All Forum Posts by: Account Closed

Hi Matthew, welcome to the forum! It sounds like we have much in common (no kids, debt, and work/life philosophy, etc.) I hope you post pictures of your van when it's finished.

Does it have city services, or well and septic?

How big is the apartment building?

I would simply call potentially interested buyers... those who own already apartment buildings in your area, those who have recently purchased buildings. Put the word out that you are selling. The more interest you can generate, the better off you will be. Brokers spend years building these contacts. I'm in agreement with @Clarence Johnson though... you might get your butt handed to you in negotiations if you don't have someone representing your interests.

The appraiser has to make a "head and shoulders" inspection of the attic for any FHA loan. Are you sure that the appraiser isn't willing to inspect because it would simply be a waste of time because FHA won't lend on a home needing mold remediation? Hence your lender telling to change the type of loan?

One suggestion I'd give is make sure it's legal by calling planning/zoning.

You're overpriced, possibly significantly. I appraise homes like this for estates all the time. If updated homes are selling for $550K+, and yours is dated, you might be 10%-20%+ overpriced. I tend to agree that any updates you do will be fruitless.

If you have some time and the listing agreement is about to expire, I'd pull it from the market and re-list with an agent that knows what they're talking about. Call the listing agents of other homes in that market to see what they think the problem is... Or talk to an appraiser for an impartial opinion. If you want feedback on the listing and marketing, feel free to PM me the address.

 Thanks Eric, that's a good idea...

It's my understanding that I can start a real estate company, even without a license. I could hire a broker as the principal, just as long as they are an appointed officer, partner, or managing member of the business entity. This way I could retain full ownership of the business without being held captive by a principal, and I could change principals at any time. I could also then hang my salespersons license with broker if I decided I wanted to go that route. 

I'm pretty sure this is acceptable under MN law, but I'm not 100%... Hence the post.

I would have a salesperson's license, so I'll need a broker to hold my license. 

I have a solid idea for an online real estate referral business, and within a month I'll have my real estate license. If I can find a willing broker, may I start my own real estate company, hire the broker, then agree to a commission split for their services?