All Forum Posts by: Richard Balsam

Not quite following your question. Craigslist advertising reaches people interested in your title enough to click on what you are either buying or selling. Like an electronic bulletin board from years ago- post things up and people stop to read it.

Access to MLS? You can find current activity at Zillow, Trulia, Redfin, and Listingbook ( an agent must give you a copy). To see who paid cash? Well...there must be a few things that agents have that the public doesn't - after all, the MLS is their system! Everything else uses their data. You could do courthouse research - which would take forever!

A list broker can help you (buy a list for pennies per name) - and you will have all zero mortgage homes ( or all high equity homes, etc) whatever you want. Would be the best route to get what you want. Just give them areas, zip codes, etc and they can pull the data up for you. That would be your fastest route. Or- find an agent to pull the data for you.

The right deal will have them beating a path to you.  Really- a good deal posted even on Craigslist will generate a lot of calls. Some maybe not real - so keep your guard up- but there will be serious investors too.

I don't think there is a straight line correlation between school ratings and home rentals - to a point. I believe when schools are far superior- it creates a higher demand - resulting in higher rents ( and higher property taxes, etc). When locations have either average schools or just slightly above - it doesn't affect rents nearly as much. I would think the critical factors here would be employment and traffic drive times. If no big employment in the immediate area, no big demand for housing.  

For exaample - I would bet that rents in Roswell, Alpharetta, Sandy Springs, parts of Duluth, etc would be much higher than parts of East Point, College Park, Atlanta, etc- and they are in the same county - the schools make the big difference here- since drive times from the north are extreme as you know.

@Melroy D'Souza -The smaller firms should have the 100% commission split plans - there are quite a few. I chose a real estate company with one office - that's all that I need. The amazing thing regarding being an agent - it doesn't matter what the big guys say - it's all the same. There is a small difference in training maybe - but the end result and the listing database are identical. Even the forms to use are the same. So- go where you feel comfortable. Google real estate in your area - you'll find small companies - and call around. Tell them if you are an investor- and mostly doing research to buy and sell your own houses. If they ask if you will ever work with buyers - just tell them you can meet possible buyers at your houses - when they drive by and stop in- and its possible to pick up a few to represent them as a buyer's agent too. Pick a plan that's best for you and your expected activity. 

Welcome to BP Michelle. I know your area is ripe for someone like yourself - plenty of houses that need to be fixed up - and plenty of renters there as well! With the experience you had - I'm sure it will be easy for you to start fresh. Stick around BP- make some contacts here, follow the great advise - and ask questions on here when something comes up. Maybe join a local REIA too. The one I belong to has a small meeting in Buford once per month ( off Nelson Brogdon/Peachtree Ind) , as well as many other sub groups around town.

I'm an investor that also has an agent license. To answer your question- it is mandatory to have a broker "employ" you. This has nothing to do with a standard employment agreement. In fact-you sign an independant contractor's agreement with the company. By getting a license- the state understands that you know more than most people and are held to a higher standard that the general population regarding everything you say, and the actions you take regarding real estate. But...you do not know everything - and a Broker is responsible for all actions you take, how and when you deposit escrow funds, your paperwork (listing agreements and sales agreements- and how they are filled out, etc) basically- everything regarding state law in handling all aspects of a real property transaction. ( can you tell - I was a broker years ago in a different state!)

Now- just because a broker is "hiring" you- doesn't mean the old commission agreements are the same today. Years ago- there were 50/50 splits, down to 70/30 splits. Today- many smaller companies are paid a small amount per month to keep you "active" and sponsor you. ( I pay $45/month) with a token $300 or so per each transaction you do ( a closing taking place) - and you keep the rest. So - you take a listing worth $5K when it sells, you hand the closing check to the broker, he/she deducts the $300 fee ( or whatever your agreement is with him/her), a tiny % to the MLS, and you get paid the rest. No deals - no closing fees - just the monthly amount due. Speak to your accountant- it is a business expense - and is tax deductible.

Is it worth the $45 monthly fee I pay? Some companies charge less, others a bit more. It's called a 100% split plan if you're interested. BTW- if you do get a license, one listing that sells,  one time, pays for a lifetime of these monthly payments... worth thinking about! Do you know anybody that owns a house- either now or in the future- that will list their house - and give it to someone? Thought so!! 

@James P. Hill After a ten year break from a large REIA up here in Atlanta, I decided to attend a few meetings of another, smaller REIA where the emphasis is more on their smaller sub-groups. Very interesting, and it has more people that are actually doing - rather than just selling courses. Yes- there is the one guru type per monthly main meeting- but I also learn a ton from their pitch - because some of it is informational in nature ( the rest is on their course - which I usually leave the room and network with others outside the room). I also know the courses contribute to the expense of running the REIA - or the dues would increase quite a bit.

That said, real estate can be difficult to break into- especially if you don't know the real "players" . Most of them belong to a REIA. Why do they pay to belong? - Because that's where they network with others, do deals, sell their wholesale deals, and keep their fingers on the pulse of what's happening in town, house values, hot locations, etc. Not saying every meeting of every REIA is worth it...but don't exclude one based on cost - if they have activity going on. Save $100 per year on dues- and lose out of 1-2-3 deals per year? If you're serious about becoming a success - you might find it the best money you ever spent. Of course, pay the money and don't attend, or don't network and don't go to the sub-groups all over town - and it's a waste of money and time.

For me- it's not the cost of dues - it's the time I need to get to the sub-groups - in Atlanta at 6-7pm - it can be tough at times! But - I've met a lot of real people - and have spoken with a few investors with serious experience and contacts.

Looks great! Could you PM me on $/sq ft on an addition like that? Also- what was your estimated time for the completion? I've had homes where we added outside screened rooms, and another one without the screens. Great for added equity in a project! -Richard

One attorney group that a lot of investors use is: Halpern Lyman in Atlanta. They have two locations, and multiple attorneys, depending on the need.

Regarding land contracts: Since they are not recorded, standard eviction would take effect. My fastest ever was 11 days from initial paperwork at the courthouse to actual evicting all their possessions and throwing out everything ( yes...that guy was a special case...) Today, most are 4-6 weeks with an eviction company rather than the local Sheriff doing the evicting.

What you can do at closing, have the new "owner" sign a Quitclaim deed - to be held by the attorney in case of default only - in addition to the Warranty Deed.  If he refuses- that tells you what kind of trouble that can be  brewing down the road. Since he isn't planning on defaulting - there should be no issues. If he refuses - he can try to cause a problem in court that he thought this was a standard closing with title passing to him - and you somehow withheld title. I've heard of this happening from one of my lawyers - who wants everything "clean" - so no judge can interpret things any other way.  The Quitclaim is to mention the type of purchase (Land contract/contract for deed) and that the Quitclaim is to be filed only in a default situation, after Demand notices were sent to the owner. This way - he can not fight the initial agreement of title held by the attorney and not filed on his behalf. it would make things "cleaner" for you if it ever got to that point.

Jai: Do you lend in Georgia? Nothing needed yet- but keeping my options open for future deals. Thanks.