All Forum Posts by: Miles Stanley

Thanks @Jason Tougas

I'll be looking them up for sure.

@Collin Corrington thanks for the referral.  Yea I don't care so much about how big the company is, I'm more concerned about their cost, service and ability to deliver.  If you could provide the other referrals as well as what sets them apart in your eyes, i would appreciate it!

@Adam Pond  thanks for validating the 5 Star Title referral.  i will definitely be looking them up!  How is the rental market in Seguin anyway?

As stated, I'm a newly licensed REALTOR in San Antonio.  My primary motivation for getting my license was for my own investing purposes (sourcing leads, comps, showings, etc).  If i work with clients at all, it'll be in the future.

So i need to get to a point where i can quickly make my own offers.  For this, it seems i need to get a title company and a lender lined up.  I've worked with lenders before, but I'm a little stumped on how to select a title company.  What questions do i need to be asking them?  is this a formal process or do i just tell them "hey i want to use your company, what info do i put on the contract?"

Thanks

@Wayne Brooks

@Marc Winter

@Greg H.

@Ronald Rohde

@Daren H.

Thanks for the feedback.  I know the TREC forms are acceptable almost all of the time.  My question is can I (as an agent purchasing investment property for myself) use an attorney-drafted contract IF need be?  Or must I use TREC prom forms in all cases bc I’m an agent and the TRELA says I must ...regardless of my role as principal also?

In other words, I’m a little unsure how the exceptions to the use of the forms applies to an agent buying property for themselves.

Thanks 

I'm currently in the middle of getting my Real Estate Agent license and hope to have it done by end of year.

i was studying my Law of Contracts material and i came across the rule (537.11) that states that agents must use TREC promulgated forms in a transaction unless the license holder (me) is acting SOLELY as principal or the principal (client) requires use of another contract and/or one prepared by an attorney.  

Question is, what if i want to purchase a property for my own portfolio while acting as an agent (i.e. i would be principal AND agent representing myself).  I know i have to disclose this, but what about use of promulgated forms?  Could i still have an attorney-drafted contract if a situation required it or would i still be bound to using a TREC form since i am also acting as an agent?

If this is answered elsewhere or if anyone knows of a blog post or video that addresses this, please share.

I might be overthinking or over-complicating this,.

Thank you,

@Joe Hines

@Caleb Heimsoth

@Tom S.

@Sam Shueh

Thanks for all the input!  I’ll see about determining the elevation of the house.  I can pull the flood elevation off the FIRM.

I'm looking at offering on the property that is right text to my childhood home. There is a small concrete rectangular channel that separates the 2 homes (it's in a subdivision). Now according to the FEMA FIRM, this ditch and the land adjacent (the 2 houses described above) are in the 100-year floodplain (which i think is ridiculous bc we've had several floods exceeding the 100-year in my life and it has never over-topped...there are steep embankments on either side that help with flood conveyance).

So, the neighbor is looking to sell off market and has given me the chance to offer.  I'm wondering if i can use the fact that the property is in the floodplain as a bargaining chip since i would think a floodplain home would be harder to sell to the average homeowner.  

My plan is to hold it as a rental, but the flood insurance premium might be a CF killer.  Separate issue though...unless there a way to argue with the lender that flood insurance is not needed...fat chance i assume.

Any thoughts? 

Thanks,

@Zachary Gwin

i suppose so.  For instance, i saw one that was a young lady and her father and the topic was about working/investing with family members.  Those types...

Are the replays for the live webinars available someplace?  I don't mean the ones hosted by the BP staff, rather the ones that are done by members, etc.  

Tried posting this is the BP Webinar Discussion Forum, apparently I'm not allowed to post there for some reason.

Hope that makes sense.

Thanks

@Caleb Heimsoth, for single family homes?  I’d never seen “commercial” and “portfolio” used synonymously.

My understanding was that Portfolio just means they loan their own money and service the debt themselves.  I suppose that could apply to commercial or residential loans.