All Forum Posts by: Jason Zundel

At this point you are right that much of the agent's job is done OTHER than being an advocate for you with intimate knowledge of the documents and paperwork involved.  Thus, while seller has made it clear they will not be paying for any commissions, and a real estate agent may not be the best bet, you may want to have an advocate for yourself to review the documents and ensure everything is kosher, especially if this is a new area of investment (commercial is different enough from residential to justify this in my opinion).  Hiring an attorney to take a look at the drafted documents from the lender and the seller will actually cost less in many cases then the percentages charged by a real estate agent, and could save you significant heart ache in the long term.  Even just knowing that you will have one can affect how the documents are drawn up.  My firm does not offer this type of representation, but if you don't have a specific connection, Martindale.com is a decent option for finding local representation.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Happy to help!

Zach, it often feels weird to hear this, as few groups butt heads the way attorneys and insurance companies do, but more insurances is almost always better in the long run. Yes, we generally like to see both an umbrella commercial policy for the LLC or corporation (don't do flips individually!) that manages the flipping business, as well as individual insurance policies for each property you will be EITHER owning for more than 2-3 months or doing significant work on. Please note, if there is any sort of loan on the property in question, you will likely be required to obtain the individual property insurance directly per the loan requirements anyway.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

While I, personally, have not, many of my colleagues and clients have.  The general feedback on the process has been positive, though a lot of them also note that the process itself can be a little bit longer and more onerous on the prep side.  As with most things, finding a good partner/lender that is very experienced and high quality can make all the difference.

One thing that has worked for many of our clients is get your foot in the door within the industry, i.e. property management, wholesaling, or other real estate experience. Then you can take that resume to lenders and have more credibility, despite the DTI situation. If that fails, then focus on finding the real deals and see about DSCR loans that are protected/covered by the equity of the property rather than your credit.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Miguel, as with anything - good services, marketing, and networking.  You need a stellar reputation so that when the marketing and networking put you in connection with those needing your services, you will be primed and ready to dive in.  Make sure you costs are competitive and then start putting yourself out there.  While a bit older, my clients have recently had a surprising amount of success by simply knocking on doors and offering a free example of services.  Then you're in the door and can pitch!

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

This is super helpful information, and a good reminder that section 8, while a potentially lucrative and consistent form of income, is rife with strict rules and requirements.  Some, like this one, are even positives that may not be known.  Others may not be so fun when you get unknowingly hit with penalties and fees.  A few prohibitions - costs related to inspections, attorney fees, or verification of income/employment cannot be charged under section 8 housing rules.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Great information and well organized, thank you!

Kwanza, I love the Galveston area and grew up for much of my younger days on the Island!  While I don't have as much current information on the pricing of roofs or bathroom additions, I did want to address your question on insurance.  It is not uncommon at all to have insurance companies tailor their coverage to the location, especially when it comes to water, flooding, and beach/front (or even Island generally) coverage and insurance.  Especially for beach front property, flooding is a real and present danger, not just from the big hurricanes, but even the regular storms and monsoon seasons.  Even 1/4inch of water can cause significant damage.  If you do decide on a game room, make sure everything of value is raised from the floor at least 3-6 inches, especially anything electronic.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

@Eric Amundson  Happy to help, and I will DM you details on our firm and team!  Best of luck moving forward