All Forum Posts by: Mark Resnick

@Wayne Brooks 

Thank you for your reply. I see that the settlement charge was $350. But I also see there was a charge for Borrower's personal attorney fee for $750. Does that mean I paid an extra $750 for him to do the closing? If he never explained the documents what else did he do for me that I paid him $750 that the title company couldn't do for cheaper?

Hi Everyone,

I hope everyone had a great year and will have a better one this year with only good news.

I just closed 2 days ago on my first investment property. It is in Fort lauderdale, Florida. I live in NYC. After networking with people for aprx. 8 months I decided to hire this broker and property manager that lives in Florida. I know someone who used him for a couple of years and recently bought again from him since he is very happy with him. 

The broker called me up about 2 months ago saying he found me a great 4 unit home. The numbers sounded great to me. This is where I need everyone's advice. I went and trusted this broker with his advice from the beginning through closing. He told me that I should use this closing attorney that will deal with the title stuff etc. He said he knows the lawyer and worked with him for many years. I agreed to use him. Meanwhile I did not know that in Florida I don't need to hire an attorney.

When we got closer to the closing date, The broker told me that I don't need to worry the attorney will hire a mobile closer to be there at the closing and help me. On the day of the closing we did it by the bank in NY that I received the mortgage from.The mobile closer comes 20 minutes late. He then says I am in a rush because I have another appointment. He told me he is only a notary and cant explain in details all the documents. He will try to summarize it. The loan officer heard that and got mad. She called up the closing attorney in Florida and said that he should please call me to explain the documents as I sign it. He agreed to call in a minute and never called me. Plus the notarey charged me $175

My questions are....

1. Is there anything I should do now? or should I just be happy it is all over and enjoy my return on the home?

2. What are the advantages of having a closing lawyer?

3. Should I still hire a different lawyer for next time or just close without a lawyer?

4. Any other advice or comments would be appreciated.

HI everyone. I am in middle of buying my first 4 unit home in South Florida. I got a decent Homeowners insurance quote. My issue is I want a $1M Liability/Umbrella insurance policy. The property will be in my name so I feel that I need more then the 100k the homeowners insurance is offering. The quote I got from my agent for the Liability/Umbrella insurance was over $750 for the year. Is that normal? What do you pay in Florida? I should for sure still get the extra policy right?

I am in middle of buying my first ever rental property in Florida. It is a 4plex unit. I wanted to know if I should make an LLC for it or just get umbrella insurance? Can someone please explain to me the pros and cons regarding both. Does it also make a difference with tax savings?BTW I am not sure if it makes a difference but I live in NY

Thanks

@Emily Powell

Which location did you see the properties in?

@JayHinrichis
Thank You for being on the lookout for out of town investors like me. We need more people like you on BiggerPockets.

@JeremyPeters I would assume that renters are not watering the foundation. I am now realizing that buying a single family home to rent out may not make financiall sense.

@Hattie Dizmond Thank you for your post. Do you know if Dallas or Houston has the soil issue? and aprx how much money can fixing the foundation cost?

Hi everyone,

I am a new young investor and I am looking into the best place to buy that would have great cash flow. I know many people are talking about Dallas and Houston,Texas as great places to invest in. 

Now my question, I heard from someone that Texas has major soil issues that causes homeowners to redo their foundation after 5-10 years. Has anyone heard this before? I would love to hear feedback from Investors and homeowners from there. Thanks

Holly Nance Properties is a turn key real estate company. Did anyone here of them?