Sold ! 0 Report post Posted November 17, 2004 In calling a bunch of FRBO's (or what I thought were FRBO's) I found a bunch of real estate and rental companies in the middle. Are there strong arguments for us working with them or just passing on by? I guess I could ask the same about people trying to SELL their house, too. Thanks, Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 18, 2004 Rich,First, are they Realtors or management companies? Management companies will get you no where. You'd be taking away their business if you don't want to move in yourself!As for Realtors, it depends on who you're trying to work with. Some are great to work with and some...well, just suck. Again, if you're the buyer and can get to a motivated seller through anyone, you'll be in good shape.Hope that helps,Adam Share this post Link to post Share on other sites
Akinwale 0 Report post Posted November 18, 2004 Rich,First, are they Realtors or management companies? Management companies will get you no where. You'd be taking away their business if you don't want to move in yourself!As for Realtors, it depends on who you're trying to work with. Some are great to work with and some...well, just suck. Again, if you're the buyer and can get to a motivated seller through anyone, you'll be in good shape.Hope that helps,Adam<{POST_SNAPBACK}> If a realtor is willing to work with you to get the home sold...Go for it. I trying to get a realtor to agree to step out of the deal now so that I can work a LO with it. I would compensate him for his time and expenses. Well see how that goes. The seller wants out because the property is not moving. I will try my best to make that happen... Akin Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 18, 2004 Akin,I would suggest having the seller ask the Realtor to do an unconditional release. Not sure if you meant to say that in your post, but that's the easiest route.Keep us posted on what happens!Regards,Adam Share this post Link to post Share on other sites
Craig 0 Report post Posted November 18, 2004 I recently have been working with a realtor who was first listing the home. I saw her add on the web and inquired. She has been very receptive to the idea of this. I put the short offer in this morning and she since then has contacted me. At this point I am just waiting to hear back if the owners will accept a possible 2 year lease option on the property. The 24 months might be a problem. That might be a draw back she said with the owners. All the numbers are coming in very good other than that. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 18, 2004 Craig,What was the concern with the 24 months? Do the they need some cash out now?Adam Share this post Link to post Share on other sites
Mr Saint 0 Report post Posted November 19, 2004 Rich, In my experience, a good way to get in the door with a realtor is already have a T/B or two in your back pocket that may be interested in their listing. A possible sale in the near future (no matter what the terms) looks a lot better to them then all kinds of fancy creative deal stuff. I had a condo in a neighborhood with a lot of other units for sale. When mine went, I contacted the realtor of another and said I had a lot of people interested in doing a L/O in that very neighborhood. At that point, it was just a matter of getting a document signed that said if I find a T/B, I will get paid XXX amount. Good luck, Share this post Link to post Share on other sites
-Tony- 0 Report post Posted November 19, 2004 Mr. Saint,At that point, it was just a matter of getting a document signed that said if I find a T/B, I will get paid XXX amount. Were you the principal in the deal? If you were not be careful..... Share this post Link to post Share on other sites
Mr Saint 0 Report post Posted November 19, 2004 Mr. Saint,At that point, it was just a matter of getting a document signed that said if I find a T/B, I will get paid XXX amount. Were you the principal in the deal? If you were not be careful.....<{POST_SNAPBACK}> Hey Tony, Yea, all the paperwork would have been done through me (if I located a TB), in which I am the principal. Good point. Share this post Link to post Share on other sites
Adam King (MI) 1 Report post Posted November 19, 2004 Mr Saint,Consider this too, you could have a locator agreement with the tenant/buyer as a consultant. Once you find them a property you get paid by them as a consultant. You then have the seller apply your payment to the option consideration. Simple and legal.Just my two cents,Adam Share this post Link to post Share on other sites
Mr Saint 0 Report post Posted November 20, 2004 Hey Adam, Not a bad idea...get paid on both ends...I like that. Share this post Link to post Share on other sites
Gene 0 Report post Posted November 20, 2004 Mr Saint,Consider this too, you could have a locator agreement with the tenant/buyer as a consultant. Once you find them a property you get paid by them as a consultant. You then have the seller apply your payment to the option consideration. Simple and legal.Just my two cents,Adam<{POST_SNAPBACK}> Adam: I like the consulting angle that you use with your business. I have been thinking about how I might incorporate the consulting function into my business. I was researching the "Division of Banks and Real Estate" web site for Illinois and came across this interpretation of the Illinois Real estate license act. 1. When do I need an Illinois real estate license? A person needs a real estate license if they provide assistance which is in any way intended to result in the sale or lease of real estate. The definition of the word "broker" under the Act provides 11 examples of the types of "assistance" that require a real estate -license. Included are: representing clients in the negotiation of real estate sales contracts or leases, and issuing advertisements for the sale, purchase or lease of real estate. The assistance must be provided for others. Accordingly, a person who buys, sells or leases real estate as a "principal" does not need a real estate license. Compensation is required. Therefore, a person who provides assistance on a real estate transaction to a friend or relative, without compensation, does not need a license. I understand acting as a "principal". I wonder if in Illinois acting as a consultant may be crossing the line. I know you’re not a lawyer, just looking for your opinion. 1) Is the Michigan law much different than Illinois? 2) Would you interpret the above to mean that Consulting in the way you describe could get someone from Illinois, without a RE license, in trouble? Gene Share this post Link to post Share on other sites
Kimberly 0 Report post Posted November 20, 2004 Gene, Disclaimer: I'm NOT an attorney & I'm also NOT Adam! representing clients in the negotiation of real estate sales contracts or leases, and issuing advertisements for the sale, purchase or lease of real estate.Don't negotiate for them, TEACH them to do it. Don't place ads for them, SHOW them samples. Kim Share this post Link to post Share on other sites
MichaelC 160 Report post Posted November 20, 2004 Rich B, just to get back to your original question, generally speaking you are going to make a heck of a lot more progress dealing direct with the homeowners. Sure, there are exceptions when a Realtor will be open to something besides "10% down, thirty year fixed". But, and especially here in south Florida where Realtors think they are the greatest thing since canned beer, you'll find working with the typical Realtor maddening. Stick with the homeowners and, along the way, you'll meet a Realtor or two who is worth cultivating a relationship with. Share this post Link to post Share on other sites
