All Forum Posts by: Jack W. Wong

Hey all,

I'm buying my first personal residence in Houston and the company said if I use their mortgage broker there will be a 4000 closing credit. send me the prequalification letter with the following origination charges for a 224,191 loan amount. I wanted to know which is "junk" fees or negotiable. It was advertised if I use the broker there will be a 4000 closing credit

lender fee 1450

appraisal fee 520

attorney documentation prep 200

survey fee 390

Prepaid:

homeowner insurance 1080

Reserves:

homeowner insurance 2 months: 180

property tax 2 months: 1066

title/closing fees

texas guaranty fee 6

escrow messenger fee 10

tax cert fee 130

electronic recording fee 20

settlement fee 375

owner title insurance 165

lender title insurance 1563

endorsements 78.15

Recording and transfer fees:

Fees 108

NTP recording fee 20

Additional Settlement Charges:

HOA dues: 950

HOA Capital contribution: 475

HOA transfer fee 150

Any advice would be appreciated!

I decided to move to Houston and buying a personal residence before looking for the rental home. I should be in Houston by end of November. Anyone know any good REI groups?

@Juan Vargas

What do you invest in Houston? SFRs/multi?

any recommendations for real estate agent thats investor friendly?

@Simon Shih I was mostly looking at third ward initially because the trends in that area seem to dictate future appreciation. I also some deals in which it makes sense but I'm going to wait till my business partner moves down to be my boots on my ground.

What do you invest in Houston? SFRs/multi?

any recommendations for real estate agent thats investor friendly?

Hey everybody,

My business partner will be moving to Houston, Texas in a month and we are looking for an investor friendly agent. Does anyone have any referrals/recommendations?

We are primarily looking to invest in small multis-4plexes in the Houston area.

Any help would be greatly appreciated!

Jack 

What I find among commercial loans is that the rates are unfavorable.

I think i'll stick with 4 plexes and conventional financing in the meantime until I build up

to bigger multis.

thanks for the advice and input!

@Drew Shirley@Jess Hewitt

Thanks for your input regarding the structure of my partnership.

After some discussion with my partner we came up with another partner agreement in which I would be able to protect myself more.

I would provide the seed capital; the mortgage will be on both our names. we will then transfer the property into a LLC. I will be entitled to all the income/cash flow until ALL my seed investment is returned. After that which the profits afterwards will be split 50/50.

My boots on the ground partner will find the property rehab it and handle day to day operations. What do you guys/gals think of this updated proposal?

And of course we will get a real estate CPA/lawyer to check over all documents.

How hard is it to get financing for a LLC?

I will be investing in small multis in Houston texas with a partner.

Anybody have a lender who gives loans to LLCs?

If so are the rates favorable?

@Rich Nickel I'm primarily looking at small multis -4 plexes but if I See a good deal for bigger multis I would definitely be interested. 

I would strongly recommend that you talk to a good real estate attorney. You definitely want legal counsel to review your contract to make sure that you're interests are protected. I have a great firm and RE attorney here in Houston if you need a referral. Good luck!

@Nicole Garner I am at the stage of looking for 4 plexes in 3rd ward houston at this time .

When I find the deal we will create a contract and i'll keep you in mind. Thanks