All Forum Posts by: Ron Jones

I can remember one good argument against it. If your a high volume flipper you might find your time is better suited for other aspects of running your business. Other than that I think it's a good idea. When you become a realtor you will no doubt engage in realtor activities that will teach you more about the field of real estate and investing. It will broaden your horizons. There are realtors who do not understand the basic fundamentals of real estate for investment. On the other hand when you meet realtors who are also investors you will meet some savvy folks. That's not a coincidence. In my opinion the people who have been involved in all areas of real estate from wholesaling, to flips, buy and hold SF and multifamily including lending will have the best handle overall on how to make money. At the end of the day that's what we're playing for. So I say if you have the time and money to invest in becoming a licensed agent I think it will pay dividends to you in the long run.

Framing inspector?? Who invited them to the party:)

I agree with Will. I could bring in an 18 wheeler and a dozer and make the house disappear for a bit over 10k but a gut to get ready to remodel can be more time consuming than you think. Use the more conservative number of 10k and you should have some change left over.

Paul

I knew a guy that bought a crack house a few years back. After he got it rehabbed and rented people were constantly knocking on the door and trying to buy drugs. Later the house was involved in a drive by shooting putting 20 rounds of high powered shells in the doors and windows. Later somebody torched the house and it burned to the ground. Now if this sounds like something out of a movie script it should be. I made the whole thing up. I think you'll be just fine :).

There is no normal in this situation. To say the seller will pay your agent is ridiculous. It's FSBO. If the seller wanted to pay an agent they would have listed it on the MLS. That being said everything is negotiable. The seller has a net number in mind. It's your job to extract that number from them and not to pay more. Then pay your agent what you feel is right. If your agent had not been spending time working with you a few hundred word be fair but since they have been working with you something in the neighborhood of $1000 would be fair. Similar thing happen to me recently on a raw land deal. It was a deal the agent showed me 6 years ago. Came back on the market FSBO. I happened to see a sign on it and called. I called the agent and told them I was negotiating directly with the owner who was an agent. My agent said that was fine and to not worry about it. I paid her some cash north of $1000 cause it was the right thing to do.

edit.

I see several post while I was typing mine. Lots of good advise.

You guys quit dreaming and get back to reality. I have owned big boats. 40 ft plus. I have a friend who has a houseboat he rents out. There is a big difference in the business model for renting a boat by the week/weekend and buying boats for people to live on. Weekend rental is doable but there is nothing in that model that applies to this forum. I mean we could talk about opening car washes here if you would like:) Renting houseboats on big lakes is big business. When I was in the airline piloting business we had lots of friends party with us here.

lakepowell.com

Joe

Sheriff sales can be tricky so tread carefully. Different states have different rules so there is not one answer that applies to all. There are liens that do survive the sale in some instances. There is also a redemption period in some states that allow the owner to pay back taxes after the sale and get their property back. I doubt you will get any answers from the agencies involved. They don't want any liability giving you information you may act on. Your best bet is to consult with a real estate attorney. Even then make sure the attorney has some experience in this field. The process can be a slippery slope so get you questions answered and due your do diligence before you make a move.

Check out my profile. I'll help if I can.

Go to the toolbar at the top of the page. Click on resources and then BP store. You'll find the book there.

And Gary one more thing. You asked about his "system" of flipping houses. That system is the same you learn here and other places. It's nothing more than buying houses for 70% or less of the ARV minus repair cost. Buy in neighborhoods that have the ability to move the property quickly with reliable comps. Get a good inspection and understand your repair cost, holding cost, acquisition cost and cost associated with selling the property. Read the book on flipping houses sold here and go get em. It's not rocket science, just takes discipline to follow the principles and action to find the deals and close on them.