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Philadelphia : Real Estate Advice

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  • Local Info306
  • Home Buying1K
  • Home Selling149
  • Market Conditions50

Activity 3,355
Fri May 26, 2017
I would be more than happy to send you a free DIY credit repair book... The thing with credit repair is a numbers game, I know I do it for a living. Scores can be tweaked to maximize the FICO scoring modules. You definitely want to make sure you have open and revolving credit that is positive. Unfortunately with low scores you will need to apply for 2-3 secured credit cards. Here is a link to apply for them, or speak to your bank and make sure it is a revolving tradeline and not a secured loan. Loans do not help scores as much as revolving credit. You also do not want to use more than 22% of the credit line, this percentage is called your Utilization Rate (UR), keep your UR at 22% or less, people thought 30% was where to be and those with 750+ credit scores keep their debts at 22% or less...
Next you want to begin settling off your potentially negative debt. There is no quick fix to credit, it can be done in as little as 60 days that is if you are able to settle off all of your debts in that time period, apply for new credit, and work on removing any settled collections off of your credit report.
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Sun May 21, 2017
Hairstonpropertyinvestmentsllc answered:
Some Realtors HATE wholesalers lols, some are investor friendly. So of course they will tell you these things that its illegal to wholesale real estate and bird dog.

Pros as a Realtor
Having access to MLS (which is awesome).
Saving Commission (If you plan on buying/selling several properties per year).
Being able to see listed properties yourself.
Make your own appointments to see properties.
Have direct access to lock box codes.
Being able to submit your own offers.

Cons as a Realtor
Everything you make must be paid through the broker first, then to you. Fsbo, mls transaction, it doesn't matter, even if you are disclosing everything, which everyone does. Payment comes from the broker.
You cannot put out bandit signs or hand out business cards unless you have the broker's info on it as well.
You cannot pay unlicensed birddogs.
You cannot advertise a home that is unlisted.
You have to disclose that you are an agent which can be a deal killer for some people on some deals.
Passing the exam
Hang your license with a broker (although not hard)
Paying MLS dues
Take a course for the exam (but preparing for the test you will learn a lot about real estate)
Do continued education training (but not really a bad thing).
Follow a strict code of rules and ethics (no creative financing).

Pros as a Wholesaler
You don't have to get paid through a broker.
Not having to disclose that you are a wholesaler (unless you want to).
No exam.
No MLS fees.
You can put out bandit signs or hand out business cards with only your information on it.
You can pay birddogs.
Can advertise a home that is unlisted.
You typically make a larger spread on deals than a realtor would.
Can use other creative strategies for acquiring properties.
Learn skills that will help you later on in your investing career.

Cons as a Wholesaler
No direct MLS access.
No direct access to lock box codes.
Not able to submit your own offers.
Not able to see listed properties yourself.
Let's take a $50,000 house for example.

As a Realtor you receive a 3% commission of $50,000 property, you can cover the cost of your license for one year. But, you're not going to receive the entire 3% commission unless you have already served your time to become a broker. And some brokers like Re/Max, Keller Williams, Century 21, etc may take up to 50% of your commissions.

As a Wholesaler you may receive upwards of 90% on a $50,000 property. If you get the property under contract for $5,000 you can sell it for $50,000 to an end buyer. You may only need to do 1 deal to cover your marketing cost and there are no license fee's. That can certainly cover your marketing cost.

So you can see why some realtors would hate a wholesaler ...they see it as a conflict of interest. Some will tell you its illegal to put a property under contract without a real estate license, but I'm a wholesaler. I actually go to closings using a real estate attorney..... these realtors will tell you that just to keep you from doing what your doing. Not all real estate agents are investor/wholesaler friendly.

Besides ...the assignment fees you could potentially make from assigning your contract to an end cash buyer will run circles around the commissions these real estate agents make. No shade on being a real estate just saying I'd rather INVEST in real estate than SELL real estate. The only good thing about have a real estate license is having MLS access to run the most accurate comps.

If you want could be both. Get your license and sell the pretty houses on the MLS, wholesale the ugly ones. Me personally, id rather just put all my focus on my wholesaling business and just build a relationship with an agent to run comps for me, or work on getting access as an unlicensed assistant to the MLS so you could run comps.
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Sun May 21, 2017
Alan May answered:
It doesn't really matter whether Agent 1 and Agent 2 have the same broker, or not. If you signed an exclusive buyer's agreement with Agent 1, and then bought a home with Agent 2, it's very possible that you could be legally owe a commission to Agent 1.

Read your agreement carefully, or consult an attorney.
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Sat May 20, 2017
Sernestine59 asked:
Fri May 19, 2017
Kathy Burgreen answered:
As much as you need a realtor for personal reasons, unfortunately most realtors do not work with renters. The reason is the commission paid by the landlord / property manager is very small and not worth their time. There is a solution:

What you CAN DO: Call a few local brokerage offices and speak with the Office Manager or Broker in Charge. Ask to be connected to a NEW licensed agent. You need to understand that new licensed agents need experience and clients. They will start out with renters until they get enough experience, then they drop the rental market and only work with buyers and sellers. Renters eventually become buyers for the most part, so new agents need this experience and contacts.

I know it's not what you want but you need to understand that realtors are basically self employed independent contractors. They choose who they want to work with and have the right to deny working with you because you are looking at rentals.
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Tue May 9, 2017
Liangguanxiang asked:
Tue May 9, 2017
Kathy Burgreen answered:
Trulia is a media company - not a brokerage. Realtors and lenders reply to consumer questions at their convenience and if they want to. I reply to questions and I didn't get to yours or I don't know the answer. ... more
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Wed May 3, 2017
Madeline Muir-loughrey asked:
Mon May 1, 2017
Here are some ideas on how to find a hard money lender in your area:
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Sat Apr 29, 2017
Darobison1 answered:
Wed Apr 26, 2017
Darah S answered:
I'd be REALLY careful with anyone ever asking for you to send money. These people are usually scammers. If they will not meet with you to show the property, it's definitely hokey pokey. There is some great information here about what to look for with scams. Never send money or wire money, and never listen to people who claim they will "send" keys. You can also tell a lot by the grammar, punctuation and presentation of the ad. ... more
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Wed Apr 26, 2017
Hello, I'm a mortgage professional.

I would need some more details but you have enough of a down payment and assets as long as you income and credit support the new mortgage.

If you have any other questions or would like help with this you are welcome to get in touch with me. ... more
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Tue Apr 18, 2017
Ollie_parham answered:
Tue Apr 18, 2017
Jtsteak answered:
If you buy and hold a good number of properties over your lifetime the answer is NO. This insurance product is Wayyyy overpriced for what you get. Unfortunately, the title companies are fleecing the general public, due to antiquated laws still in existence from before the internet and easily available access to records. Educate yourself and do your own title search. If you are buying property that is fairly new and not many entries in the title search.
This title insurance is unnecessary. Just my 2 cents, as a real estate investor who also does not use agents and pay commissions.
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