All Forum Posts by: Jim Gordon

You didn't say what state you are in but here is the law in Ohio.

G) A licensee shall not advertise or alter any informational part of a listing of any property, that is not listed for sale, lease, or exchange with the licensee's broker or brokerage, unless:

(1) The licensee has first secured written permission of the owner or the owner's authorized agent and fully discloses in the advertisement the name of the listing broker or brokerage as provided in paragraph (G)(2) of this rule.

(2) Where such permission is granted, a licensee advertising property, that is not listed with the licensee's broker or brokerage, shall disclose that fact, in the same or larger size type as the type used to describe the property, and the name of the listing broker or brokerage.

(3) For purposes of this division, the term alter shall not include limiting informational parts of a listing, provided that by such limitation, the information is not inaccurate or misleading.

So my understanding is that you can advertise it as long as you have written permission from the other agent and you advertise that it is listed by them and their brokerage.

You did not say what kind of investing you are looking at doing. I work with lenders and most will allow 75% of the rental income to be used as income. They adjust to 75% to cover vacancy and repairs. If you find a good cashflow property and have adaquate cash reserves (these will vary with the lender) you may be able to get a mortgage.

If you are looking to buy fixer uppers and rehab them the only way is a hard money lender and they will want to look at the LTV of the property and your track record not your credit score.

Damn it the return is now 8.5% instead of 25% does that make it ok or are you going to throw more money at it? PD investments were secured by property and partnership agreements and right there in Atlanta where you could keep your eye on them.

The way that I figure closing costs is to ask the loan officer what fees that they will need to be paid for at closing. Closing costs are normally in the 3-6% range depending on the loan. Prorations can be figured in by me for closing costs but not by the lender because those are items that are already owed on the property and the seller is giving you the money to pay the bill when it comes due. By the way on a cash closing that I had last Friday 430k purchase price- buyer closing costs were 450.00. That was before prorations just the costs on the HUD-1.

If you are going to ask the seller to pay closing costs you will need to increase the price to include the costs. You will not get a check back after closing as that is not legal. The seller will pay for costs on the HUD-1. There are two ways I have seen it done. The first and most common is to have the charges show up on the sellers side instead of the buyers side. The second and less common is to show a credit to the buyer for xxx dollars.

The ones that have lockboxes are most likely being taken over by an asset managment company for a lender. look for them to be on the market soon.

taax values in my county are all over the board. I just saw a property close at 400k that had a tax value of 585k. I have also seen properties that are in the 700-800k range have values under 500k. On premium new construction homes in this area you can not even guess what the taxes will be because of the spread. By the way last year I contested my tax value my home is a 4bd 2.1 ba the home across the street is a 5bd 2.2 ba that is taxed lower than mine. I lost.

I would suggest that you use the same agent to buy and sell. That way you are showing loyalty to that agent that is a member of your team. One suggestion that I don't see used enough is to have a local open house after a rehab. On a Saturday after the rehab is done the realtor should hold the home open for about 3 hours. Distribute flyers to invite the surrounding homes, nearest couple of hundred. Have refreshments and show upgrades and before and after pictures.Everyone is interested in what you have done to the home and it's the realtors job to promote it.

They may or may not relist with the same agent. Sometimes a listing expires and you can put it into the MLS so that it looks fresh and not listed before. When a listing expires you also have a group of realtors that work expired listing and try to get them to relist with them. Its a good source of leads for agents that chose to work with expireds.

It depends upon the closing date that you put into the purchase contract. Check that and you will find out when you are will become the owner.