All Forum Posts by: Rhonda Norman

@Eric Blackford, @Mark Gallagher, well said Mark. Well said!

@Neil Hauger I don't know the laws or rules for your state. I would call the Real Estate Commission for your state. I would report this incident to the National Association of Realtors. This is clearly an ethics issue and there seems to be fraudulent activities. 

Generally speaking if the buyer walks away there has to be a release of funds signed by all parties. In your state is there a rescission period for real estate transactions?

Was the contract fully ratified? Did everyone receive a copy. Part of a binding contract is acknowledgement (signature)  and acceptance (you and the buyer received a fully ratified copy). 

Hope this helps.

@Patrick H, if you have the intelligence to earn a 6 figure income, I'm positive you have the drive, determination and focus to be successful as a full time investor. 

Congratulations on your bold decision. I pray the reward out weighs the risk, and I look forward to hearing about all the new deals you'll have.

@Robert Curls Kudos to your wife. She embodies the true heart of a Realtor, willing to help and go the extra mile to make the deal happen. Sounds like she cared more about the deal than the seller did. 

I know many agents who would have done the same thing. You should take her out to dinner :). She has earned it.

Best,

Rhonda Norman

REALTOR

@Joshua Beall This is off subject slightly but it must be said....

I repeatedly see on posts people (investors) wanting to cut out the Realtor. As a Realtor I find it offensive the lack of respect for what we do. Granted, there are a bunch of poor agents, as is with any profession. 

Investors want to use our resources, use our time but when it comes to compensation for said time they want to cut us out (generally speaking). Please stop! We are all in this game together. We're all trying to get ahead and make moves that will benefit our families. 

A good Realtor is worth his or her compensation for the time and dedication to finding and helping you close a deal. Please remember, we (agents) work for free until you go to the table. Take the time to build a relationship with a quality agent, one who is hungry and dependable, who will answer your call or proactively find deals for you. You will find it to be a profitable experience. It starts with a conversation with the perspective agent and setting expectations. 

Build a team of people who are on the same page as you and include in that team an agent or two who will go to bat for you. If you want to become an agent, take the classes- take the test-pass the tests and become your own advocate for selling and buying. 

By the way in our small state of Delaware we use Trend MLS, it covers DE, PA and NJ, they offer a non member membership to the MLS however I don't know what information you get with said membership.

 I've done a bunch of transactions, it hasn't been my experience to work with bad agents. Once in a while I might have a transaction where the agent is clueless; that's not the norm. My office has high quality agents and we work well together. Another suggestion is look at the major brokerages for quality agents like Remax or Keller Williams.

Happy investing!!

Congrats.

Welcome!!! I love your enthusiasm. I am also new. My husband Mike and I are excited for the opportunities that real estate investing has to offer. When I joined Bigger Pockets I jumped right in and started posting. I learned quickly how awesome the community is Everyone is very helpful, supportive and encouraging. You've come to the right place. Read everything and listen to the podcast. BP is a plethora of information. Good luck, many blessing to you and your wife. Rhonda Norman

@Darren Sager,

I agree with you to some extend, the property has great potential and the ARV is very attractive. My hesitation is based on my lack of knowledge and experience as a rehabber. (if that's a word) I've never done a rehab, it was the first property being considered for such a project.

I agree the property has great potential especially as a house hack. We planned on living on one side and renting the other. In 2 years, renting the second side and moving on to another project. The lender is eager to negotiate, they want the property off their hands.

Being a Realtor, I've been in a lot of houses, nice and not so nice. This one was by far the worse I'd seen. Based on your comments, I will think about it again. I will call a contractor to give an estimate on repairs and take it from there. 

Thanks for your responding to my post. Your thoughts and comments are appreciated.

Rhonda Norman

Thank you everyone for the advice. I love this community. 

We took a look at the property and decided it was too much work for our first project. The interior was stripped down to studs, you could actually see daylight through the walls. There wasn't any insulation, the floors were down to the foundation, the stairs needed rebuilt. The house was completely gutted. It was a total rehab. Nothing was salvageable. Even the studs looked original to the house. I believe from what I could see there had been a fire on the inside. We didn't bother to go upstairs because the staircase looked unstable. The property should be condemned, tore down and rebuilt. The only value is the land.

Thanks again everyone for jumping in and helping and offering your advice.

Rhoda

Hello everyone,

Today my husband and I are looking at a Duplex to live in and rent. The asking price is $55,000 which is negotiable. The resale value would be around $150K per unit. I'm nervous because I don't know what I should be looking for as this will be our first investment property.  I know that the interior has been striped down to studs which might indicate water damage and possible mold remediation.

What should I look for? How do I evaluate the property for repairs, when would I contact a hard money lender, how much time should I estimate for the rehab? What are the possible pit falls of this type of investment. 

Please help. Any advice would be greatly appreciated.

Rhonda