All Forum Posts by: Jayson Wolfe

@Eric Mayer Thanks! Yeah, I kinda figured a bit risky for the seller but was just wondering from someone who has actually done it before. I'm a newbie (very new, not even one deal yet) but wanted to poke around at how it actually might work with the legal and risk. Thanks!

~Jay

Greetings you fantastic BP people!

Quick question about partial seller financing... if you get a seller to do seller financing for ~20% of the purchase price, who gets first lien? The bank or the seller doing ~20% 'seller financing'?

Thanks for all you input!

Jay

Hi Grace. Welcome to BP! Not in the Boston area but in Houston. Just thought I'd say 'Welcome to BP'. 

@Doug Smith - negative. I just contacted this realtor because a friend (not an investor) had used them to find their current family home. There is no deal in place. It was a fresh contact. I agree and feel the same about any specific deal. It they bring it to me, I absolutely will sign an exclusivity contract with them for that deal! Never want to try to undercut or take away from anybody! Not who I am and not a good way to get started. 

As I am very new to this, not even had a single purchase yet and I have no established track record yet, I just wanted to make sure I was not being professionally discourteous or not following industry norms.

I stated to this realtor that I was not 100% certain about the exclusivity contract but that I would check around and see what is the norm. They more or less indicated they could not work with me unless I did sign the agreement. I could have misinterpreted the conversation but that's how it came across to me at the time.

~Jay

I just want to say 'Thank you' to everybody that has helped give their input! So much help! Thanks!

Thanks Hai,

Quick question, I am looking at a property with another realtor. If I sign an agreement with a different realtor does this mean I am in breach since I am working with another realtor at the moment?

Greetings from a newbie and thanks for all your feedback. It is very much appreciated!

I am currently looking at 2-4plexes in the Houston area and a Realtor (been in business 20 years or so) is indicating they will not work with me unless I sign an exclusivity agreement. Am I committing an industry black mark by working with more than one realtor? 

If a realtor brings me a deal I will work with them exclusively on that deal but constraining myself to only one realtor seems odd. But then again, I am a new buyer & investor and all this is brand new to me. I want to make sure I am professional and courteous and play within the norms and not make a bad name for myself. 

Your thoughts on exclusivity agreements? Working with more than one realtor? 

Any help is appreciated!

Thanks,

~Jay

I'm in a similar situation. My current insurance agent does not deal with 2-4plexes. Any suggestions would be greatly appreciated!

Thanks, Seth! Very much appreciated. This helps my understanding of it quite a bit!

My apologies if this is in the wrong place or has been answered before. This is my first time posting on BP. Any tips for posting on BP is much appreciate!

So, From a lender's perspective, what constitutes a Multifamily? I understand that over 4 units in commercial but how is this parsed out "technically"?

For instance; if you are looking at property that has 2 units under one roof and another 2 units under another roof, is this a Quad? Or, If you have 2 quad-plexes under 2 different roofs is this just 2 quads or a single "commercial" loan? In either case, what are the geographic specifics they can be separated by before they are a separate or combined/single unit(s). Is it feet, yards, cubits (LOL) city blocks, water-meters, utility poles, sewer lines, or just plain up to the lender? Or maybe state or local gvmt. that defines this? 

Thanks and very, very, much appreciated!

~Jay