All Forum Posts by: Account Closed

Andrew Johnson , you are right. I am looking to buy fourplexes with very rudimentary prop Mgmt. I am still a small investor (7SFRs) and looking for my first fourplex, so I don't have sophisticated broker introduction docs. I also don't have an LLC due to immigration constraints. Jonathan Twombly any chance you can share a broker credibility package template? I would love to put one together. Thank you all for the insightful responses. Gave me a lot to think about.

Mark Allen , thanks for your response, I agree. I thought so too. Why would a sellers agent want to share commission? I think the proof of funds tip is key here. But I don't get why would they talk to me for like 2-3 days and then suddenly stop corresponding. I really don't know why an agent would not act in the best interest of their client and share info honestly, and try to get multiple offers for their client. It's a sellers market and I think once they find an offer they have confidence in, they stop talking to other buyers to avoid the off chance of "wasting their time". There is an Inherent conflict of interest with client. Makes me think twice about hiring an agent to sell my properties. Sorry to say, but if agents don't start acting in clients' interests; at least newer/younger clients (like me) will start using technology instead which is going to start wiping out lot agents jobs.

Thanks Joel Owens . No I have not done that. I have verbally mentioned being a cash buyer and my portfolio, but I don't think they've bothered to cross check. I'll try that

Hello, I am an investor who is interested in out of town multi family investments. Recently analyzed 2-3 Fort Worth deals, liked the numbers and started discussing with the sellers agents. Here are my challenges: 1. Sellers agents talk to me once or twice and stop responding (I have not asked anything offensive) 2. Sellers agents do not share any info (rent rolls, P&L statements etc.) 3. Tried placing offers and contacting via a buyer agent as well - no luck. I have a suspicion that some good deals like these, sellers agents stop responding after they get 1-2 good offers or probably favor their network. I know they are obliged to share any legal offer with their clients, but if they don't hear my offer, they don't have to. I may be paranoid.. so looking for advice from experts here. Am I doing /or not doing something I am not supposed to? I am following the advice from popular books on real estate, where I am supposed to ask for the right info before making an offer.

Looking for a reasonably priced survey company in North Austin/Round Rock area. Also, is there a way to find out if a company has already done the survey for a property and can share that with you for a lesser price? 

Thanks

Thank you all for the tips and responses. My issue is not that I am paying over market. My lender estimates have only gone up by $50-$100, it's negligible. I just feel in this day and age, why do we need a stupid survey? Why is an appraiser required when one can easily verify the prices on county website, Redfin and Zillow. They are pretty accurate. Appraisers barely spend 2-3 hrs on a job, plug it into a PDF and make $600! No one pays me $200/hr. Same for survey. If a survey lasts for ever, why don't I get it for free when I buy the property. It's possible survey companies have already done the survey on the property and they just charge me to send it to me. Why do I have to buy title insurance again when I refinance at a lower rate? Why can't it be transferred to the new lender, nothing else has changed, I am the same, property and its history is the same. I think it's a lot to do with federal and state regulations. I wish our state and federal processes would evolve as quickly as technology has.

I am a local investor in Austin area and implement the BRRR strategy. I use conventional brokers in the area to find a cashout refinance option. I am really tired of spending thousands of dollars on appraisals, surveys and title policies (that protect lender only). Not to mention hundreds of dollars in miscelllaneous fees - attorney, recording, tax, credit cert. The brokers always "estimate" fees in good faith, and they never turn out to be lesser actually. I also see so many title endorsements ordered on the policy. When I challenge any of the fees, I get bounced around between broker, lender, title company, survey, or appraisal company. I also spend about 6-8 weeks for each refinance and provide tons of documentation. Is there any better option out there for quick cashout refinance or line of credit based on my portfolio?

Thanks for responding Rick, but I am not complaining about free estimates or 1 quote. 

These are average rates I have learned, from several quotes over the phone, after sending job pictures. I agree they deserve a fair wage and they should also charge for giving estimates. Also, this is not 1 quote/person, I am seeing these prices all across the market after getting several estimates.  

My questions are: 

Why/How is a handyman rate @$90/hour? 

How & Why is HVAC @$325/hr? 

How & why is pressure washing going at $100/hr? 

Why is replacing a water heater $600 for like 2 hrs of work? Why are plumbers charging $300+/hr? No offence, but I know doctors, PhDs, Engineers who dont make that kind of money. I just cannot fathom this using common sense. 

Is this just an Austin phenomenon due to less service providers and more people moving in or is this the same story in Houston & Dallas too? 

I have also tried to use the same providers over time, once they have the customer's trust, I have seen them quote lot higher prices (especially HVAC & plumbing). When I cross compare trusted provider prices over thumbtack, I get lot lower quotes. 

Re: networking with local investors, that is what I am trying to do with this post and get some advice on whether I am doing something wrong. 

Hi,

I am a local investor in Suburban Austin area. I usually do make ready (paint, carpet, fence, toilets, fixtures etc.) on an acquisition before renting out.

I intend to offend no one by this post. I am sure there are some reasons behind these prices. However, I am appalled by some of the prices/estimates I have been receiving.

People are charging:

$200/ hr fence work

$90-100/ HR handyman (fixture install, toilet repair)

$300+ - pressure wash driveway

I was just charged $1300 for a 3-4 hr HVAC installation only. So that's like $325/hr.

$200+/hr plumbing (water heater replacement)

These are quotes from Craigslist & thumbtack - I am not even talking highly professional companies. Not even immediate service. No one is interested in free estimates, repairing or diagnosing: they just want to replace stuff. I dont get it, gas prices are also low.

What I'd like to know is are the prices just as high in Houston, Dallas and San Antonio markets? Is this something that is Austin specific? I've gotten work done for lot cheaper few (3-4)years ago.

Any good contacts / companies people use for make ready here?

Thanks in advance 

Thanks Boyd. Where can I find the law? Perhaps in simple language?