All Forum Posts by: Dan Bernstein

@Mike Bonadies, The extra fee is most likely an admin fee.  We don't charge one, but essentially that $300-400 extra is almost exactly the cost of having an admin manage the transaction post ratification of a contract.  MD-GCAAR contracts have a termination clause and if they are using GCAAR it will be in there.  A commercial rep agreement can be different.  If you are looking for multifamily or dual use commercial, many of the properties are off market and it would be standard to sign a rep agreement before spending a lot of time prospecting for that property.

@Brian Wheeler We have CoStar. The Rep comes to our office every month and he said that CoStar is the largest private data collector in the US and only second to the federal government. Loopnet is owned by Costar. Unless you are selling commercial deals off market, you will need to use their system to source to brokerages all over the country. Not sure if it is worth the effort developing an MLS to compete with CoStar. They have a huuuge monopoly.

Hi Bigger Pockets, 

We have been running across many Multifamily deals around the DC Metro area and we are looking to expand our network of Investors we can source deals to. We are not wholesalers and a large part of our business is dedicated to sourcing off market deals. We currently have a few opportunities 8-10% cap Multifamily over 800K. Please contact me if you are looking in the area. We also come across the occasional 4 unit, which is great for a new investors.

PM for details on our current deals.

Thank you,

Dan

@Bill Exeter and @Dave Foster Yes, the DST is a great fallback in case none of the properties you identify during the 1031 pan out. In fact, we make sure to inform our clients of this option before the transaction.

@Dave Foster Many people are unaware that they can also 1031 into a trust instead of a physical property... so in the event that the "like kind" property exchange is not going to go through, they can defer paying taxes by moving the taxable income into a trust. 

Yes, I agree with what was said.

@Lina Naik We work in the DC Metro area and I can't imagine the benefit to trying to go it alone without experience. Even with a ton of experience, we have had investors contact us to negotiate a contract directly with a FSBO. During the transaction, you could stand to lose more $ post ratification of a contract then paying a commission.

@Dominic Foster If you are planning on investing in real estate long term, I would sell and buy a multifamily with a 1031 exchange.  Since properties sell super fast on U street, you could identify and tie up a multifamily with a longer study period and then 1031 exchange it into the new property.  

Thats a lot of money to sit tied up in a one bedroom condo.  

@Marty Milligan happy to help you find a good realtor in the area...PM me.

Pre-approved is what you want.  When you are pre-approved for a loan, the loan officer has reviewed your docs, pulled your credit and can now issue a letter that you have been pre-approved up to a certain $ amount.  Any decent realtor is going to call a lender to make sure he/she actually pre-approved the buyer.