All Forum Posts by: Tyrus Shivers

That is what I did. I took the 85/15 split without a monthly fee. Once I start doing several deals and where it make sense to take a monthly fee with 100% then I will. 

@Cam Mckin 

You need to have the owner review their listing contract to find out when the expiration is and how long after the expiration is the agent still able to capitalize on the sale if they have been contacted by a buyer. You contacted the listing agent so you are likely under that stipulation. Yes the agent is due the 6% and do not have to take less unless they both agree to and modify the terms of the listing agreement. 

@Brentin Trent you can obtain your license and work with several different brokerages without necessarily having to do "retail work". What I did was talked with the Brokers and let them know exactly what my intentions were to do with the license. So even though you may not have any intentions on "retail" the Broker will still be compensated from your own dealings. If you want 100% commission you will likely pay a monthly fee.  Yes, they do assume risk over you and will check your contracts to ensure you are in compliance. 

I simply run everything I do by my Broker and ask is there any issue with it. If he is comfortable I move forward, if not then I do not. Because my goal is to complete transactions, not do anything shady or around the law. 

So yes, you can get a Broker to sponsor you, yes they assume risk, and you can get it to work for you by detailing your plans and being prepared to either pay some percentage of your deals that you find and buy from MLS (commission splits) or a monthly fee if you go 100% commission.

Great Speed LOL! Too bad I looked away from the screen or I would have referred you!

@Jason Stone

You can contact your local housing authority or whomever administers your Section 8 Program for instructions. Here in Maryland it starts with a Section 8 applicant calling the landlord. If the applicant like the property and the application submission goes well, no eviction, criminal history, etc., then you will fill out what is called a RFTA (in Maryland). This then goes to the county office and the process to establish your accounts is underway. Next the inspection is scheduled and occurs. If you pass then congratulations you are on the way to having your first Section 8 tenant. They will determine the Fair Market Rent for your area based on HUD guidelines and other criteria.

The program varies and the tenants vary. Proper screening will reduce the headaches and some offices are more painful to deal with than others.

I agree with @Jon Holdman. I have been in several properties that were "turn-key" and the work usually is just enough to pass inspection. I have seen things like exhaust fans not being connected. No power to ceiling fans, HVAC not working, and on and one. Everything is all shiny for the most part, but a proper inspection will show the true results. Then you as the owner have to get someone else to come back and fix everything that should have been fixed in the overpriced deal. 

If you do not have another option such as buying and rehabbing it yourself, then just be sure to do your due diligence.

@Account Closed

Forgot to tag you last post.

Phillip,

I would suggest you attend local meetups such as the BWI Meetup in Columbia. I am not familiar with too many people in PG county that do mentoring. I might as well let you know now that when looking for a mentor people are going to ask what are you bringing to the table, are you splitting the deal, or how else will you compensate the mentor for his/her time. I have seen that question asked over and over when people request mentoring. 

Also, the fundamentals to get started depends on what you are planning to do. Wholesaling and rehabbing are two separate niches that require different skill sets. Are you looking to do one primarily?

@Nicole Generette

The area also has something to do with either selecting either vouchered tenants or retail tenants. Have you looked into the MBQ program? I am not sure if your rental falls in its required "census tract" but you can look it up as an alternative to Section 8. 

I manage properties that are open to both vouchered and non-vouchered clients. However the areas I deal in are mostly vouchered and I have not had any significant issues. If you do decide to go that route have a zero-tolerance policy and conduct regular inspections. Show the tenants that you care about the property and about them and that goes a long way.

@Rob Boese 

Thanks for the reply. I agree with you wholly on not cutting corners. That seems to be one of the most common complaints against PMs. As I continue this journey I seek to bring a great experience to both owners and tenants. As I go along I know questions will occur and I am glad to see someone established with the same principles I have here on BP that I can reach out to.