All Forum Posts by: Mitch Huffman

@Mitch Huffman

Specifically here in Cincinnati would be best.

Thanks!

Hey BP,

Is anyone currently in an equity partnership?

I am trying to figure out how to partner with someone.

I have all the skills and knowledge to be successful in investing, but with none of the money.

How did you find your partner?

Thanks!

I have heard of Realtors adding their fee on top of the sale price, is that not allowed?  

I am not representing the seller, I am just finding them a buyer.  Then adding my fee on top of the purchase price.  

This is all so confusing, thanks for the help! 

Hi Investors,

I am a Realtor here in Ohio and I am working with a few wholesalers, but I have a few questions.  

I have been trying to find buyers for the wholesalers I am working with on an assignment deal.  He is looking to assign the deal and make $10,000 and told me to stack my fee on top of the price.  

For example, if the wholesaler got the property at 50K and wants it to sell for 60K I would then need to list the price as 62K to make 2K on the deal, right? 

If there is a buyer that does this deal what paperwork do I need as a Realtor to make sure I get my fee?  Do I need to report this to my brokerage, if so, how? 

Thank you for your help!

I am an agent in Cincinnati and I specialize in working with investors. I see my role as a partner and someone to find data and bounce ideas off of. I can give an estimated ARV, locations to look into, help with the home search, and anything else the investor might need help with.

With that said it is still the investors responsibility to do all of their own homework.  I do my best because the better my clients do the more likely they are to use me again.  

Hope this helps!  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $283,500

I purchased this home to live in, but also to hold and rent in the future.

What made you interested in investing in this type of deal?

I needed a place to live, but at the same time I wanted it to be able to convert to a rental property in the future.

How did you find this deal and how did you negotiate it?

We used a fantastic agent who is now my mentor. We were in a bidding war, but we did what it took to get the deal done.

How did you finance this deal?

We used a FHA loan with 3.5% down and payed down the interest rate to get a 2.75% rate.

How did you add value to the deal?

Minor things here and there, but the point was to have it done so I can spend more time helping others find investments.

What was the outcome?

A really great place to live.

Lessons learned? Challenges?

Could have bought something much less expensive, and look into the details when buying a flip.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes.