OfflineHi everyone I am new to this site but very motivated and excited. I have a question / situation. We have a realtor friend of ours that knows about us wanting to become investors and wants to be our realtor. A few months ago we were talking with her and touched on the subject of making offers much lower than asking price and she seemed to want nothing to do with the idea. Today she contacted us wondering if there was anything she could do to help us with our investements. We told her that we were looking for duplexes and triplexes for about 80,000 within about an hours drive. Also that we were interested in hard money lenders and if she knew any that we might like to be in contact. Her reply makes me a little uneasy, "Hard money lenders charge double digit interest rates. Is that something you really need?". Also I'm afraid that if we decide to go with a different agent that she might not see it as a business transaction and take it a little more personal. Has anyone brought any friends in as part of their team and how did you preface the business relationship with a friend (if you did at all)? Thanks so much for the time.
The Whild Companies LLC
I learned a very long time ago not to mix friendship with business. However... that said... Noone knows you better then your friends. Be sure to set the ground rules from the beginning... Business is business and friendship is friendship. Also, I have 3 realtors working withe me. None of them know of each other because in PA you are not allowed to work with more then one realtor at a time.
Now, as far as the HML go... Yes, most of them do charge 12% or so. If you have friends or family that can lend you money at a lesser interest, better go with them. However, when your back is against the wall and you have no money and a prospect for a killer deal, sometimes it's worth paying that 10-12% if you stand to make a good profit. Also, alot of them, when you use them more then once, start giving you a brak since they are getting a return business from you.
Hope this helps.
Yuri
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