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  1. #1
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    Exclamation Scary possibility for newbies

    I just realized from a thread that was just closed that a poster came down here - intent on living on perhaps $600 a month - and within a year, says that he has "sold" over $700,000 in real estate. Say it ain't so!!

    I have heard so many horror stories here about real estate - about places that were sold with false titles, with no titles, built with no titles....of places that were left for 6 months and not just ransacked but STRIPPED -- of plumbing, fixtures, you name it....

    So please take the sensible advice offered here - rent first if you can, make sure that you know the area, the broker, the lawyer and have good enough Spanish on your own to read some of the contracts.

    Even for a furnished rental, my landlady here wanted me to sign a lease making me responsible for the taxes. When I said, no way, they produced another lease within 10 minutes... odd that they had it ready.

    But I grew up in NYC, watching those three card monty games on the sidewalks, for most of you... cuidase

    annie

  2. #2
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    Default Explain?

    I really don't understand what it is that you are saying.

  3. #3
    Honorificabilitudinitatibus
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    Quote Originally Posted by Simon & Nicky View Post
    I really don't understand what it is that you are saying.
    Just guessing, but perhaps it goes like this.
    Most people would consider a newbie trying to live on $600/month here, foolish.
    So now, the fool in question starts selling real estate and is successful, at least in the sense that he is earning money, but it demonstrates that some "real estate" agents may be fools with zero experience or integrity.
    Of course, I could be completely wrong, lol.

  4. #4
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    Default

    Good point. $700k in real estate isn't that much though. If he makes 6% commission thats $42,000/year.

  5. #5
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    Default

    42K a year is gold in the DR.

  6. #6
    Honorificabilitudinitatibus
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    Quote Originally Posted by adrianb View Post
    Good point. $700k in real estate isn't that much though. If he makes 6% commission thats $42,000/year.
    Still a lot more than his projected 7.2k per year, but I don't think that's as much the point, as to who may be acting as a real estate agent, and that buyers should beware.
    Of course, I'm just guessing.
    I suppose the OP will tell us soon.

  7. #7
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    Default I'll have some of that .....

    6% straight to him eh? Fantastic!!

    This amount could just as easily represent the sale of one house on a co-broke arrangement or exclusive contract. He would be very lucky as an agent to pick up 2% on the gross and more likely a fair bit less than that.

    It's talk of massive earnings that make people WANT to work in real estate. The cold, hard fact of the matter is that very few individuals actually make it, and in some situations you can loose a lot of money in no time at all.

    I believe that as a rule of thumb, to work in my office you need experience plus you need to have lived in the area for at least two years or a combination of the two (there are exceptions)....

  8. #8
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    Default

    $42k/year isn't much if it your burn all your contacts and it only lasts one year. :-)

  9. #9
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    Default

    Actually somebody intending on living off of only $600 a month is quite realistic in most cases - that's about 5X more than what many cops make. It's better to come to the country with low or no expectations, than to come with big expectations to only have them shattered. If this person did make $700K in sales in one year, good for him. Because somebody is new at something, it does not mean they are some sort of con artist or anything. It's only common sense to get a feel for a new place, othewise it's a gamble - having somewhat of clue is taking a calculated risk.

    Anyhow, if anyone has any leads as to any scary possibilities of me making comission off on nearly $1M in sales, please let me know.

  10. #10
    On Vacation!
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    Default My understanding was that he was building and SELLING

    houses (read the long posts on how much per square mtr costs,architect fees etc. and CC's comments) so........
    he was saying he personally 'made' $700K (less construction and property costs of course!)

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