Posted by NB (ID) on January 29, 2000 at 18:54:03:
I feel I am doing a real service by helping people fulfill their dreams–and that fact that people are paying me for my many hours spent learning while they’re watching the tube doesn’t bother me at all.
As a teacher I already have pretty tough skin. I just want to make sure that what I’m doing is legal and ethical.
Thanks very much for your input–and many blessings.
What would you do? (long) - Posted by nb(ID)
Posted by nb(ID) on January 29, 2000 at 16:51:37:
As a teacher I’m one of the higher paid members of the community, so you know it’s very rural. People would not be happy to see me make money in real estate transactions–even if it was only $50, so I need to be very discreet. The local title company will do simultaneous closes so that is the way I will probably need to conduct business.
People are contacting me (from a sign I’ve put up)rather than a realtor for whatever reasons. I’ve found a realtor that will work with me as an investor and I’ll need that since the majority of the homes are listed.
The clients with good income streams and perfect credit can probably qualify for a low or no down payment just as my husband and I did when we moved into our current residence. Some of the clients will qualify because of many children and low income. Anyway, I’m willing to work with these people and help them fill out the forms, etc. because of the personal satisfaction as well as the monetary reward.
The seller wins because he/she sells a home that has been on the market for months–maybe years. The buyer wins because I’m getting them qualified for a loan they didn’t think they could get and they can quit renting. The realtor wins because they’ll receive their commission (somewhat slowly from the seller as they receive their payments from the buyer). I win because I’ll receive whatever the difference is between what the buyer will pay and the seller will sell for.
Does this sound like an honorable way to handle business? I don’t want to cheat or mislead anybody. I want to make an honest income thinking of creative ways to help people who think they can’t become home owners do just that.
Here’s my opinion - Posted by JoeB(Atlanta)
Posted by JoeB(Atlanta) on January 29, 2000 at 17:30:42:
Yes, this sounds like an honorable way to make a living and many of us on this site do just what you’re talking about.
Not to sound too preachy…but YOU have got to feel comfortable with how honorable this is (I can say all I want, but you’ve got to feel good inside about it).
It makes me feel great to design a transaction/deal that helps a Seller and a Buyer that otherwise may have been helpless/frustrated/etc. and have them both thank me!
If you do well in this business you will make LOTSSSS more than the ‘$50’ you mention and may attract lots of naysayers, so you either have to: a)explain why your knowledge is so valuable to people, who haven’t had buy/sell success any other way or don’t have any time left; b)ignore the naysayers c)use Land Trusts and Corporations to do this (somewhat) anonymously, although in a small town I’m betting nothing is a secret.
I personally attempt (a) above if the person seems genuinely interested in what I do, failing that I go to option (b).
Didn’t mean to stand too tall on my soapbox…just my 2 cents.
Joe Brillante