All Forum Posts by: Dan Bernstein

@Nerissa Marbury, Why waste money, time and effort writing your own lease agreements when VAR, NVAR have a team of attorneys constantly reviewing and modifying VA lease templates to make sure you are protected under VA law based on case law precedent. I would recommend using the VAR template contract from your realtor and just cross out anything that you don't want and add an addendum for other terms. Since there are so many laws regulating residential real estate lease agreements, both federal and state, I would be concerned with opening yourself up to legal liability.

@Senika Levias From what I understand, once you have a license, your legal liability changes.  The broker or a title attorney would be best for structuring the language in the contract.  I have an assignable contract clause that we use...I would take @Jay Hinrichs advice on this one and consult with your broker and attorney to develop language you can use in this and future contracts.  Most people are not going to want to instruct you on contract language because of the liability.  Your broker is technically suppose to review and approve your work.

@Account Closed Most of the Multifamily in our area DC Metro/Baltimore NOVA etc is off market.  When we get a deal in house, we call all of our investors.  If there are no takers from our immediate network, we then look to other brokerages or online resources, such as bigger pockets to find a buyer.  The best thing you can do is establish relationships with agents and brokers who will send you deals when they come in...

@Sherry Benge, If you are planning on living in the property, you can sometimes get a residential loan if the living space is larger than the commercial retail space.  PM me if you want a few referrals to Residential and Commercial Lenders.  Obviously, a residential loan would be the best option, since you will be putting less money down.

@Aaron Ray The main thing is to stick to residential 4 or less units on that first purchase...otherwise you will be looking at a commercial loan with a large down payment.  Also, once you get a job, you may be able to qualify for a loan right away.  My brother got his phd in engineering and was able to buy right away, since his degree was in the same "field of endeavor" as his job.  

@Aaron Ray I would go for a 4 unit...in some cases, the lender can use the income from the property to qualify you for a loan.  

@Russell Brazil, That 5% tax can really have an impact on condo conversion projects in the district.  I wonder about the economic impact of that tax on development.  We just started working on these...really tightens margins.

@Devrim G. If you haven't received the proper documentation from the owner, ask for a 2-4 week study period extension.  What are the expenses?