All Forum Posts by: David Hochgurtel

Quote from @Benjamin Sulka:

Ron, 

I have a question for you as a novice. When you do a construction project, what do you pay for up front? 

Do you take out a loan after the project is completed or do you need to pay for things along the way? 

Hey Benjamin, Sorry if I am intervening here but my team and I do a lot of new construction in our area and get this question a lot and thought I would chime in and give some insight though I don't know what Ron is doing In my experience when you are doing new construction projects there are many different payment options we typically see.
1. If you are liquid enough to finance the project you can either be billed monthly for time and material or you can execute a draw schedule which means you would pay the total of bill within a agreed amount of payments due upon completion of individual phases.
2. When your buying a spec home the developer/contractor may allow you to pay at the end with a decent non refundable earnest money deposit however this will limit you making changes during the building process.
3. If you are not liquid you could apply for a bank issued construction loan that will turn into a 30yr fixed loan at the end of construction or you could borrow from a private lender and refinance to pay back the private lender.
I hope this helps and if you have anymore questions feel free to reach out to me.

Congratulations Aaron so exciting, I hope everything goes well!

Welcome to Bigger Pockets Saint, of course you can ask any questions!
 

I like Wealth Legacy but I would chop the smart money management at the end its just a touch to long.

Hey Scheherazarde Roddie,

Congratulations on your new property! It's important to approach this situation carefully to protect your interests and your new property. Here are some steps and recommendations to consider:

1. Consult with Your Real Estate Agent or Attorney: Discuss this situation with your real estate agent or attorney, if you have one. They can provide specific guidance based on the laws and regulations in your area.

2. Negotiate a Post-Closing Occupancy Agreement: You can draft a post-closing occupancy agreement that outlines the terms and conditions of the seller staying in the property after closing. This agreement should specify the duration of their stay (in this case, 3 days), any rent or compensation they will pay for this period, and the responsibilities of both parties during this time.

3. Security Deposit: Consider requiring the seller to provide a security deposit as part of the agreement. This deposit can be used to cover any potential damage or unexpected costs incurred during their stay.

4. Insurance: Ensure that your homeowner's insurance is in place and covers any potential liabilities or damages during the seller's occupancy.

5. Property Walkthrough: Conduct a final walkthrough of the property just before closing and document its condition. This will serve as a baseline for assessing any potential damages caused by the seller during their stay.

6. Clauses for Default: Include clauses in the agreement that specify what happens if the seller doesn't vacate the property as agreed or if they cause damage. This could include penalties, legal actions, or eviction processes.

7. Keep Records: Document all communications and transactions related to the post-closing occupancy agreement in writing. This will be useful in case any disputes arise.

8. Verify the Seller's Intentions: Ensure that the seller's request to stay for 3 days is genuine and that they are not planning to overstay their welcome. Have a clear move-out date in the agreement.

Remember that allowing the seller to stay after closing carries some risk, but with a well-drafted agreement and proper precautions, you can mitigate potential issues and protect your property and interests. Always seek professional advice when dealing with such situations to ensure you're making informed decisions in compliance with local laws.

Hello BiggerPockets Forum Community,

I'm excited to join this vibrant community of real estate enthusiasts! My name is David Hochgurtel and I'm a fresh-faced 19-year-old realtor currently working at Intero in Northern Nevada. While I may be relatively new to the real estate industry, my passion for real estate investing knows no bounds. I'm here to soak up knowledge, share experiences, and engage in meaningful discussions with all of you as I embark on this exciting journey of real estate. Let's connect and learn together!

Hello Jake,

I wanted to express how truly inspiring your post is. Your willingness to share your experience with renting by the room, coupled with your ability to self-manage and reinvest in the property, is commendable. While I'm relatively new to real estate investing, I've been exploring the idea of house hacking and renting by the room in the UNR area as well, especially with many of my friends starting there this year. I've recently acquired my real estate license and am working towards my goal of purchasing my first investment property in the coming years.

Thank you @Marian Huish I’m excited to start! I’m located down in Minden but planning on serving most areas. I would love to learn more about locals meet ups.

Hey Bigger Pockets community,

I hope this post finds you all well. I'm thrilled to join this forum and be a part of this amazing community. I'm reaching out for some guidance and advice as I embark on my journey as a new realtor here in Northern Nevada.

A little about me: I'm 19 years old and am teaming up with my mom and grandma, who both have a wealth of experience in the real estate industry. I'm incredibly fortunate to have their guidance and mentorship as I start my career, but I also know that real estate can be a challenging field, especially for newcomers.

I'm eager to learn and grow in this profession, and I believe that the Bigger Pockets community is a fantastic resource for that. So, I have a few questions for all you seasoned real estate professionals out there:

1. What advice do you have for someone my age entering the real estate world? Are there any specific challenges or opportunities I should be aware of?
2. What are some effective strategies for building a strong network and client base in a relatively small market like Northern Nevada?
3. How can I make the most of my partnership with my mom and grandma? Any tips for working successfully with family members in real estate?
4. What are some recommended books, courses, or resources for a new realtor like me who's hungry to learn and excel?
5. Are there any local real estate events, organizations, or networking groups you'd recommend I get involved in?

I'm truly excited to dive into this industry and contribute to my family's business. Your insights, advice, and experiences will be incredibly valuable to me. Thank you in advance for your help, and I can't wait to learn from this amazing community!

Cheers, David Hochgurtel