All Forum Posts by: Mike Oconnell

Welcome Hunter! You will learn a great deal from this site so take your time and dig in!

I am a RE Broker and investor here in Fredericksburg and have been in your shoes. Feel free to get in touch with me to set up a time to stop by my office. I'd be happy to share my insights and opinions if you think it would help.

Good luck with everything!

Mike

Thank you Shauna and James! I look forward to exploring your businesses and possibly working together!

Hello BiggerPockets!

I just found out about this great resource and wanted to introduce myself.

My name is Mike O’Connell and I am an active RE investor and RE broker in Fredericksburg, Virginia.

I look forward to exploring the site and making contacts with other investors, lenders, etc.!

Thank you!

Mike

The E&O insurance companies that I have checked with do not offer coverage for the real estate agent on deals where the agent has an ownership interest in the property being flipped.

I would love to hear from agent/investors out there who flip properties and also are the listing agent for those properties.

Are there E&O insurance companies that offer such insurance for the agent?

I know this is a very common situation and happens all the time so how do agent/investors deal with it - do they just do the deals knowing that they are not covered? Do they get an agent from another brokerage to be the listing agent and pay them commission (adding expense to the deal)? Do they use an insurance carrier that does cover these types of deals?

Any thoughts or insights would be greatly appreciated!

Bill,

In the Commonwealth of VA, it is required by law to have a written "Buyer Agreement", signed by the buyer and broker when the search begins. Your agent is late in getting this to you, but a written agreement is required. The agreement has to have a start and end date, and spell out the terms of the agreement, but of course most of the terms are negotiable.

You could make the term for one day, one week, one year, etc. You can also make it for one property, or properties in a certain area, etc.

If you have seen properties with other agents, I'm surprised they have not requested you sign an agreement.

Most agents use the "Exclusive Right to Represent Buyer Agreement" which states that you have to work with that agent and no other during the term of the agreement. Another option that may work best for you is to ask him if he is okay with using the "Non-Exclusive Right to Represent Buyer Agreement". This will give you the right to work with other agents at the same time as long as the other agents agree to use the same form.

I hope that helps you.