All Forum Posts by: Joe Funari

@Leeling Chew First, did you conduct a move out inspection once the previous tenant moved out to determine what issues there were before the current moved in? Also, did you have a thorough cleaning done before new tenants moved in (if needed because food stains on the blinds). If not difficult to prove the new tenant didn't cause damages. But otherwise under normal circumstances cost of repairing and/or replacing the oven and damaged blinds. Ask the current tenants if they are able to clean the food stained blinds. If not then get them replaced too. And deduct them from the previous tenants security deposit. Hope this helps. 

Moving forward get a move out inspection done immediately after tenants vacate. This will save you in the future from surprises when new tenants move in.

@Richie Martin Meet with them in person if possible. If not set up a call and be completely honest with them. Give them specific examples of why they are not performing as they said they would or what was agreed upon. Then request to terminate immediately any agreements you have in place with them. Agents and clients don't always gel together. So better to sever the relationship ASAP. But giving them feedback as to why will only help them learn and grow. I have been here many times and always want feedback from my clients when they want to discontinue the relationship. It happens. But constructive criticism any true professional will listen and grow from it. If not they will soon leave the industry. Hope this helps.

@James Ryan I am a fellow veteran, real estate investor, and realtor in the Dallas/Ft.Worth area. I would recommend you go with long term rentals and purchase multifamily properties. I have helped many veterans (and active duty) personnel purchase multifamily properties utilizing their VA Guarantee (Many call it a VA Loan) to acquire the property. Best benefit from the VA is you can acquire the property with zero down payment. But VA requires that you occupy one of the units for a least a year. Thus, after a year you get your VA COE (Certificate of Eligibility) restored and repeat the process. When you move out of the exiting unit you lease it out to a tenant. You can also do this with single family residences too. But better to acquire mutliple doors with one purchase versus one. There are a lot more details to this. And takes an expert agent (like me) to help you navigate all the nuances. Especially finding a lender that not only is a VA approved lender but knows how to navigate the VA COE process and getting you qualified for a multifamily purchase. Because not all lenders are equal in this regard. And you guessed it. I have the perfect lender that is local here in the DFW area, a fellow investor, and a fellow veteran(important to get your deal accepted when submitting offers on multifamily properties that sellers know the lender is local and a fellow investor). My preferred lender I have used for years has helped me personally & many of my clients for many years this with this specific exit strategy.

So depending on if your stationed CONUS and soon to ETS I would recommend you follow this exit strategy. But if your OCONUS I would strongly recommend you wait until you get back to the land of the "Big PX" to start your REI journey. Hope this helps. Reach out directly if you have any further questions.

@Sai Vipparla I am a fellow investor and realtor working in the DFW area. Glad to help you with your multifamily purchase. Feel free to DM me or call me on my cell. Many years experience helpingn other investors buy & sell.

@Jackie Mcmorrow I am a fellow investor & realtor here in the Dallas/Ft. Worth area. I have been an investor for well over a decade. The end of this month this will be my 9th year helping other investors buy & sell in this market. Analysis paralysis is very common with first time investors. Furthermore, an OOS investor trying to narrow where your going to invest can be overwhelming for sure. There are pros & cons to any market you invest in. But why I personally invest in the DFW area is among the best landlord freindly laws in the country. Low cost of living, low purchase price of potential rentals, and continued job growth here can rarely be matched anywhere else in the country. There are too many great areas locally that make for a good long term rental to mention here. But regardless of the area you decide to invest in find a an agent that is ideally a fellow investor. I personally make sure my clients purchase in the areas where I do own in. And help you avoid pitfalls that many first time investors make. Don't reinvent the wheel is what I am getting at. My contacts from my many years of experience become my clients contacts. Find an agent willing to help you, provide the right contacts to help you grow your REI business. Hope this helps.

@James McGovern because of the DOJ ruling last year buyers agent compensation is negotiable. But agree with @Bruce Lynn what the seller is willing to pay a buyers agent compensation has most likely been predetermined. But again this is negotiable. Great buyers agents will give you flexibility when signing the buyers representation agreement. But a flat fee you you will only get beginner agents desperate for a sale if they agree to flat fee. These same agents definitely aren't investors themselves. In short, you get what you pay for.

Also, I do a substantial volume of buyer represented transactions. Because I am a fellow experienced REI. Making me one of the top producers in the state of Texas. So because I am one of the top producers my broker gives me 100% flexibility on what buyers agent compensation (and listings too) I negotiate with buyers. But my experience comes at a price. But it is well worth it to my clients. Especially long term rentals. Hope this helps.

@Jason Donadio Back in 2019 I had to resurface my pool. So completely understand what your going thru. I would definitely stay away from epoxy coating. My pool had this. It kept flaking and clocking the pool filter. So for a rental property I would stay away form this option. I had the other two options as well. But went with the pebble plaster even though it was more expensive. It lasts about twice as long as standard plaster resurfacing. It still looks as good as it was installed 6 years ago. And more importantly no issues with the install. Sometimes you get cracking within a couple of years on standard plaster installs. I would strongly recommend you go with the pebble plaster. Your tenants, and future buyers will thank you for it. Hope this helps. 

@Farnaz Z. I agree with @Daniel Tanasa and recommend Champions School of Real Estate. https://www.championsschool.com/real-estate/tx/qe/?gad_sourc... They are the best in the entire state of Texas for in person or online education needed to help you pass the exam. I used them personally +9 years ago here in the Dallas/Ft. Worth area to help me get my license. Hope this helps. 

@Jesse Hubble I recommend you reach out to my preferred lender, and fellow investor @Andrew Postell. He can secure a 30 year conventional loan for investment properties for only 20% down. But may be other factors you need to consider why a lender is asking for 30% down. But worth at least reaching out to Andrew. I, and many of my clients have used Andrew for many years here in the state of Texas. Hope this helps. 

@Jeffrey McKee Some municipalities require it in order to get an occupancy certificate issued that will allow tenants to put utilities in their name. I own rental in some of these areas. Inspections are not a big deal when properties are vacant. But if Commerce is requiring an annual inspection that seems taking it a bit to far in my opinion. Also, city of Dallas has a bad reputation for calling out way too many repairs required before such occupancy certificates can be issued. So I tend to avoid the city of Dallas. Because I help other investors purchase in other municipalities that do not require any landlord registration or inspections. There is so much out there to purchase. Pick the past of least resistance, and less out of pocket for that matter.