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All Forum Posts by: Frank Pyle

Frank Pyle has started 5 posts and replied 19 times.

Post: 2/1 With No Washer & Dryer Connection

Frank Pyle
Agent
Pro Member
Posted
  • Posts 20
  • Votes 3

I agree. List as is.

Post: Should I sign an exclusive agreement with agent?

Frank Pyle
Agent
Pro Member
Posted
  • Posts 20
  • Votes 3

I agree that part of the NAR settlement requires agents to have a comp agreement signed prior to showing a house. They risk their commission if they do not execute one. Personally, as a buyer I would limit the time frame until I had a solid relationship with the realtor. The department of justice filed a request to eliminate the comp agreement requirement due to possible anti trust violations. The judge rejected it. We will see where it goes from here…

Post: Subcontractor Agreement Template MA

Frank Pyle
Agent
Pro Member
Posted
  • Posts 20
  • Votes 3

1. **NAHB Contracts**: The National Association of Home Builders (NAHB) offers a variety of detailed and standardized legal templates specifically designed for the residential construction industry

2. **eForms**: This site provides free residential subcontractor agreement templates in PDF and Word formats. These templates cover various aspects of subcontracting, including responsibilities, materials, and liabilities

3. **LegalTemplates.net**: They offer free residential subcontractor agreement templates that can be used for new construction and remodeling work. These templates are available in both PDF and Word formatS

Post: Contract with general contractor on house flip

Frank Pyle
Agent
Pro Member
Posted
  • Posts 20
  • Votes 3

1. **eForms**: They offer a comprehensive remodeling contract template that covers all essential aspects like payment terms, project timelines, and termination rights

2. **Template.net**: This site provides a variety of renovation contract templates that you can customize online. They have specific templates for different types of renovations, such as kitchen or bathroom remodels

3. **Workyard**: They offer free templates for remodeling contracts, invoices, estimates, and more. These templates can help streamline your project and improve communication with your contractor

These should give you a solid starting point for your renovation project. If you need any more help, feel free to ask! 

Post: How to refi out of hard money loan/multi unit

Frank Pyle
Agent
Pro Member
Posted
  • Posts 20
  • Votes 3

You can refinance with conventional but value of property for LTV purposes will be capped at purchase price plus documented upgrades for the first 12 months. A DSCR loan will allow appraised value typically after 6 months.

Post: BRRRR financing for an Airbnb set ups

Frank Pyle
Agent
Pro Member
Posted
  • Posts 20
  • Votes 3

I do some private lending and if the deal met my requirements with furnishings I would be ok. Typically looking for max ARV at or below 65%

Post: My BRRRR Horror Story! What could I have done differently?

Frank Pyle
Agent
Pro Member
Posted
  • Posts 20
  • Votes 3

Thanks for sharing your experience.  

Post: How do you determine a scope or work and what materials to buy?

Frank Pyle
Agent
Pro Member
Posted
  • Posts 20
  • Votes 3

Hey there! Congrats on taking the plunge into your first rehab project! 

For your first question, writing a scope of work (SOW) involves detailing all the tasks and materials needed for your project. It usually starts with a thorough walkthrough of the property to list all repairs and improvements.  You can then document these in a SOW, which helps contractors provide accurate bids. While a general contractor (GC) can help with this, it's good to have your own detailed plan to avoid misunderstandings.

As for materials, you can either let your GC handle everything or split responsibilities—GC for rough materials (like lumber and drywall) and you for finish materials (like cabinets and flooring).  This way, you can ensure the design choices match your vision.

Defining design choices often involves working with a designer or architect, but if you're hands-on, you can select finishes and fixtures yourself. Just make sure everything aligns with your overall vision and budget.

For your second question, if you can't be in El Paso every week, you have a few options. A property manager can be a great asset for regular check-ins and updates. Alternatively, your GC can keep you posted on progress, but having a local project manager or even a trusted friend to occasionally drop by can provide extra peace of mind.

Hope this helps, and good luck with your rehab project! If you have more questions, feel free to ask. 

Post: Exciting New Commercial Lender Partnership Announcement!

Frank Pyle
Agent
Pro Member
Posted
  • Posts 20
  • Votes 3

We are thrilled to announce our new partnership with the leading Commercial Real Estate Lender! This collaboration brings together their unparalleled debt origination expertise and our commitment to providing you with the best financing options available.

Why This Partnership Matters:

  • Diverse Property Types: From Conventional Multifamily, Affordable Housing, Student Housing, Retail, Manufactured Housing Communities, to Self Storage and more, their skills and expertise cover a wide range of property types.
    • Expertise at Every Stage: Their debt origination experts have the skills, wide-reaching relationships, and access to a vast array of capital sources to help you secure the financing you need at every stage of your journey.
    • Creative Financing Solutions: With their creative ideas and extensive sources of capital, you can secure the best financing options tailored to your needs.
    • Proven Track Record: As the #1 Fannie Mae DUS® lender in nine of the last twelve years, they excel in finding, underwriting, and servicing the full range of Fannie Mae products. Whether it's affordable, multifamily, industrial, or more, they have the expertise to handle it all.

    Stay tuned for more updates on how this exciting partnership will benefit you!

    Our mission is to create communities — with ideas and capital — where people live, work, shop, and play.

    Post: 29 unit apartment financing

    Frank Pyle
    Agent
    Pro Member
    Posted
    • Posts 20
    • Votes 3

    I'm looking for creative financing to reduce our equity in a 29 unit apartment purchase in Indianapolis, IN. Finding lenders doing 60-70 LTV. Any suggestions how to reduce our equity need?