All Forum Posts by: Vic Reddy

Make sure the deal cash flows using Property Management. Also work with an investor friendly real estate agent to get Comps in the area, Rentals rates, occupancy, negotiating contract terms, repairs etc. If you are going to finance it, talk to lenders to understand their under writing guidelines and how much loan you qualify Partner up with people u can trust and do ur due diligence. U will do well

If you are happy with the service provided by your agent & the agent works in ur best interest, use them. Loyalty pays both ways

Originally posted by @Sid N.:

Thanks you all for the info . lets see how it goes .

There is also mention of "Easement Needed" . Any idea of what this means ? 

This particular lot may be landlocked or may need easement for utilities. Either way you will have to negotiate with the adjacent landlord for easement.

If u do go under contract for this lot, make sure you have enough time to work through City approvals and also negotiate for this easement. You don't want to close before site plan approval & easement is agreed by the adjacent land owner.

One of our project required easement for sewer from adjacent landlord and he did not budge for money or any other consideration :(  We had look into alternate more expensive option for sewer.

Sorry typo - Commercial loans do NOT allow u to occupy one of the units

Most likely Commercial loan but they do allow u to occupy one of the units!! You can look into splitting the Commercial space below and 2 apartments into two transactions. Commercial loan for first floor space and conventional for 2 apartments.

Jocyln - you need to provide more info on ur analysis. Earlier did u imply it has negative cash flow with 15-yr amortization? Does it +cash flow with 20/25yr amortization? What's ur downpayment? Commercial loans are typically 15/20/25yr amortization with 20-40% down based on cash flow of the property. Rate are locked only for 5/10yrs. Sometimes lenders do fixed rate for loan amortization period but this is rare.

Typically property management companies want to sign 1-year agreements. Do u plan to sign up for 1-year?

PM will handle rent collection, maintainance/repairs, leasing and evictions. My investor clients in NE Dallas use following PM and u can google for their contact info

First American RE Property & management services  

Red Team - Fort-worth

Hunt a home - Dallas

@Cara Lonsdale - I do agree with u when the Seller is looking for full-service  agent on the listing side. You do provide value add to your investors and deserve full commission.

On the flip side, if an investor/seller is only looking for listing in MLS and they want to handle comps, pricing, negotiation on price, repairs, vet the lender, co-ordinate with Title etc, there are several flat fee listing services in Dallas & else where. Flat fee brokers/agents provide limited service with only listing in MLS and Seller is responsible for rest of the sale transaction. Its very basic service and Seller get what they pay for :)

If the Seller lists at market price and has reasonable negotiation skills, flat fee service may work well.

@Jason Griffith - Google Creekview Realty -  flat fee broker and they charge $499 per listing. Good luck !!!

BofA is very aggressive on Jumbo loans & offers best rates for high net worth/income individuals Recently a Doctor client of mine closed with 7-yr ARM at 2.875% ,25% down on a $1.7mil home

Isn't (2) for post construction i.e. after home completion?