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All Forum Posts by: Joe Funari

Joe Funari has started 1 posts and replied 798 times.

Post: Any Recommendations for Insurance Agents on Fourplex property in Texas?

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@Horacio Barrera Reach out to my preferred insurance broker @Mark Roland. He insures all my rentals here in Texas. He can definitely get you a quote. But as @Jay Hurst mentioned the landlord policies here in Texas have gone up some 40% in some cases. So if you are covered by a policy I suggest you stick with it. Because you will most likely pay more moving to another company. But worth a shot to reach out to Mark Roland.

Post: Wholesaling Mentor and/or advice

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@Bryan Fleming I recommend you attend some local REI Club meetings in the STL area. As here in the DFW area these clubs usually have a wholesaling class. What I love about attending a "local" wholesaling class versus one of the national "gurus" classes is that they are cheaper. Plus, the know the local laws. Where as time and time again you will hear in guru class "check with your local and state laws for applicability." A part of wholesaling is placing bandit signs. A local class will tell where what cities you can get away with them and which ones you can not (i.e. fined because its against city code). Hope this helps you in your REI journey.

Post: VA loan Offer

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@mike @Mike Romano I wanted to clarify a few things as I am a realtor and a veteran too. I have personally helped a lot of veterans with VA loans. Long story short VA doesn't require us to make a down payment at closing. So very common to see a VA offer without a down payment. But you didn't disclose the current asking price. If you are being represented by a realtor consult with them what the typical earnest monies are for an offer. Here in the Dallas/Ft. Worth area it is typically 1% of purchase price. But again this is negotiable. Also, your realtor should have given you updated sold comps to give you a better idea about what to list your flip for after repairs were completed. So if you received a full asking offer and concerned about the appraisal then this will mitigate you concerns. Because you will have the same issue with any financed offer regardless of VA, FHA, or conventional financing. Regarding the VA inspections. If you did the rehab right you should be OK. My many years of experience dealing with VA inspections is that shrubs and trees are touching the house. This is conducive to "Wood Damaging Insects" to be able to get in the home. A lot of sellers overlook this simple step of trimming the shrubs and trees away from the home. Especially on flips it tends to get over looked. Also, if an older home make sure upgrade the electrical panel too. Gets a lot of novice investors too. @KC Pake had a great suggestion getting a checklist. But a good flip will cover the majority of such a list.

Also, if you didn't receive a pre-approval letter from a VA approved lender with the buyers offer ask for one. Then verify the lender the buyer has met all their conditions. A good VA lender will be able to close in 30 days too.

Also, research the VA Escape Clause too. This protects the veteran buyer's earnest monies if the appraisal comes in lower and the seller isn't willing to agree to the lower price.

Post: How to find Info on Vacancies in my area?

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@Sam Minter Suggest you reach out to a realtor in Louisville that is also a fellow investor to give you an idea of what the vacancy rates are. But more importantly what the average days on market are for rentals. A good investor/realtor will have the answers readily available to you. 

Post: Landlord rental insurance challenge in DFW

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@Kaushik Sarkar I recommend you reach out to @Mark Roland to get a quote. He is an insurance broker and will be able to help you find coverage. But note because some providers have pulled out of the Texas market rates have gone up. So if your looking to save money it probably isn't going to happen. Let Mark know I referred you. 

Post: Wholesale Title Friendly Companies in DFW

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@India H. Izzy Lane with Capital Title in Colleyville, TX is amazing at working wholesale deals. In fact, she is good at all exit strategies. You name it she has handled a transaction for me. Good thing is she can close in any of their locations in the DFW area, or even mobile notary outside the US too. So if your assigning a deal to an out-of-state investor she has you covered. She has been my go to for all my REI transactions for nearly a decade. There is no one better in the business. Hope this helps.

Post: Looking to make my first investment - would most likely need to be out of state

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@Elle G. A more realistic number for a SFR 3/2/2 would be $280K here in the Dallas/Ft. Worth market. Especially if you want something that was built in this century. Which means less long term maintenance issues. For example, most SFR's built before 1977 used cast iron sewage lines. They essentially disintegrate over time. And this is one large price tag to replace costing +$10K. I speak from personal experience on this one. But recommend you find a realtor that is a fellow investor in the market you want to invest in to work with. I am a fellow investor and work with many out of state investors to help them buy and seller in the DFW area. My REI network of investor friendly lenders, insurance carriers, PM's, and contractors become my clients if they choose to use them. I advocate not reinventing the wheel with those a seasoned investor like myself has used for many years. Hope this helps you in your search.

Post: Mentors in the Fort Worth Area

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@Charlene Stovin I would suggest you attend REI meetings at DFW REI Club here in the DFW area. You can learn a lot and network with fellow investors too. But happy to give advise as well on your REI journey. Since your a fellow realtor the process is actually easier than you think. Hope this helps.

Post: Rockwall, TX-Turning Primary Residence to Rental Property

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@James Valle I would recommend you first get sold comps for your residence in Rockwall first. Espeically if your considering a HELOC. You want to know how much equity you have before you contact a HELOC lender to see how much you can get. I can definitely help with that. Also, help explore the option of selling and purchasing another primary home with the proceeds that help meet your needs. Just let me know if you need anything else. But glad to help.

Post: Advice on choosing long distance investing location

Joe Funari
Posted
  • Real Estate Agent
  • Keller, TX
  • Posts 849
  • Votes 825

@Brynne Andersen Be sure to focus on cities located in states with landlord friendly laws. Here in Texas have some of the most landlord friendly laws. Eviction rates are 1% because its the kiss of death for tenants if they get an eviction on their record. Also, when looking find an investor friendly realtor in the city you want to invest. I am a fellow investor and help many out-of-state investors buy and sell here in the Dallas/Ft. Worth area. My network becomes my clients network. So no sense reinventing the wheel trying to build your team. Hope this helps you in your search.