiage that you choose. You already know that the unit will not qualify for the program and if you have justified reasons such as an 'unknown' lead paint status that will not be suitable for children under 6 to live there. In MA and many other older states, lead paint has to be remediated or certified treated to be acceptable by Section 8. 

A simple call to a local property manager might be of help to clear up some local laws. 

You're such a great son to be doing this research for her! 

I think that a mentor in the caliber that you're trying to find your mother might be very costly and perhaps too large a small in the infancy of her career. I would second my peers on here and ask your mom to move brokerages that will better support her. Unfortunately it didn't seen like she did her due diligence in finding the right fit initially but it's never too late to click reset and start with a team that will support and give you proper leads and helps to train you! 

I, myself, did the same thing and after changing teams, I was given better tool and network to prosper. I think being a TC or the office admin would be very lucrative  and valuable way to gain knowledge of the industry while being on the inside of so many successful agents and seeing how they do business. 

Maybe it doesn't sound too glamorous for you mom of going to closings and showing beautiful homes but trust me, after a dozen of them, it gets old! 

@Charlie MacPherson is correct on this matter. Seems like you're trying to skimp as much as possible on the purchase which is fair. Definitely ask for the upgrades in lieu of the commission that would be rendered or a closing credit to a similar amount as you will have to pay for those fees regardless. 

Alternatively you can work with the RedFin agent that will help you to credit you back, they have system that is legal to assist with your purchase, I believe that it is 1%. Aside from that, I dont know any agents that would be able to do that LEGALLY. 

While you might be considering forgoing a realtor, dont forget that they are acting as a buyer's agent which is protecting your best interest in this transaction, especially given the fact that they're 'free' because seller is paying for it .. why wouldn't you want to add protection onto yourself with one of the largest transaction of your life?

I loved your perspective on this and how you have been able to mitigate some of the largest obstacles in owning properties in low income areas! Thank you for sharing your insight, it's a great lense to look through with a fellow investor. 

I too own 12 units in area like this and some of the things that I have made to help with payment of rent is to open a bank account in the local area that is walkable for them to just deposit it into my account. They can never say that it's too far or they don't have stamp! It's right there and every month I have a picture receipt of the deposit transaction!

Since you're brand new the most important question to ask potential brokerages are what is their training and support team like, what are their mandatory fees, and what leads are they offering? You will need all those elements to get your first deals off the ground and then you can get a feel for the compensation package. Since you're new, most of the splits will be very similar in a lot of brokerages since you will need more assistance. 

Get a feel for the environment, sit in on the trainings, interview some of the active agents in the company. What is the consistent message that you see? Do you think that environment will foster growth? 

Those are things to consider and please please please do not pick your first brokerage off the bat! They'll try to rope you in, interview at lease two and make a decision from there. 

Yes, lenders dont care HOW to procure the property - agent or no agent - as long as the seller has clean and clear title and is the actual person who can convey that property. You can submit this to your FHA lender and they will do the due diligence.

Because you're not getting the assistance of an agent you will be responsible with some of that part and paperwork requests, you can mitigate that by having a clear and open communication line with your seller. Good luck!

I did two tours of the city, there's only one major downtown area but soliciting some help from local Property Managers would be able to help you to learn the streets and the general areas of where to invest in. The prices are SOOOO attractive right? Budget 10% of PM and some CapEx budget as they are old. That's not meant to dissuade you, this is a long term play - buy and hold!

There are two that I go to that's in Dedham Hilton - Boston REIA and the investor's Guild in Assembly Row in Somerville. There's also another one that meets quarterly in Reading also. PM me and I'll give you details about them.