All Forum Posts by: Mason Hickman

@Kimberly Beltran

It sounds like they asked for a concession as part of the inspection contingency? If so, stick to your guns and reject their request. If they walk, so be it. If the property is truly worth $406K, I am very surprised you didn’t get more action from buyers to drive the price higher. That’s quite the discount on a listed property and people are usually all over these types of deals.

@Jay Thomas I consider direct posting to be FRBO but that could be a gray area from the brokerage's perspective

@Jay Thomas If posting on the MLS, I need to run everything through the brokerage, use their pricing guidelines, and pay them out. If operating as a FRBO or FSBO, I can transact outside of the brokerage without a commission split.

I disclose to prospective tenants that I am a licensed agent, although in MA it isn't legally required for tenants. I find it lends credibility to me as a professional in the industry and it is better to be fully transparent. We do have a form in Massachusetts that is called the Rental Brokerage Fee Disclosure that we need to have signed. 

@Patrick Deering

Primary metrics I look for are cash flow and cash on cash return. I look for a 7.5% CoC return minimum. Cash flow depends on the property and what the outlook for the area is.

Quote from @Phil Barry:

Quote from @Mason Hickman:

@Phil Barry

So many things can go wrong with owning a power boat (both in operator error and mechanically). Renters who are non-boat-owners will have no clue what goes into maintaining and treating it right.

 I don't disagree.  But boat rental marinas exist because it is legitimate business model.  The fact that waterfront property & customers are already present, and there is little to no additional labor... can the income out pace the costs?  I don't know.

I think the low powered pontoon would be the way to go. Your comment of “No additional labor” will definitely not be the case. It will require it’s own maintenance and cleaning regimen (either by you or a company).

@Johnna Comer

If they say they aren’t selling right now, ask them if they are interested in buying more properties. Get their buy box. Let them know some of the deals you have in the pipeline. Investors who are buying always want to hear about deals.

@Alexandra Isenhour

There’s a reason the contract was put into place in the first place and it was to spell out everything so landlord and tenant had a clear set of expectations. You need to honor the contract.

@Phil Barry

So many things can go wrong with owning a power boat (both in operator error and mechanically). Renters who are non-boat-owners will have no clue what goes into maintaining and treating it right.

@Simon Obas

Why hasn’t it sold and generated more offers? What’s causing you to cancel with this agent?

@Edwin De leon

The listing agent would get the buy side and the sell side of the commission if they list and act as a dual agent. Before getting licensed, I always used to go direct to the listing agent because I thought I would get more attention because they could double dip on the commission. It finally bit me in the a$$ and I stopped doing it. Just think about it: would you ever hire the same divorce attorney as your spouse? Hell no! Huge conflict of interest; the same as dual agency. Proceed with caution. You will want someone to walk you through the process and be on your side.