All Forum Posts by: Wade O

Correction: the client seeking close to 1% rents is ONLY interested in new construction properties.

No referral is worth losing a repeat client to another agent.

I'm interested in relationships with other Realtors where we can send clients back and forth, earn referrals, and have our client relationships respected.

In other words, you send me a client, he's your client. Anything we do together, you earn your referral. Same applies for anyone I send you. The client remains mine and anything you two do together, I earn a referral.

If there is anyone interested, please respond. (Check profile.)

At the moment, I need:
New GO Zone property with rental rates approaching 1% of the sales price. Alternatively, will bring any opportunity approaching 1% to the attention of this particular investor. (I just sold two properties to to him last month.)

At the moment, I have:
Contacts with the rental market for the Germans coming in to head and build the TyssonKrupp plant in Mobile, Alabama. They are looking for 4-5 year contracts of $1200 a month. I can assist your investor in buying a property for the TK people to rent. If your client qualifies for the GO Zone, he can take the bonus 50% depreciation.

When I'm not in Real Estate (or preaching), I write. I've got a couple more stories out right now: Sci-Fi and Fantasy.

If you prefer Fantasy, http://allegoryezine.com has reprinted "The Sphinx and Ernest Hemingway", which first appeared in Fantasy Magazine.

If you prefer Sci-Fi, http://abyssandapex.com has published my hard sf story, "A Saturn Below".

Okay, time to get back to Real Estate.

Wade

This is coming late, but...

In that case, you might have waited two weeks before making your offer...and offer less than you had intended. They will turn it down.

Wait again, and then make your real offer.

The buyer hasn't seen reality yet. He's turned down an offer. When the offers dry up he'll sweat. With foreclosure looming, he'll have to start rethinking the process.

Of course, someone might come along and offer more than you, and have it accepted, but you can't help that.

I'm not an expert on timeshares, but I'll share my thoughts.

1) The market is soft nationwide. That dampens interest in real estate in general.

2) There are fad products on the market, like "the condo motel", that compete for interest.

3) Timeshares are most desirable when full ownership is least achievable. Condo prices have slumped dramatically in many markets.

4) There is an inventory glut of condos, which, again, will affect timeshares.

Those are my bests guesses. Honestly, I didn't know it was so bad.

Both opinions differ from my understanding of the law. That may be because there isn't one set body of laws for real estate. It differs from state to state.

However, in my state, it is illegal to give a referral fee from a sale to anyone who does not have a real estate license.

The original post, however, quoted someone who was talking about "flipping", not bird dogging. To flip a home, you actual put in under contract and have equitable interest in the property. The quoted source missed that fact. Now, agents still have laws governing their behavior when they sell a property they own, but that is a different matter. With the exception of that one point, the equitable interest voids the writer's entire argument.

The posted question was on bird dogging, however, and license law here, and probably where you live, forbids it. This is not an IRS issue. What the second poster wrote was common sense, and common sense rarely has anything to do with law. :wink:
Selling real estate is over-legislated. I don't like it. I wish it weren't true, and if someone can point to their state laws and show me I'm wrong, I will salute him.

EDIT: Looking at the second post, again, I see he references "potential" deals. If that is the case then I believe he is operating within the law--as long as his payment does not hinge upon a deal actually closing.

Thanks for asking for more information.

I work with a variety of investors and investor groups across the nation, each offering their own properties and/or their own programs. This is a program that is available on properties this particular group has in inventory in Philadelphia, Pittsburgh, Atlanta, Baltimore, and Kansas City.

My working with them does not cut into your bottom line--just theirs.

When you decide you want to speak to the group directly, I'll put you in touch, but, for now, I'll be glad to answer your questions as best I can.

About the hard money loan: this is only a 90-day loan, allowing you to take title and refinance. Thus, you must be pre-qualified for the refinance before taking the hard money loan. This allows you to skip the traditional steps of putting 10%-20% down for an investment property and you don't have to come out of pocket for the rehabilitation. Closing costs are rolled into the transaction, leaving you with a truly passive 20% built-in equity.

If you have further questions about the loan, let me put you in touch with the people who can answer that better than I.

Wade Ogletree
http://southerninvestor.com

More that's too-good-to-be-true and most-likely-a-scam...

You don't need an appraisal! Just send them all your personal information. Can't cover the postage? Send postage due. They'll pay! Then "the bank will order and pay for the appraisal".

If you ask me, this is a bit more sophisticated that the Nigerian emails, but no more legit.

And I say this wishing, oh, wishing it were true.

You pick out property from inventory.

Program provides hard money loan. You take title.

Program rehabs property.

You refinance.

Welcome Jimday,

Sounds like you're in a fine situation. Let me know if I can send any opportunities your way.

Wade