All Forum Posts by: Zlatan Omeragic

My advice is to  call your local title company/attorney. I have a sister as well, and if she needed money I would give it to her. If I felt the need to loan her money, she didn't really need it.

 Chris Soignier - Does your broker provide much training for the new agent? (I know this might not be applicable to you but I am sure you have talked to some newer folks in the brokerage)

Hello friends, its been a while since I have been on BiggerPockets. I've really missed you guys!

Anyway I have just completed my RE Salesperson classes in PA, and have started a relationship with a broker (known, big company). I haven't signed anything but the deal seemed OK when I made a verbal commitment to the broker pending my licensing which should occur this month. 

Anyway, I wanted to ask you guys if I am getting a good deal here. What do you think?

I am paying:

-Agent/Broker split is 70/30, with annual max to broker capped at $18,000, after that 100% goes to agent
-Franchise fee at 6% with annual max capped at $3000 

-Monthly $115 for MLS, E&O Insurance,their lead and contact management software, marketing software, paperless transactions etc, tech fee

-Probably not related to broker, but annual $400 for Realtors Association of Metro Pittsburgh (this is something i will get clarification on)

Getting (grain of salt because I am a recruit):

-A broker who seems to be an absolute rockstar and has been very responsive to my questions. Just a generally great woman overall.

-Great training - even though I am not licensed and officially committed, the broker has invited me to attend the classes and I have learned SO much already

-Plethora of training courses available online

-3 sessions per week with 150+ annual transaction agent to practice scripts, another thing I am already enrolled in

-What seems to be a great office environment with a lot of knowledgeable people who are willing to help, and already have. Does not seem to be a cut-throat place.

-What seems to be above average hand-holding (important for me), including a tag along with experienced agent during first listing presentation

-What seems to be daily free breakfast/lunch at the office - I would take advantage of this with my planned schedule :)

-Reimbursement of my pre-license education fees $400+

-I know this isn't much but 1000 business cards and 200 "Hi I just became a new agent" cards

-No transaction fees for agent

The last bullet is what is making me write this post. Yesterday I discovered that the broker charges an administrative type of fee to buyers. Of course I know that the buyer doesn't have to pay that fee, so I imagine I would have to eat it sometimes to keep a client. That said I plan to focus on the listing side so it may not be a big issue though the fee is several hundred dollars. What do you think about this?

Also what do you think about the commission split and monthly fee setup? I was always under the impression that it would be either commission split or monthly fee, but maybe that is my fault for making assumptions.

Anyway, I'd really appreciate any input my friends.

Anyone have any additional choices they know? I definitely would like to shop around for the best solution.

Hello friends, 

I have formed an S-corp to do wholesale deals and rehabs/flips in. With that, I understand I will need to keep corporate minutes to remain compliant.

Can you suggest any software that can help with this task? Writing, organizing corporate minutes etc..

Any help will be greatly appreciated!

@Adam Abdullah I think a "stock market correction" is coming soon and after that happens your father will be easier to convince. 

You could always try to approach it from an angle of diversification. 

Another way to sell it to him is making him aware that he can be like the guy at the top of the money food chain - a bank - loan out money and collect interest. It will help letting him know that it can be zero work for him just like stocks - he just needs to sign the check, and you will do all the work.

@Patrick Donovan hahah! I was just speaking from your average renters perspective. I am on the side of the landlord :)

@Marcia Maynard Thanks for that!! That is exactly what I had in mind when I said "hoping to learn." Nothing in the lease section you posted would make me think "Landlord is a wacko" if I was a potential renter.  I think 14 days gives a nice balance between "Its none of your business who is staying in the apartment I am paying rent for", and your side "I am paying more money for utilities than was originally agreed upon" 

I definitely understand your concern regarding utilities that you pay for- that is something I failed to think of when I was writing my post. I am pulling the "beginner" card on that one. 

Thank you again for the very valuable insight you wrote on this topic!!

Hey Patrick - I am trying to understand your logic here, and hopefully learn some things. 

You have a tenant who has signed the lease, and is responsible for the property and any damages/problems. I am assuming there is nothing in the lease stating how many guests one can bring, how often etc...(I mean come on, who would sign a lease like that anyway-I'd be thinking "this landlord is a wacko")

Now, I don't know how the law works in Iowa and if they favor the landlord more or tenant. 

For example, if the boyfriend caused some damage in the property, and you sue the person who signed the lease - Will a court act logically and say "Dear lessee, you are responsible for the damage, pay the landlord then work it out with your boyfriend" Or will things get complicated when the person claims even though they are on the lease, they are not responsible for damages.

Additionally, how does eviction work for a guest of a lessee? Do they have a separate "case" or just get evicted together with the lessee?

@Joel Owens Very good. Everything you are saying makes sense 100%.

I have sent letters to the addresses I could find for this property. 

If the owners get in touch, I am going to see what they are looking for, and probably offer to pay off the taxes and take the property. The property tax is not much and I imagine liability insurance wont be as well so its not a huge problem to hold it for a while if needed.

The biggest cost would most likely be demolishing the rundown building (can be done by hand) and cleaning out the jungle that has developed on the property.

Its certainly one of those where its worth to put out a feeler and make an offer and see what happens, especially since I feel the neighborhood is on the "come-up".