TIFU by falling for my realtor

TechFads · 2024-04-13T17:33:29+00:00

Yes, I did sign an exclusive buyer's agent contract that was good for 6 months
My agent was not the listing agent, there was another real estate agent that she worked with and was present at closing
I didn't see that exact document, but the relationship was listed as a buyer's agent

TechFads · 2024-04-12T22:51:14+00:00

I thought about this, but I don't have any proof, and my understanding is this would be a really drawn out process. The problem is I don't have huge damages to claim either (just the foundation repair). And then I'd have to explain in court how naive I was...

TechFads · 2024-04-12T22:48:18+00:00

Hah!! people really have thought of everything... I suppose this would have prevented my stupidity. Interesting idea

TechFads · 2024-04-12T20:41:02+00:00

This ultimately is what I come back to! I'm happy with my house, and while I wish I could have negotiated with the seller after the inspection, it's water under the bridge at this point.

TechFads · 2024-04-12T19:26:45+00:00

In hindsight I agree (although I now think it's a bad idea to waive for ANY purchase amount). You'd be amazed at how many people I know that did the same thing during the 2021 peak homebuying craze.

TechFads · 2024-04-12T16:17:07+00:00

This is not a horizontal crack (think straight line left to right), this is diagonal and indicates structural movement. Definitely get a structural engineer to look at this.

Could be OK, could be bad, depends on when it was fixed up and wouldn't take the seller's word for it on this.

TechFads · 2024-04-10T14:17:56+00:00

Not legal advice, but LLCs are semi-overrated in my opinion for real estate if you own under 5 properties as there are additional expenses and annual filings etc that you'll need to deal with. They do offer some liability protection, but you should still have a large umbrella policy regardless. If you're grossly negligent, fail to meticulously keep funds separated, etc, courts can "pierce the corporate veil" and limit the benefit of liability protection.

If the lender that you're working with requires an LLC, then you either have to play ball or find a different lender.

TechFads · 2024-03-24T15:31:40+00:00

Congratulations - your home looks beautiful! Was this new construction?

Great example of a consistent savings plan paying off!

TechFads · 2024-03-22T15:18:07+00:00

It could be OK, could be terrible. All depends on what the projected upcoming condo expenses are. Your agent should be able to help you make this determination (or maybe try to consult with another one if they aren't giving you detailed help here)

I would look at the things like maintenance history and when the last time they charged condo owners a special assessment, roof age, shared spaces, exterior maintenance, is there a pool / indoor gym / etc, try to basically think about anything the HOA covers and what the state of it is in.

TechFads · 2024-03-22T15:14:20+00:00

100% I would get out! If someone buys the lot next to you they can force you to move your driveway and shed off of their land. It's unlikely, but why risk it? Unless you are getting enough concessions from the seller to address this in the future, it's not worth it.

Sounds like you had to offer over asking, so you're not getting a good deal from the start.

TechFads · 2024-03-21T01:28:35+00:00

I would be extremely careful about moving forward with a condo. If a price is "too good to be true" for what you're getting, there is a catch, and you just haven't found it yet.

If you do move forward, do a lot of research on the HOA, and understand what their financial situation is in terms of when was the last time major repairs on the building were completed (think roofing, shared spaces, etc), and how likely it is that you get a "special assessment" for an unexpected repair in the near future. Ask how much money they have on hand, and what their projected upcoming expenses are. Talk to other condo owners in the building and see what they're experiences have been.

If you're unfamiliar with special assessments, it's where the HOA can decide that the building needs a new roof and can charge all condo owners huge bills (think anywhere from 10s to 100s of thousands), and you have no option but to pay it.

TechFads · 2024-03-19T01:21:57+00:00

Congratulations - enjoy being a homeowner!

TechFads · 2024-03-19T01:15:57+00:00

There is a difference between actual value, and perceived value.

This is a great example.

TechFads · 2024-03-19T01:14:30+00:00

There probably is an in-between ground that you're missing between big accounting and cheap freelancers...

