All Forum Posts by: Account Closed

@Russell Brazil Man I hate tagging on BP

@Russell Brazil If you're telling me you guys are making over 400k a year just from an agent's commission then hats off to you sir.

@Russell Brazil what is it 80 or 90% of real estate agents fail in the business? So top 2% is a bit misleading. 

I did say 90% of the agents he'd work with are more worried about the commission than their buyer's interests so I don't think you or the rest of these guys should really be offended in that scenario. Chances are he isn't working with a "top 2% agent".

Wow a whole lot of pissed off middlemen on this post. @Steven DAmbra Most of the agents here will overhype the value of an agent "watching your back" etc. etc. in the end 90% of them just want to close a deal and make a commission, they will not try to save you more money (or any) if it might compromise the deal (commission) in their eyes. 

In my opinion they aren't worth 10k in commission for setting up a 2 minute web search but they obviously disagree. 

If its an FSBO listing you can definitely save with bypassing an agent.

Look at this thread: 

https://www.biggerpockets.com/forums/311/topics/811318-dirty-buying-secret-that-works

It will enlighten you a bit and if you are in a competitive market give you an edge. 

@Maria Teo 

Sure, hire an architect to do the same work so you can pay triple the cost. You don't need an architect unless it is something complex or if commercial required by your city. 

Adding a bathroom and laundry is very basic I've even seen contractors draw something up and have it approved by various cities. 

@Chad Gibson

Nice of you to do that for your family. Definitely a win-win.

How many years since you all purchased the home? I would add them to the title, have them refinance (super low rates right now even for people with bad credit), then you won't be on the loan and you can remove yourself from the title too. 

You can get your credit fixed for a few hundred bucks now or google what to do, just make sure they have 2 years of income for the refinance.

@Colleen F. 3 is small but it definitely tells you something. I know that many banks were planning for a lump sum at the end of forbearance until the fed issued more guidelines just a few weeks ago, so it's also possible banks haven't 100% reacted yet but I heard they were frustrated about it. If you happen to hear of any changes from those 3 people or their banks be sure to let us know.

I think we forgot to ask @Patrick McGowen the most important question here. Did your tenants appreciate/even notice the fact that you used a much higher cost option??

@Colleen F. I see many newbies like @Emmanuel Rosario worrying so much about relationships with this or that person/agent/broker/bank etc. when in reality they don't matter to that person at all they are just one customer. 

I believe the fed has directed banks to either increase the loan term or add the payments to end of the loan. So I don't think there will be a lump sum payment at the end of the forbearance period for most people unless they abused it without needing it; and even then it will only be to those who got caught by the bank.

"However, I do not want to start my relationship with the lender that way and also once this is over - I will need to pay the money back in some sort of payment plan."

In reality, your lender does not care about you or your relationship. Forbearance was introduced for a reason and most lenders will be postponing payments until the end of your mortgage as directed by the government. Don't use the option and you only have yourself to blame.