All Forum Posts by: Liz Cole

Amit, I'm in no position to give you advice, so I will tell you there are lots of discussions about first time or new investors doing OOS deals. Do a search and then decide if doing an out of state rehab is in your best interest. Check into a Turnkey company too. That may be a better solution. Good luck! and deep breaths. Liz

I strongly recommend Jack Canfield's Maximum Confidence. Excellent book and easy Listen/Do book. As a side note, Audible only lets you pile 6 credits at a time. otherwise you lose them.

Is there a REI dictionary? lol I think lingo is great and all, but back in the ole days my dad used to send me to the dictionary if I didn't know what something meant...

For instance, in REI talk what is POS?

Seriously, why would I want a POS piece of property?  

@Christopher Courter 

I'm a bit confused. Christopher you don't own the property? You have a seller under contract to sell or assign a property (and you're not a licensed agent).. a licensed RE agent has a buyer. 

hmmm. 

If the house was listed with RE company and you were the selling agent and another brought the seller, you'd be splitting the commission between the two offices. After-all, if you don't sell, you don't earn any money.

You have a few logical choices. 

1. Split your fee (but not sure how that will roll with the agent's broker company as he/she is likely under a contract with the firm).
2. Tell the agent your price is firm and if they want 3% it needs to be added on top of the price.. Write the contract up. 
3. Tell the agent you're not dealing with RE agents (shoo) and go find your own buyer.

@Lisa Thoele

Hi Lisa, yes I'm in a summer tourist area. The property (If I remember correctly) overlooks the bay, but I don't think it has bay access. There are some fun shops right there but it's not particularly "walker" friendly. To get to where the restaurant, library, summer farmers market and other shopping are is about a mile down the road.

I will take a drive and look at it better. One of those things that has had me curious but never thought about it too much. (I drive by it nearly every day!)

OH and there is NO hotel in our area really.

@Ruth Bayang 

Interesting. You would think his broker or the RE firm would look at the assignment fee as a "selling fee". Thanks. I was really just curious how that was looked at both legally and by his RE company.

@Karen Margrave  I love those Ross Chapin type communities. Or did you see that home that  @Jay Hinrichs just did? Like that only tiny! lol Going up and keeping the land footprint small.

@Max Gradowitz in the area where my brother lives, there are a bunch of MH Parks. They were bought up over the last few years by investors that then purchased used MH's and dropped on the lots and marketed as Rent to Own. I called one and offered them a cash offer for two of them (one for my brother and one for daughter) and they refused the offer and literally said: We don't do cash offers. They were really looking for that $3-5k down, a monthly payment PLUS the space rent, etc. and a default and then repeat.

@Lisa Thoele  that's a really interesting idea (to look at an old RV or mobile park and do tiny homes). There is an old RV type park where I live. I think it was started and abandoned. I've been here 8 years and it just sits there. 

@Jay Hinrichs He posted the original post over 3-years ago.  Market might have different margins now. :/