All Forum Posts by: Chris Soignier

I don't know about your market, but here in DFW there's intense competition for deals, plenty of cash, and easy MF financing.   I could potentially see an owner offering financing to get installment accounting on the gain, but in general I'd be skeptical that it's likely not a bankable deal and has some latent defects.    

Furthermore, ask to be removed from their mailing list.    No point getting their "deals" if they're not adding value.

A quick search tells me OK is a disclosure state, which means you s/b able to get sold comps from the county tax assessor's office.    That's probably why you don't have comp services there, b/c of limited added value in re-selling public info.

Everyone has different priorities and perspectives, but it's not a very good strategy for my situation.   Mortgage debt is so cheap, and even cheaper after considering the deductibility of mortgage interest, so why rush into paying it off?    I can re-deploy that money for much greater returns elsewhere.    

I put way too much down on my residence, and would go w/ an 80% LTV if I had a chance for a do-over. But, I subsequently obtained a HELOC within $1000 of my original mortgage loan. Did I use the proceeds to pay off my mortgage? Heck no! I bought passive interests in a couple of apartment complexes that will yield ~20% annually over their lifetime. That's an easy arbitrage, considering my HELOC costs 3.xx% before interest deduction.

Look at for sale signs (by broker/agent) in your area.   That should give you plenty to interview.   I will say that if you're struggling to find a broker, it's not going to get any easier when you have to hustle for clients and commissions!  

As a seller, time to close is one of the factors I consider that may differentiate otherwise similar offers.    If you say you're closing by xx/xx/16, I expect that to happen.   It's not my responsibility to question your ability to close when you say you're going to, and the TREC (TX)  contract specifically says that in the even of buyer default, the seller may terminate the contract and collect the earnest money as liquidated damages?

Did you even review the contract before executing it? Serious money is involved in REI, and you should understand everything you sign your name to completely. Yes, your agent and/or lender may have led you astray w/ unrealistic expectations, but ultimately it's your name being signed that commits to the specific performance requirements of the contract.

Sorry to hear of the lost escrow, but it appears that seller is fully entitled to it.   I have earned escrows from failed transactions in the past due to sloppy contract management by buyers' agents, and have given part of it back as a sign of goodwill.   This is business, not fun and games w/ friends and family.   Can't hurt to ask your agent to request at least a partial release as a compromise!   

Don't take this personally, but I recommend you chalk this up as an expensive lesson, and get yourself educated on contracts and realistic financing timelines before embarking on your next deal.   Get a thicker skin and get rid of your entitlement mentality - accusing the seller of blackmail and being unethical when you defaulted on the contract won't sit well w/ other investors.    Accept your mistake, learn from it, and don't repeat it.

I got my license to support my investing, and lately have been getting better cash flow from being an agent than active investing (i.e. excluding my passive income).     My main source of clients have been other investors, since they trust my knowledge of the market and how to evaluate investments.    I haven't even started prospecting yet, but will after I get a couple of big time-sucking deals behind me, hopefully late this month.

The other nice thing about being an agent is that we all have limitations of how much capital we have and can raise.    As an agent, I can earn money in real estate beyond the boundary of those limitations.

At least in TX (a non-disclosure state), occasionally they're fairly close, but they're more often not even close.

The one that will result in the lowest debt service requirements.

There are no set commissions, everything is negotiable.    I'd encourage you to focus not on the cost, but on what you net out of a transaction.   A good agent is worth every bit of 3%!