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About happyardy

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    Wheelin' and Dealin'
  • Birthday 03/02/1975

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    Toronto, ON, Canada
  • Interests
    Music, Sports, Travel and ofcourse Passive Income Generation through Real Estate etc. !
  1. Thanks a Million, Michael & Bev for the birthday wishes & balloons! You guys made my day! I feel so hono(u)red and privilged to be apart of the best and brightest folks and forum out there! Thanks "guys"! Faithfully yours, Jean! P.S. The weather is awsome today! Mild and sunny! Wooo Hooo!!! What more can a girl, I mean, woman ask for???? Belated Happy Birthday, Jean! I hope you had fun. - Rahul
  2. Darin, As a soon-to-be realtor, this is what I have in mind for CAs with private sellers(FRBO/FSBO). I'll need to iron out some issues after talking to my brokerage but you'll get the idea. Here it is: As far as licensed salespersons doing their personal deals are concerned, I am told that DISCLOSURE is the key. After you have made an upfront disclosure to the FSBO/FRBO about the facts: a] you are a registered salesperson b] you are doing this deal for your personal investment and may profit from it, you are good to go. After the disclosure, I am told that you could low-ball, negotiate etc., just like any normal buyer would do. Without going into the vital differences between a client Vs a customer relationship that they touch upon so many times in the real estate course, I would suggest you have the FSBO/FRBO as your customer & not your client. I am assuming that licensed real estate business is the same in the US as we have here in Canada; I may be wrong. So now, if the terms deal is a CA, you could ask the seller(FSBO/FRBO) to mention in the agreement that the option money payment will be given to you & will serve as your commission. Then you could pay a part of that to your brokerage, if required, according to whatever your split arrangement with them is. Everyone is happy; FSBO/FRBO: because their property moved quickly & they got a realtor's services free of cost. Wasnt that their original intention of going private; to save the commission costs? You: because you got paid for your efforts(upfront option money) Your brokerage: because they got their cut(split % from the option money) T/B: He is getting your services(as as client or customer) without paying any commission. You could charge your T/B a small percentage if & when they buy the property. I am not sure if I would do that; it depends. Thats my take on it. Similarly, as a realtor, you could do terms deals(SLOs, CAs etc) with listed properties too. You'll need a co-operative listing agent for that. - RD
  3. Hi MC, Yeah, I had been away for a while..was travelling internationally for a couple of months etc...anyways, it is good to be back here again... - Rahul
  4. Of course you can work with an Agent and, no, they needn't be a broker to work with you. But they will probably need to check with their Broker to proceed. That's pretty much the standard Agent/Broker relationship. How they get paid is open to discussion and negotiation. Every deal is different. I imagine they can charge whatever you are willing to pay them. That's between Agent and Broker. Done correctly, none. Don't be signing any restictive, long term agreements, for example. Find an Agent who mirrors your personality and goals and you have yourself a valuable ally. I am almost done with my real estate licensing requirements here in ON. I have one last exam(Phase 3) in Sept. and then I am done. I'm hoping to be the source for any "investor-realtor" related questions; atleast pertaining to Ontario, Canada. If I wouldnt know the answers, I'll find them out at my brokerage and let you know. - RD
  5. Thx. for the wishes, guys. - Rahul
  6. Steve, Do you fix the terms over the phone and then send them the short offer letter with the terms discussed? Or you just gather information over the phone and tell them you'll let them know. Then you do your analysis and then email them the short offer with the best numbers and strategy that the house can qualify. Has the 2nd method given you more success with sellers? Probably, when the sellers receive the actual short offer document, it makes you look like a serious guy in their eyes, unlike the other investors who have just discussed things on phone. What has been your experience? thanks, - Rahul
  7. Hi, You got my name right except for 1 letter; it is Rahul As I had mentioned in my previous post here, which got deleted, my NL lawyer (& she seemed to know her stuff; answered all the Qs right) didnt suggest any changes to MC's contracts; except for a couple of NL specific things. Ofcourse, I havent got the contracts checked out in ON since I think they should be fine here. I may need to add/omit the ON specific things, if any. - Rahul
  8. Hehe BTW, I read in today's Toronto Metro newspaper that the average house price here in Toronto went up by 11%. Not a motivated seller in sight - Rahul
  9. What Adam said. I dont think there is any way a mortgage broker is going to send you his client's information for you to call them. He will be in trouble with the privacy laws. Atleast he wont do it till he gets to know you really well and has confidence in your skills and track record of helping people out. And still, he may do it discreetly without admitting in public that he does that. However, what your mortgage broker can do is ask his troubled clients to contact you instead. Then, everyone is in the clear and plus you will get calls from seriously motivated people only. Ofcourse, for a mortgage broker to recommend you to his clients, he needs to be in your network. He needs to have faith in your systems and your intentions. That you can build only over time. Do a mass email to mortgage brokers and send them your doc. as to how you can help their clients and in turn, them. If a few respond, you can take it from there. That is what I did in St. John's and had 3 brokers respond favourably. I wasnt there too long for anything to come out of it, but it worked fine. - Rahul
  10. MC, Many Happy Returns Of The Day ! NJoy ! - Rahul
  11. Your mom-in-law is a realtor?..Thats a gold mine right there, dude...comps, expired listings, network etc.. - Rahul
  12. Jonathan, When did you get into real estate full time? What were the types of deals you did in your early days? How did you get your big break? Anything, that you can & want to share. Success stories always help to fire us up here. thanks - Rahul
  13. Doug, thats preety cool, if it works out. But why would she ask the homeowners if they are tired of the landlord game? I mean, if they say yes and if you take over then she loses her business with them, right? Even if you do a SLO on a property, you arent going to give any property mgmt. business to her for that property. I can understand a working relationship where you refer people to her and vice versa. But I dont know why she would want to get rid of her already existing clientele. Perhaps, I am missing something. - Rahul P.S: And yes, we wanna know how she looks
  14. I have a friend in San Diego, working for Qualcomm. He replied to my email saying that his house wasnt affected but he has been busy playing host to a few friends who had to evacuate their houses. Man, I remember our evacuation during hurricane Rita(Sept. 2005). I was living in Lake Charles, Louisiana and we were out of the house for 19 days ! I wouldnt want to do it again. - Rahul
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