It’s illegal here to get paid a finder’s fee, or even to have an agent kick back $$ to a buyer. Think it happens? Everyday. Find an agent willing to give you a kickback, and tell him he’ll get all the leads that you cannot do anything with.
I advertised and amazingly enough a person called me that same day. I am the first person he has talked to. This guy wants to sell his house for low $500k when he said houses around there sold $425k-$475k. I checked on yahoo and houses around there sold for about $300k. So something must be inaccurate. He said that he has been doing alot of work on it so that’s why he wants to sell for a higher price. I can’t seem to find out how much it rents for or an accurate value of the place but it doesn’t seem to be a deal anyways because of what he is asking for. I was thinking of refering him to an real estate broker and the broker would most likely compensate me. This would be a type of flipping. WHAT SHOULD I DO??
Posted by Frank Chin on January 15, 2004 at 05:03:21:
I’m a “buy and hold” investor in NYC, and I always look over 100 properties before I buy one, even the overpriced ones sometimes.
You’ll be surprised how many owners spend good money making hideous improvements, and want over market prices for them. While they’re giving me the speil on how much it cost them, I’m thinking how much it’ll cost me to rip it out.
How much a property cost, and how much it’ll rent for are too different things. I’m constantly amazed at how much rent people are paying in run down places where repairs are warranted, and not done. These are places you should look for, and make good rentals.
In fact, for a CRE, when a seller talks about how much he spent on improvements, RUN. I wasted lot of time not knowing this intitially.
Posted by Brent_IL on January 14, 2004 at 23:00:59:
If he can’t sell his over-priced house, neither will you. Good deals require a lot of shepherding and take time. Don’t waste your time worrying about bad deals. If you want to do something, put his name in a tickler file and call him up in three months to find out how he’s doing. I?d put it out of my mind.
You might refer him to a real estate broker but you can not legally receive any kind of payment from that broker unless you have real estate license. This is the law in Maryland. No real estate broker that I know will pay a “finders fee” to an unlicensed individual in the State of Maryland. Sorry to tell you this.
awww… o well. I guess I will negotiate and get some experience from that because he doesn’t seem motivated. Then I can refer him to a my agent that I am working with and get some kuddos points. Thanks!