All Forum Posts by: Joe Funari

@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. 

@Rajagopalarao Paidi Andrew Postell is my recommended lender and fellow investor too. He is who I recommend to all my investor clients looking to purchase long term rentals using a BRRR strategy. I would also be happy to help you with that search too. I am a fellow investor/realtor working in the Dallas/Ft. Worth area. Hope this helps. Good luck on your REI journey too. BP is a great place to help with your REI education.

@Danny M. It is not uncommon for Realtor "Teams" to have a more senior member of the team to pass on leads to junior members. But this is more common with traditional owner occupant listings. I am a preferred realtor with BP. So when I speak to a potential client I do not pass them on to a team. The clients work directly with me thru the entire process. Regarding availability of a realtor your working with you need to set expectations up front as to when to communicate with them and typical response times. Every realtor is different regarding this. So manage expectations on communication. The fact if they were out of town and passed it to a colleague to help isn't a bad thing. Glass is half full in my opinion regarding this.

I would suggest moving forward post on BP the actual area your looking in when asking questions. That way you will get other investors working in that area to give you more specific advise. Its amazing how often I see new investors try in reinvent the wheel in setting up their Core 4, etc. A good investor/realtor, like myself, will gladly share my contacts with my clients that have made me a successful investor over many years. Hope this helps you in your search. 

@David Hill you can't go wrong with @Andrew Postell for a fellow investor/lender. He has been my go to for lending needs for investment properties for years. Thanks so much Andrew.

David, I have helped fellow  investors buy and sell in Ft. Worth for many years. I will help you get over the analysis paralysis. Look forward to helping you any way I can. 

@Joanna Mendoza make sure you get a landlord insurance policy for the property. Based on my experience here in Texas having a pool doubles your landlord coverage. Just too much risk if you ask me to have a pool. And really doesn't provide additional value in terms of rents. But suggest you get insurance quotes both with and without a pool, as well as, quotes to remove it properly as you suggest. That way you can make a calculated decision. But again in AZ pools may get you more rents. IMO, if you can remove it your mitigate your risk if a tenant (or tenants guest) drowns in your pool.

@Caroline Knight congrats on using a VA Guaranteed Loan to start your REI journey. I am a veteran and have used the VA Guarantee many times. Multifamily is definitely the way to go. If your looking to house hack I recommend you research the VA habitability requirements. A quick online search and you will find them. But to summarize these requirements think big ticket items, roof, electrical, and foundation. I am keeping it simple. But since your using the VA Guarantee suggest you find a realtor in Chicago that is a fellow investor. Also, one, like myself, that understands VA Guarantee requirements. A great local lender that specializes in VA Guarantee loans will be helpful too. Hope this helps in your REI journey.

@Muhammad Akhtar Shiekh I have helped fellow investors buy in Justin. Its located in the Northwest ISD. Which is very highly rated and desirable. I almost moved my family to this ISD a few years ago. But COVID happened. There is a lot of new construction there. So be warned. Most new construction builders won't sell to investors. But if Justin appeals to you I would consider Newark, TX and along the Highway 287 corridor. Most of this area is also in Northwest ISD. But property tax rates can be lower if you purchase properties in this area located in Wise County. Justin is located in Denton County. Thus, a higher tax rate. I will be happy to help you with your search. But hope this helps you get the ball rolling. 

@Mak K. A few insurance carriers pulled out of Texas last year. So premiums have gone up as much as 40% in Texas. But I suggest you reach out to my preferred insurance broker specializing in landlord policies @Mark Roland. Mark Roland insures all my rentals in Texas. His quote will be a good barometer for how much you will pay in 2024. Good luck and hope this helps. 

@Adam Eldaoushy read Rich Dad Poor Dad by Robert Kiyosaki is a great one to start with. But also suggest reading his Cashflow Quadrant book after as well. Great reading that struck a cord with me and pushed me to become an REI. I would also suggest you find a local REI club where you live. Attend meetings, network with other investors. You can learn a lot at these meetings as well. Hope this helps.

@Adam Macias According to the National Association of Realtors 75% of agents fail in the first year. 87% fail after 5 years. Tom Ferry, an amazing realtor trainer that I have taken some of his classes sights these same stats and gives the underlying reasons why:

 https://www.tomferry.com/blog/87-of-all-agents-fail-in-real-...

Tom gives several reasons why they fail. Regardless if its 2023 or 2013 these same reasons apply. I personally had my best year as a realtor in 2023. But I have been a realtor for +6 years. So I am in "rairified air" in terms of experience in the industry. I learned from +23 years in corporate America sales you need to constantly hunt for the business. Over communicate with your clients helps too.