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Updated about 4 years ago on . Most recent reply

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11
Posts
3
Votes
Quincy Jallah
  • Investor
  • East Coast
3
Votes |
11
Posts

Do I really need a realtor to buy a MFH in DC?

Quincy Jallah
  • Investor
  • East Coast
Posted

I'm just soliciting input for my edification here so I only ask for people to share seasoned advice or plans of attack.

I am looking to purchase my third property under the house hacking model. This place is in Washington DC and I've lived in the are for a few years.

I have been slogging through lenders and I have finally found two companies that can cater to the type of mortgage and funding that I need. I am expecting a pre-approval letter today. Luckily there are 3 properties currently available that I would be happy to match the listing price with an offer today.


About me: I own a SFH And (2) multifamily properties that I used realtors to buy. I have the energy to do the legwork on closing this deal and the acumen to at least research things I'm not intimately familiar with (legal training outside of real estate). I'm not an expert but I'm eager to learn and I am capable of actual legal research beyond google. The only reason I am considering this is to save the seller money in the hopes that my offer will be more enticing. I understand I will have to deal with the seller's agent, title company, lender, and district assessor's office (deed work). It's my first post so forgive me if I'm unclear or crass. Posting this in multiple forums.

Question: What am I missing? Given the very brief overview, are you cautious about foregoing a realtor in my buying process? Interested on your thoughts.

Most Popular Reply

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17,431
Posts
30,081
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
30,081
Votes |
17,431
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied

Do you know if the multifamilies you are looking at are legal? What type of financing are you using? If it is FHA, do the properties meet the FHA self sufficiency test? Do you know how to go through the TOPA approval process?

Only 200 multis trade per year in the entire metro area. Most agents dont even know what they are doing when it comes to multifamily.

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