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vballdarin

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Everything posted by vballdarin

  1. I'm asking my office manager to give me a written explaination of standards/procedures when dealing with non-traditional transactions (ie...SLO's, wholesales,etc) so that I can be completely clear when i bring up topics to my broker. Trying to not intermix office leads/activities with my personal activities is a little difficult. I do know that I am allowed one "broker commission free" deal per year after I reach a certain level of commission revenue. Also, if I purchase anything through the MLS using my name, I must pay my broker a commission. If I purchase a property that is not listed on the MLS (FSBO, FRBO, etc), then there is no commission due. We have an inhouse Mortgage Broker (SunTrust) who was hired to work in conjuction with our offices. She seems to be the only person who understands and openly welcomes my new ideas(SLO's) and is a long time reader of Bob Bruss's investor columns. She said that she will refer people to me if they come in to see her...... or any other Realtors in our office who bring in customers/clients, can't get them approved using traditional methods, and don't have the knowledge to create these kind of deals. I, of course, would offer my services in return for serious compensation. I have applied to the State of South Carolina to register an LLC as well as changing my traditional IRA to a self-directed IRA to do most of my deals. I am going to try to do all of my deals through these two entities so that I may get around the "personal commission" issue. I believe that if my business is purchasing the properties, and I have not signed a buyers agreement or listing agreement with my own company....it is free to do what it wants. My Real Estate attorney and I are working out the details.
  2. Well.....I guess it could be worse... 72% ~ Jim Carrey 70% ~ Greg Lamond 68% ~ Michael Vartan 62% ~ David Spade <---- EEK!
  3. I need some advice from those who have structured some deals before.......... When I approached my broker (fairly large Brokerage) and mentioned to him that I may come across deals that I put under contract from the MLS and then assign them to another investor (who is also licensed)(~Wholesale or assigning the SLO~), he said that he doesn't want to get involved in doing this unless there is a referral fee from one party to another so that he gets his split somehow. He then asked me "why would you put something under contract and give it to someone else to buy anyway?" I'm primarily concentrating on Sandwich Lease Options. If I use the MLS to buy, i obviously have to split my commission with my broker at the time of the sale but he also expects to collect 1 months rent for every year of the lease for "administrative fees" (of which i split with him 50/50). Is this normal? and what happens if I sign a 4 year lease option with my seller and then my tenant/buyer exercises his/her option from me after only 2 years........should anything be refunded by my broker? And also...when I asked him if there any local REIA meetings he knew of (then i had to explain to him what a REIA was....) he said no. Does anyone else have their own experience structuring deals like this so that everyone gets their appropriate split? I appreciate suggestions or experiences and sorry about the long-winded question. Darin
  4. Greetings to all!!! I'm a newbie to the forum and have my RE license in South Carolina. As of 6 months ago, I started taking seminars, reading books, & listening to podcasts so that I could speak intelligently to investors like those on this site. I've been reading many of the forum topics for a couple weeks now and I sense sarcastic undertones when speaking about licensed agents/Realtors. Unfortunately....most of the ones around here have had a reality lobotomy procedure. I, however, escaped along with Charleston Heston. On my little "Planet of the Apes" i'm finding it difficult to communicate with my fellow agents. I'm looking forward to networking with other like minded individuals on this forum and cannot wait to share my experiences and questions with you. Thanks in advance, Darin
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