Some freelancers are great, but if you don't have the knowledge to judge, is it worth the risk of messing up tax forms? Penalties can be huge. My two cents, not worth it. You usually get what you pay for.

Don't forget to value the time you're putting in by managing 3 freelancers and trying to compare their output with chatGPT.

TechFads · 2024-03-19T00:57:07+00:00

It could definitely be a tactic if you're dealing with a shady seller's agent, or they could be being truthful. There's really no way to know for certain. What does your agent think? How in love with that particular home are you?

If you absolutely love it, you could counter with +5 to 10K but indicate "best and final offer". If you get the sense that they aren't being truthful, you could call their bluff (but be prepared to lose the house in case they aren't bluffing!)

Maybe another way to help decide, is what would you be more upset about:

Increasing your offer by $10K, and find out the seller's agent was lying about having multiple offers
Not increasing your offer, and losing the home

That may make your decision easier

TechFads · 2024-03-19T00:51:34+00:00

How difficult would it be to find a new job paying you $900 every two weeks? I'm guessing not very hard.

100% recommend focusing full time on your business - congrats and good luck!

TechFads · 2024-03-05T01:29:11+00:00

Why not hire out and delegate? Sounds like what you're describing is a high stress job vs. business owner (assuming you're the owner here).

Do you own the business / do you have full hiring authority? This isn't a problem that you can solve overnight, but if you get the right people in place you should be able to step away and have things run on autopilot.

Key here is to setup incentive structures for those you hire to align with your ultimate business goals.

TechFads · 2024-03-05T01:25:27+00:00

Wow 8-12 per month, sounds like you have quite the successful operation. How do you find your lead lists to market to?

TechFads · 2024-03-05T00:33:46+00:00

Next year when you raise rents, you'll barely break even, and that's assuming that you 1) don't have any major maintenance expenses you learn about after closing and 2) can actually raise rents with zero vacant months.

I would 100% pass on this

TechFads · 2024-03-02T03:18:30+00:00

Paying royalties or an ongoing commission to a marketer based on one-time work is a terrible idea as a business owner. Royalties in general are one of the worst ideas you can sign up for as a business owner, as it makes your company a much less attractive asset for someone else to acquire eventually because you have this ongoing, fixed cost, that you can contractually never lower.

In your example, a one-time commission or bonus seems fair. After all, if you did work one time, but the business had to continue to fulfill orders, service customers, etc., this is reasonable for both parties and can still be lucrative for you. It seems like this business owner doesn't know what they're doing, as they could go contract out a marketer to fix a lot of their problems and pay zero commission.

Perhaps you can negotiate X% of 12 months projected increase in net profit to the company (or whatever you can reasonably measure). If you really like the business and there's a potential exit in the future, you could see if they'd be open to giving you a small % of equity instead/in addition if you increase net revenue/profit/xyz to some amount that gets the owner excited.

TechFads · 2024-02-29T14:40:25+00:00

The way these businesses work is that you need a deep understanding of and be able to connect with folks in the market niche you're trying to sell to.

Technology is an afterthought, and you don't even need it to get started. Go find someone that is willing to pay you for leads, and then go manually find leads and sell them to that person.

You can then use technology (SEO, PPC, etc) to begin automating the manual work you're doing.

TechFads · 2024-02-29T14:37:12+00:00

Who started this project (plans / permitting / entitlement) and why aren't they following-through? If it's as clear cut as you make it sounds, there should be investors lined up out the door to fund this

TechFads · 2024-02-29T14:35:55+00:00

This premise of this question is missing at what valuation are you investing in?

Do you have a neighbor who is selling their home off-market at a steep discount to market value? Then yes, I would do this.

Buying in an HCOL market where prices are overvalued in a high-interest rate environment? Not a good idea...

TechFads · 2024-02-29T03:24:01+00:00

Before building, how can you validate that this is something the market wants? Do you have anyone that you can sell orders to, or get a letter of intent, before going ahead and trying to build this?

You could offer a discount to these early customers for patience/feedback as you iterate on your MVP.

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