All Forum Posts by: Luis Suarez

hi. I'm a newbie still looking for my first small multifamily deal. I have found a nice duplex fsbo.The seller does not speak English very well and communication is difficult. He does not want to pay a realestate agent commission so I can't use my agent for the transaction. I have made  a verbal offer that he seems open to,  he said he wants me to put it in writing.I have never submitted an offer without an agent and do not know what process to follow to purchase a fsbo.l assume my next move would be to contact a realestate attorney. Could any one briefly outline how l should submit and follow up on this offer. Thanks

FYI - a "double closing" where you use the end users $ (per your contract with the end user) to pay the contract seller (per your contract with the seller) is a violation of the NC Good Funds Settlement Act. If you use your own $ to purchase the property and then immediately sell to an end user, no problem.

@David Keane Have you attended any of the local events? TREIA, Deal Maker Sessions, or the BP MeetUp in town?

@Russell Brazil yes, age is a protected class in NC.

@Alexis Scott  I wouldn't get too hung up on how old people are, whether they have kids, etc.  You also can't really screen for cleanliness, so you might as well throw that criteria out the window too.  Set your rental criteria and stick to it.  Tenants should have at least an X credit score, make three times the monthly income unless they have X times the rent in the bank.  No felonies, no evictions and good references from their previous landlords.  

If they roll up to the showing in a car filled to the roof with old McDonald's bags, have mustard stains all over their shirts, and reek of smoke, I would find a way to not accept their application.  You can write into your policies that you have a certain standard for cleanliness, no smokers, etc.  As long as nothing you are basing your decision on is part of a protected class, you are within the law.  That being said, Russell is right.  People can sue for anything.  

I have used the Brady law firm in Raleigh and have been very pleased. He is down to earth and efficient

Great question, @Roberto Nazario. What @Andrew Clark said is spot-on. There are always deals out there, but the agent may have been trying to say that everything on the MLS goes quickly. With more investors marketing for deals in today's market, less and less are making it to the MLS. And if they do, they are often closer to a retail deal than a good investment. But they still exist!

On Tuesday a foreclosure in downtown Raleigh got posted on the MLS that looked like a great deal. Before I got a chance to analyze it and post about it on here, it was under contract. Even so, it took about 24 hours to go under contract, which is plenty of time for someone who has their financing in line and is ready to go in terms of analysis and estimating rehab costs.

Aside from the MLS, there is a ton of potential for finding a deal without an agent. Yes, there is much more competition with the popularity of investing and the strong Raleigh market, but if you stay out there looking for deals and networking, you will find them.

Stay focused. Keep it up. Make sure to share your questions, ideas, and success stories with us on here.

Luis Suarez I think the people that will use a program like solopro are people that feel confident in the home buying process already, people that understand current contract law and are ok with the idea that their best interest are not even remotely being considered by anyone in the transaction other than themselves. I'm not a fan and doubt it will disrupt the industry. There have been discount brokerages for years. Why have they still not taken off? I think it's because of the vast complexities RE Transactions go through. People that are not attorneys, seasoned RE agents like myself or have not been a licensed broker before will suffer greatly by using programs like this. My thoughts, take or leave it.