All Forum Posts by: Stephanie Simmons

@Brandon Salm

Check out Polk County Real Estate Investors Association when you get here!

@Phillip Rosin

A lot of title companies will have a calculator on their site that will give you an estimate of things like taxes and the closing fee.

Ask the sellers what they are paying in insurance and/or hook up with an insurance agent that can give you pricing on a landlord or commercial policy.

I need a granite counter top supplier & installer. Used the BiggerPockets site and only one of 3 showed up and he never sent me a price. Anyone have recommendations? I’d like them to come out and measure - cut - and install - ready to do the job now!

@Dontrea Riser

I do fair market value divided by 120 payments. If it won’t rent for that I sell. If market rent is at or above that I rent. My father in law used that and it has always worked for me.

Talk to a tax person - the Federal tax law makes some exceptions like moving for a job. 

Personally I found that the amount of work I needed an agent to complete in order to get a deal done wasn’t something they wanted to do. Especially since I was buying properties around the $150k range. 
I ended up getting my own license so I had access to tools and analytics (saved me tons of time in estimating ARV). Maybe you will find someone willing to put in the with with you - it's rare.
I made 5 offers a week for 3 1/2 months before I got my first deal closed. 

Thank you for the thorough response!

@Russell Holmes

Buyer shall provide an executed contract on buyer's property under the by

1/27/2020 at 7pm otherwise this purchase contract is invalid and the

property will be available to other buyers.

Buyer will release seller of

any responsibility to execute this contract if an executed contract is

not presented to seller. Buyer will have the option to amend this

contract to remove the property sale contingency prior to 1/27/2020.

My broker requires that he sign releasing the contract.

I am thinking I am going to send him the paperwork to cancel the contract even though I don’t think we actually have a contract.

I’m a licensed agent in Florida. I’m an investor and I really only do my own deals. This is the first one of my properties that I have sold as an agent.

Here’s the issue - got a contract from a buyer that is a commercial agent representing himself. There was a 7 day contingency on him having an offer on this existing home & if he couldn’t produce a purchase contract on him home that he would either remove the contingency or the property would go back on the market. It was worded as an addendum to the purchase contract.

Here’s the wrinkle - as-is contract but there were some items that came back on inspection. The buyer stated that he wanted some items repairs and a reduction in the selling price. That was this morning (7 days after the contract is signed).

I responded as to what I would agree to and that he needed to produce a purchase contract on his contingency property or remove the contingency. That was was 10 hours ago and he hasn’t responded.

What would you do? Do we actually still have a contract?

@Tyler Matthews

Real Estate agents make money when the deal happens. It often takes me months and multiple offers (REO) to get a deal done and closed. Most agents don't have that kind of time for "low value" properties. I was lucky to find one once but I educated her in a new market and she was able to use that to get more clients.

I just went and got my own license and do the work myself.