All Forum Posts by: Tom Day

The city will reduce the fine to a small fraction of what it is now. as long as it is remedied. But if it is bank owned and they intend to list it for sale, they will mitigate the problem. Otherwise it isn't marketable.

I would focus on one or the other. Becoming an agent will take resources away from your investing enterprise. It takes considerable time and money to get licensed, join boards and especially to promote yourself. 

 I know if the buyer signs an affidavit that they intent to use the property as their primary residence  (FIRPTA addendum) you can avoid the withholding. The sales price must be under $300,000. Your title company or attorney should be able to assist you with this.

I have been involved in the mitigation process in Broward on several occasions. The banks representative must solve the code violation and go before the board to settle the lien. I had two that were in excess of $200k. In both cases, as the banks agent, I was able to get the fines reduced by 90% or more. I don't think you need to worry about being on the hook for any of that if you are getting a warranty deed. By all means use your own title company or attorney. 

It is my understanding that as long as you disclose that you are a licensed agent you have not crossed any ethical boundaries. Just because you have a license that doesn't mean you can't make offers and buy properties. If your broker requires he get a cut of of your outside business, get another broker. Is he sharing in the marketing expense? Assuming any risk? My approach is to market myself as an agent only. That way I cast the widest net. When I am with a seller who has a property I am interested in, I would ask if they would entertain an offer from me. Then explain that the reason it is less than what it would get on the open market is because A) There is no commission. B) It will close very quickly and painlessly without contingencies. Be up front about everything. Yes, you expect to make a profit. Its what you do for a living after all.