All Forum Posts by: Bryan Tasumi

Listing agent says property is income-restricted in Houston, TX and you need to make less than 60k per year to purchase the property. Is this true? Can any home be income-restricted or only in certain areas/states?

Can you still buy these properties with cash and your own financing (e.g. private family loan) as long as you make under the income restriction (~60k per year)?

NOTE: The property is an under-construction property.

Also, doesn't this mean that the income restrictions will hinder the appreciation of the houses in this sector? What will it take for the income restrictions to lift?

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Originally posted by @Melissa S.:

Agents pay to be featured on Zillow.
You don't necessarily need to work with a team. There are plenty of individual agents. I would recommend asking friends or family for a recommendation. Just remember you can meet with a few agents (from different companies) before you pick the one you want to work with. Buying your first house is a milestone and you want to be comfortable with the person assisting you in the process. Also keep in mind you don't have to sign a contract with them for them to show you houses. If you have any other questions, let me know as I am happy to help!

Thank you Melissa! I did not know about the contract thing. Thank you.

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Originally posted by @Eddie Egelston:

1. Is Zillow the best place to look for the best agent? - I wouldn't say it's better than any other place. Sure is convenient.

2. I am buying my first home and am wondering if going on Zillow and choosing the agent with the best/most reviews and sales is the best way to go? - Probably not. Finding an agent with knowledge in the area you are looking would serve you well. Finding someone that is readily available to show properties would also help, it this crazy, low inventory environment... I met someone via Zillow yesterday, and she said she tried to set up a showing for a property with another agent, who couldn't show it until 10 days from now! LOL good luck getting a hot property with that agent!

3. I see some "team leaders" on Zillow with like 40 team members/real estate agents. Does the team leader also help clients sell/buy houses? - Odds are bad. You will likely never get to speak to them again after the first meeting. (no joke)

4. Should I contact one of their team members directly so that they don't assign me to a "newbie"? - That's kinda their prerogative- I suppose you could ask. The team members are all "newbie" compared to the team leader.

5. Do you get the choice of the real estate agent when working with a team? - I have never approached a team as a consumer, my guess is that if you asked they would let you pick. Just don't be the creepy guy that wants the hot girl to show him houses in the middle of nowhere. lol

6. Are team members able to work with only one broker, or can they work with other brokers as well? - Not sure what you mean. A "team member" might be part of multiple "teams" all within an office. The "team members" are nothing more than Realtors who can't be or don't want to be on their own. You won't find one "team member" who works for Re/Max and Coldwell Banker. All Realtors can work with any other Realtor. So it does not matter which Realtor has a property listed, your Realtor can show you the property and help you buy it.

I hope this helps! If this is your first house be sure to have your agent go over some of the basics with you. I personally believe a good agent should be meeting with you for an initial consultation before trucking around wandering through houses. (I've done it both ways, there's only one professional way.) That's my 2 cents.

Thank you so much for your detailed insights Eddie! I appreciated it!!! -Bryan

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I have some questions as I am going to purchase my first home.

1. Is Zillow the best place to look for the best agent?

2. I am buying my first home and am wondering if going on Zillow and choosing the agent with the best/most reviews and sales is the best way to go?

3. I see some "team leaders" on Zillow with like 40 team members/real estate agents. Does the team leader also help clients sell/buy houses?

4. Should I contact one of their team members directly so that they don't assign me to a "newbie"?

5. Do you get the choice of the real estate agent when working with a team?

6. Are team members able to work with only one broker, or can they work with other brokers as well?

Any help with any of my questions would be incredibly helpful. Thank you so much guys!! BiggerPockets rocks!

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Do they give you a deadline after you make an offer and they accept your offer to pay the amount for the house? What is the typical deadline? Do they give you grace periods?

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Originally posted by @Josh Autery:

@Bryan Tasumi

I think @Jon Ree said it right. I can't imagine a scenario where buying new builds would be profitable unless your area is experiencing huge appreciation.

For many/most of us investors, betting on appreciation is too risky.

All of the homes that I am look at in Houston, TX are very old and cost the same (or even more) as a new home. I don't want to live in a very old home...

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Originally posted by @Ron Orr:

The new cost could make cash flow tough and the renters could damage a lot of it

I thought sell prices for under-construction homes are cheaper than after they become built?

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I have all of my money tied up online savings accounts and no-penalty CDs. If I were to pay in cash, will I have to have the money available immediately or can I make an offer with my money still sitting in my savings accounts and no-penalty CDs? The bank said it would take at least 3 days to transfer the money out of the no-penalty CD's into an outside checking account.

I'm asking this because I don't want to miss a deal. I have the cash but am not sure how immediate it needs to be. Can I have it ready within 3 days of closing? 1 week?

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I am buying a 180k home out-of-state. I have 180k in cash and in investments but temporarily will have no income in the state I will be buying the home in. Is it possible to buy a home and get a conventional mortgage with good interest rates (3.85%) using the money as a collateral while only putting 20% down? What are some ways I can purchase this with only 20% down but no job lined up in the state (Texas)? I have am self-employed currently making over 70k a year.

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Are buying new construction homes (for sale but not yet been built) always good deals? Is there anything you should watch out for?

I am trying to find information on buying under-construction homes online and in real estate books but cannot seem to find them anywhere. Can someone point me to a good source (online, print or on video/YouTube)?

Thank you so much!

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All Forum Posts by: Bryan Tasumi

Bryan Tasumi has started 41 posts and replied 70 times.

Post: Listing agent says property is income-restricted.

Post: Is Zillow the Best Place to Look for an Agent?

Post: Is Zillow the Best Place to Look for an Agent?

Post: Is Zillow the Best Place to Look for an Agent?

Post: How fast must you have cash available for purchase houses?

Post: Are buying new construction homes always good deals?

Post: Are buying new construction homes always good deals?

Post: How fast must you have cash available for purchase houses?

Post: Buying 180k home, Have 180k. Possible to buy with no income?

Post: Are buying new construction homes always good deals?