All Forum Posts by: Hector Lewis

Hello,

I was just wondering if it is normal to pay a brokerage fee when buying a property?  If it is normal, then what is the average that a buyer should pay?

Thanks,

Hector

Hello,

Thank you @Scott M. and @Andrew Syrios for your responses.  This information was useful for me.  I really appreciate it.

Have a good afternoon.

Thanks,

Hector

Hello,

I am in the process of making an offer on an investment property in Detroit.  This is my first property in the Detroit area.  On the offer, the real estate agent wanted to waive the Lead-Based Paint Disclosure Inspection.  This is an older house that was built in 1948 there is a good chance it has lead paint.  He stated that on the majority of offers on investment properties, the person making the offer rarely pay for the inspection to be done. 

I know that if I move forward and buy this property I can get Lead Paint Certified but how costly is that.

What are your thoughts on this?

Thanks,

Hector

@Tom O. Hello. This is my first investment property so I am starting to do the research. I bought the property that I currently live in which I did not have an attorney.

With that being said, from my research I saw that it is advisable to obtain a real estate attorney so I figured I would pose this question to the Bigger Pockets forum. The answers to my inquiry have been extremely valuable including the average cost which a couple posters mentioned.

@Kenneth Garrett thank you for responding. Also it was helpful when you compared getting a real estate attorney to getting insurance. It sounds like you obtain an attorney just in case the tenant wants to sue you for something, if you have an attorney already you are not playing catch up at that point.

@John Warren when you say flat rate, does this mean the attorney is on retainer for the duration of how long I own the pro property, or is the flat rate only cover the time I am actually in the process of purchasing the property? Thanks again, this is really appreciated.

@John Warren thank you. This was useful information. Currently I am looking in the state of Florida.

Hello,

I am in process of buying my first investment property.  I heard that it may be advisable to get a real estate attorney.  Do you agree with this?  Also, what if I am buying the property out of state, would I need to get a real estate attorney in the state I buy the property in?

Thanks,

Hector

Hello,

Thank you everybody for your responses.  This is really informative.  I really appreciate it.

Hector Lewis

Hello,

I am looking to buy an investment property in Florida.  The type of loads I have since out there are conventional loans with 20% down.  Are there any loans that require only 10% down or even less?  Also if there is, what is required, like an extremely high credit score as an example?

Thanks for your advice.

Have a good day.

Hector