Real Estate

What percentage should the realestate office get and should I charge for my time working on any property. I need help puting a contract together to start my property mamagement division of this new realestate office and I know very little about property managment.

It is a low profit center and a big headache. I refuse to do property management on residential properties.

We charge, from our main office the first months rent as a set-up fee, and 10% thereafter monthly. For our repairmen the rate is $45.00 per hour, the clock starts when they leave the building until they return.

You need to know what your market will bear, and charge according to your cost to do business and make a reasonable profit. However at your experience level you can expect that the real deals will go to the experienced property management firms.

Why would you want to do that you wouldn’t be able to sell it when you don’t have access to the estate. Sounds iffy to me can you be more specific.

I wanted to look at the MLS in my area for free. I know I can go to a realestate agent office and they will give it to me, but I don’t want no pressure to buy anything.

For free MLS listings go to www.realtor.com
You just put in your area and price range and
they will show you all the homes in the MLS.
I actually used this site to find my new home 2
years ago.
Its great!

I saw a free web site on tv (cnn/cnbc?) that shows realestate listings on a satellite image map (like g@@gle earth). What is the web address for the site?

www.zillow.com

try realtor.com

I will be buying and selling real estate in California. Is there any specific forms to report to the appropriate tax agency the amount of income in the case of a sale or the amount I paid in casa of a purchase? Or am I not required to report this?

Most likely schedule D.

If you can demonstrate you are a trade or business, schedule C.

Either way, profits are reported.

I want to get into buying and selling realestate preferably fixer upers.

First, establish your team–find a good realtor and mortgage loan officer who are experienced with investment properties. If you plan to rehab then sell the properties, I would recommend 100% financing. The interest rate is higher than if you had cash for down payment, but you’ll have more cash for rehab. I wouldn’t worry about the interest rate anyway if you plan to sell within a few months. Be sure to keep all your receipts–lenders look unfavorably on houses selling for much more than purchased for a few months ago–unless you can document costs for repairs/ improvements. Call me if I can help. Rick Lanicek (800) 256-0817 Ext 202 www.primelendingonline.com

If I am selling a house for $35,000 and the buyer is getting a loan for $10,000 more ($45,000), which number should the agent commission fee be based off of? the $35k or $50k?

What regulation would I find this information? When I go back to the agent, I will need to site a good source. Saying I got it off "yahoo answers" doesn’t sound that good.

The commission is 6%, but that’s not really a factor in what I’m asking about in this question.

The commission is always based on the Sale price.

Always look at the agents listing agreement or ask the agent. Sometimes agents split the fee, sometimes the keep the whole fee. Some agents take 7%, some split that 7% with another agent and they each take 3.5%.

And in some cases, You can ask an agent to just not take their commission. I don’t know how but I have heard there are ways around it.

But if they helped sell the property, they should be paid because it’s the right thing to do.

The commission is based on the Sale price, but check with the agent.

Some real estate brokers have a lot of tricks up their sleeves. Learn to beat them at their own game.

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