All Forum Posts by: Michael Dang

Hi All,

Do lenders require flood insurance for medium to large multifamily apartment properties NOT in a 100 or 500 year flood plain?

My definition of medium is > 60 units.  If the market is also a consideration specifically in the major Texas cities of San Antonio, Austin, Houston, and Dallas\Ft. Worth.

What about Freddie Mac or Fannie Mae backed loans?  General question i know and there are other factors to be considered, but wanted a general rule of thumb or the industry norm.

Hope to hear more Houston area BP members are doing ok. My primary is good due to the excellent draining. I have a SFR in Galena Park and last I heard it hasn't been flooded but the streets are. A couple of other properties near 45N and Airline are dry as well. Be safe out there! We're almost through this fellow Texans!

In Houston contact Evan Howell Property Mgmt - http://evanhowell.com/

Charles Nguyen organizes Houston Real Deal meetup.  It's very informative and has good attendance.

Houston Real Deal Meetup

Just a tip.  Join Nextdoor.  It's social neighborhood website like FB but for your neighborhood.    Folks there are always posting and replying with recommendations on contractors, lost pets, and all sorts of topics.

@Account Closed Did you startup a meetup group?  It's free and a useful tool.  Maybe you can attract a few more attendees.

Hi Sonu,

There are a few ways to be a passive investor in a syndication deal.  A few ways, but not all the ways, are getting involved with real estate investors or groups at local meetups, join a real estate multifamily mentoring group, or get a few like-minded friends together (has it's pitfalls).  

Key takeaway's I'd like to give are invest in education, be focused, and NETWORK.  

@Ivy Wang - It takes 4-5 years to qualify to become a broker and you need 30 or so transactions.  So, yes that would be ideal but 4-5 years in today's markets is a long term view.  I like the idea of opening a brokerage now with an associated or hired broker then over time obtain a broker license myself or with another partner is definitely doable.

@Charlie MacPherson - That is a great win-win idea.  Didn't think of that.  

@Berny Petersen - Most likely to obtain leads and business would seek to attract salespersons\agents.  However, my initial inclination is to keep it small with quality and not large with quantity.  Thanks for the insights about recruiting talent and marketing.  Thank you!

Anyone know of any horror stories of other RE professionals hiring a broker?

@Russell Brazil  Thanks for the reply.

@Cody L.  Not really a niche but really just creating or building a partnership or network of complimentary services related to RE investors.  For example, RE brokerage, then partnering with a developer, lender, accountants\CPA, and lawyers.  This would give clients an almost 1 stop shop.  Some clients may want land to develop then we can introduce them to developers, lenders, and vice versa.  These would be companies that are reliable.

Hi all,

I am in the state of Texas and a few of us are interested in opening a Real Estate Brokerage firm. One of the requirements is to have a licensed broker associated to the firm.  

Are licensed RE Brokers willing to be hired, so the firm can use their license to conduct business?

Is this common or a bad idea?

What are the pitfalls?

What are the ways a firm can incentivize the RE Broker to stay with the firm? 

Why would a licensed RE Broker do it?