All Forum Posts by: Joe Funari

@Sasha Josephs If your looking to set up a REI LLC in Texas reach out to Copp Law. https://www.copplaw.com/ I have personally used them to set up REI LLC's with partners here in Texas. They are great to work with. If your looking to partner with GC's and find flips in the Dallas/Ft. Worth area I will be happy to help. I am a fellow investor and realtor. My contacts in REI become my clients contacts. Glad to help. 

@Lexie Wang May also want to offer an incentive of say $250 off first months rent if tenant moves in by say April 15th since its almost the 1st. I have found this to be an effective strategy to get properties rented if not leased within the average days on market per the rent comps. Hopes this helps. 

@Matt Vandeleest Take a look at Dallas/Ft. Worth area for multifamily acquisition. Narrow your search to states that have landlord friendly laws. Texas is among the best in that regard. I help fellow investors buy and sell in this market. I have done it for many years. Look forward to being your boots on the ground here in your search. 

@Randall Cornelison I recommend you reach out to @Mark Roland with Foursquare Insurance. He insures all my rentals and does insure rentals in both Texas and Oklahoma. Note, landlord policy premiums have skyrocketed this past year. But worth a shot to reach out to Mark to get  a quote. Let him know I referred you. He is amazing. 

@Kris B. If you purchase a property that you intend to flip and working with a realtor the seller pays the buyers agent commission. You as the buyer don't pay the agent. Unless you agreed in advance with the agent to pay them a commission if they help you find an "off market" property where the seller typically does not pay any buyers agent commission. But when you go to sell your flip after the remodel then you negotiate the commission with an agent what you will pay them at closing, as well as, to any buyers agent that bring fort a buyer. This is executed thru an Exclusive Right to Sell agreement you and the agent sign before you list the property for sale.

According to the National Association of Realtors (NAR) last year For Sale By Owners (FSBO) properties in the US sold for 26% less than those listed with a licensed agent. Good article from NAR on advantages of listing with an agent versus FSBO https://www.nar.realtor/magazine/real-estate-news/sales-mark...

I have worked with many clients in the DFW market on helping other investors acquire and seller their flips. I would be happy to help you too. I help clients avoid the mistakes both my clients and I have made on our past flips. Hope this helps.

@Reza Khaknegar Congrats on you're wife's move to to Dallas. This is a great place to both live and become an REI. I would first suggest that you get a licensed home inspector to look at your new construction home once it is complete. Based on my experience builders make a lot of mistakes during construction. Always good to get an independent professional to look at it before you go to closing. Send me a message and I will be happy to recommend one. I would also be happy to recommend a Hard Money Lender (HML) that is a local flipper as well. My goal as a fellow investor/realtor is to help other investors regardless of their exit strategy. So happy to help you and your wife along your REI journey.

@Frank James Batignani First identify the market you are going to invest in. Long term rentals are the way to go. But suggest you find a fellow investor/realtor in the market you are going to invest in. They will give you the contacts they have used for years to help them reach their real estate investment goals. Its amazing to me how many rookie investors want to reinvent the wheel. I would strongly consider the Dallas/Ft. Worth area in Texas. Landlord friendly state, as well as, constant job growth and low cost of ownership makes this area great for REI. Feel free to reach out to me if you want to learn more. But if you do go local where you live I recommend you attend local REI meetings. Networking with fellow investors and inexpensive REI education can't be beat from these meetings.

@Kay Nemen I would recommend you reach out to @Kyle Mccaw with McCaw Property Management. https://mccawpropertymanagement.com/ They manage all my rentals in the Dallas/Ft. Worth area for many years. I worked for a PM in high school and college years. So I know what to look for in a good PM. I would recommend you stay away from small independent PM's that manage less than 200 doors. Their maintenance people aren't very good based on my personal experience. Also, franchise PM's there always seem to be a disconnect and long delays in responses to questions or concerns. McCaw is a local company. Kyle is the owner and fellow investor/broker. State of Texas requires PM's to have a real estate license. So the good one's will typically have their brokerage license by now because of their many years of experience. @Russell Brazil is absolutely correct on not focusing on just rates. McCaw does perform annual inspections with full reports with photos on all the rentals the manage. This has been very helpful to me in managing my rentals. Also, you are blind copied in on all work orders tenants submit. So you can stay on top of the PM with regards to maintenance. Not all PM's offer this. Also, each year at renewal of leases McCaw sends current rent comps with recommendations for lease renewal fees. Treat your long term rentals like a business and you will succeed. Any further questions please let me know. 

@Hamp Lee III I haven't seen it here in Texas. But when I switched brokerages about two years ago I negotiated the agreement with my broker to ensure I was able to have another firm manage my rentals. But the agreement made it very clear I would not set up a PM because my brokerage has an existing PM arm. But everything is negotiable. But if your thinking about setting up a PM I would suggest you get your brokers license and set up your own brokerage. This would solve the problem. 

@Shawn Blake I would strongly suggest you have a title company arrange closing. Title is neutral in the transaction.They will ensure that seller not only does actually own the land. Bu equally important that the seller is current on their property taxes. Also, recommend you get an existing survey from the seller. If they don't have one have title order one. Also, get survey insurance from the title company too. They can explain in more detail coverages of this. But inexpensive and will mitigate your risk. Also, moving forward post the city and state your purchasing in so that you get fellow investors familiar with that area to give more targeted advise. I work in the Dallas/Ft. Worth area. But have been involved in plenty of land deals.