All Forum Posts by: Joseph F.

Is there a way to get COMPS for Free in New York state? I lived in CA and had access through a Title Company to look up COMPS. I am looking into New York state Title companies to see if they have similar data and access. Anyone know?

@David, I use the software as a guideline to make sure I do not overlook anything. Even with ample experience one may overlook something.

I used an application that was Wins based, however, now I use Apple and my software is not compatible. I am looking for a new tool.

What is the best rehabbing spreadsheet, software, application or otherwise? I want one that is comprehensive. One that considers carrying costs, rehab costs, insurance, closing costs, recording fees, title insurance, realtor commissions, etc.

Is there any way around getting in bed with a brokerage? Are there reasons why a brokerage may not want me associated with them?

I am considering getting my real estate license. I plan to buy several properties this year and I am assuming that I will be able to get +/_ 3% of the commission by having my own license.

What expenses will I have by being my own agent?

I have a contractor that is wanting to partner up with me but does not have the capital to do so. The way the transaction would flow is as follows:

The contractor would identify a property for me to consider. Assuming I deem it worth pursuing, I would purchase the property. In the event that the property requires work, he would have the opportunity to work on the property. I would finance the materials and possibly some or all of the labor (at a competitive rate).

The decision what to do with the property would be mine (i.e. hold, flip, etc.).

What would be a fair finders fee to give the contractor for identifying the opportunity?

@Jonathan Scott,

Thank you for taking the time to reply, especially on Christmas Day.

@Jonathan Scott and @Bill Gulley

Happy Holidays to you too.

How is ownership of the property held. I would like to create an LLC for each property or for several properties purchased among the same group of investors. What percentage of the property is fair for me to own?

I tell my investors that I get 10% for management. This assumes that the property can support the 10% and still yield a "decent" return (i.e. 10%). However, other than the management, I find the opportunity, I do the due diligence and I negotiate the purchase. In most cases I am able to offer my investors a 10%, including the 10% I get for management. Would it be fair to assume that I get 50% ownership in the property and in the event the property is sold, the capital investor gets his/her basis first and profits are split 50/50? Is it also fair to assume that if the investor expects 10% return, and the property is yielding 15% return, that I get or share the amount above the expected 10%?

I have offered investment opportunities to people with capital. The deal is they put up ALL the capital while I find the properties and do the analysis to make sure its a worthwhile investment. I charge the investors 10% of the rent roll for the management fee. Including my 10% management fees, I have shown investors 15%< returns. I would like to have ownership in the properties that we are purchasing. Is there a particular model to follow? Does it have to be the management fee OR percentage ownership in the property or can it be both? I understand that it may be subject to each individual investor, however, is there a "standard" that you have seen exercised?

I need a sample HML commitment letter, please help.