All Forum Posts by: Phillip Vaughan

Ahmad, can you give me a little bit of info on how the assignment would work? Do you require cash or would I be able to use a hard money lender? What is the protocol if I want to view the property?

Great, thank you all for the great input!

Thank you for the responses. It now makes sense and in hindsight, seems obvious. It would definitely be impossible to conduct my business with integrity if I were acting as 3 different participants of the transaction.

Hello, 

  I am going to try my hand at flipping a house in early 2018 and have a specific question. I will have my real estate license by the end of the year in order to assist with this venture. This question may be geared more toward those with a license but on the sell side of my flip, how would it work if I had an open house and found a buyer who wasnt working with an agent? In that scenario, I would not only be the seller, but also the seller and buyer's agent! It's almost hard to wrap my mind around! Is that even legal? Would I need to advise the buyer to find their own agent due to conflict of interest? 

Started thinking about this scenario while driving around yesterday and curious if anyone has an answer.

Hello,

  I am close to having my real estate license, which I am working toward to make flipping a little easier. I realize you dont have to have a license to be successful in flipping, but I saw this as a chance to give myself a competitive advantage as well as open other career opportunities.

My question is how to deal with the interview with a broker. As an investor/flipper should I approach the vetting process differently? Can I disclose that I am only interested in using my license to flip-at least for now? I will be looking for a broker that offers plenty of training and hand-holding as I get comfortable with the buying and selling process.

Just curious if there are any other investors who decided to get their license who can provide some insight on the broker interview process.

Hello,

  I have a question about tenant responsibility. Tenant for a property in Michigan wants a kitchen cabinet door replaced. The door did not just fall apart from "normal wear and tear" but From the image I got, it looks like the door broke into two to three pieces. Is it possible for me to repair the door and pull the money from the security deposit? If so would I be able to subtract from those funds now or have to wait until the tenant leaves?

Thanks for any guidance on this.

Thanks for the clarifications. Do you have the title checked before the auction or after you win the bid? If you have it checked after, how long do you have to check on it before you can bug out of the deal? And if something does come up on the title that causes you to walk away, do you get your deposit back?

Does anyone have any resources they can recommend for learning more about the auction.com process. I called and spoke to one of their customer service reps and there were some questions I guess they couldnt answer fully. I guess I am looking for someone with experience with the auction process to help me fill in the blanks.

For example, will they take a hard money lender when they say "cash only" . Are they really looking for cash only or a quick close? What is the time frame to pay? Is that going to be different on every house?

Would you have to go through the eviction process if the previous owner wont move out? If you win the bid, and the bid comes in lower than the debt on the property, are you responsible for the remainder of that previous loan? And finally, what is a broker coop? How does that work? 

It would be awesome if someone could at least answer some of these questions. I know this is going to be one of those things you just have to do in order to learn all the details, but it wouldnt hurt for me to try to pull back the curtain at least a little before I dive in!

Is there ANY bank that will do a cash out refi at 80%. If anyone has found one, please let me know!

Regarding auction sites, if you have your real estate license, are you able to view inside the properties ahead of time? Or are you still stuck taking a chance on the condition of the inside?