All Forum Posts by: Jason E. Smith

Eric,  I hope @Jonah Pollone don't mind me recommending his podcast guests but I would recommend Tim Hunter at Fidelity Bank or Kevin Jenkins at NorthMarq.    Have a great weekend! 

Awesome!!  Congratulations!!  Definitely keep us updated on how it goes. Love hearing these stories. 

Chip, if you are looking for a 2-4 unit then you can contact any local residential broker. In those transactions it’s like buying a single family in that the buyer has an agent and the seller has an agent. If you are looking at the 100+ unit Multifamily space then you’ll need to begin building relationships with the active brokers in Raleigh-Durham area. You’ll work direct with the listing agent and there’s only one agent involved, you don’t use a buyer agent to go find property like in the residential space. And when you sell it’s in unspoken understanding you will give the listing to the agent who sold the deal. Failure to do so without justification will damage your reputation in the space. Hope that helps.

Chip, are you looking to sell a property you own?  Or purchase a property?  And how many units?  

Hey Sean, Hope you're having a great weekend.  What flavor of PM are you looking for?  Single family, Large Multifamily, commercial?  I'll try my best to help and I'll tag @Vinay Kolluru and @Jonah Pollone here because they are much more familiar with the area of interest.  

Ramana, You just never know what happened on their end. They may not have had another offer till after you sent your signed document. And if they didn’t sign your document, then unfortunately you don’t have a fully executed contract. But I wouldn’t sweat it, if it’s meant to be it will be. Getting too emotional in real estate will cause you to make costly mistakes. If I was in your shoes I would tell them the most recent offer is your final offer take it or leave it. Then if you get the property great, but if not there will be plenty more. Hope that helps!

Jason

Ramana, Did the seller sign the last signed documents which you sent to them?  

Hey Matt, You have some good steps in the right direction, but still lots to learn. I’ve never owned in SC but I’ve heard about the tax you’re talking about. All else being equal, that tax would make your best price less than someone wanting to buy to live in. On top of that, single family wasn’t built to be an investment, so couples looking for a cute house with just the right paint color (which has almost no impact on financials) can pay more than you can. Here in NC anything under $150k is stupid competitive now. It’s definitely a losing battle if you want the property for cash flow. I would recommend find a mentor, someone who is today where you want to be in ten - twenty years from now, and learn from them. You’ll avoid many mistakes and compress time. Best of luck! Jason

Hey Chow, I would say your biggest risk right now is where we currently are at in the market cycle. I made this mistake back in 2005 and entered at a time I should have not entered at. I lost many years because of poor timing and I think buying your first property today, you have a high risk of making the same mistake. I would focus more on a mentor than a realtor, property manager, location, etc. They will compress time and help you avoid many mistakes like I made. Best of luck! Jason

Hey Kellyn, I would recommend connecting with @Kevin Stringari to see if he has experience or can connect you with someone who has.