All Forum Posts by: Mark Williams

Absolutely, building a stronger partnership between RE agents and LOs hinges on congruency, going above and beyond, and effective communication. LOs can make a significant impact by aligning their efforts with the agent's goals, ensuring a seamless and consistent client experience. This congruency not only enhances the transaction but also reflects positively on the RE agent, making them look good in the eyes of their clients.

Moreover, going above and beyond means exceeding expectations. LOs can do this by providing exceptional service, being responsive, and proactively addressing any issues that arise during the lending process. Going that extra mile not only adds value but also strengthens trust and collaboration.

Communication is the linchpin of a successful partnership. LOs should keep RE agents well-informed about loan progress, updates, and potential challenges. Regular, transparent communication ensures everyone is on the same page, helping to avoid surprises and frustrations.

LOs can contribute significantly to making the RE agent's job easier and enhance the overall client experience. This collaborative approach benefits everyone involved.

Real estate agents are utilizing a range of social media platforms to connect with clients and enhance their online presence. They're active on platforms such as Facebook, Instagram, and LinkedIn for networking and property marketing. Twitter is used for real-time updates, while YouTube is employed for property tours and educational content. TikTok and Snapchat are emerging for creative, short-form videos. Additionally, agents explore local forums, groups, and maintain blogs or websites to share market insights and listings. The choice of platform depends on the target audience and content strategy, with the goal of building a strong online reputation and attracting clients.

Quote from @Toni Collins:

Does anyone have a  recommendation for a lender on a cash out refinance?  We have 3 rental properties, 2 are mortgage free.  We would like to cash out the equity on the 2 that are mortgage free but am having trouble finding a lender that doesn't have a minimum property value requirement as these properties are valued around $85-105K.  I've spoken with someone from Express Capital Finance who said they should be able to assist so looking for anyone with experience with Express Capital or any recommendations for a lender who can assist.  Thank you! 

Hi Toni, 
I've had the pleasure of working with Erin Halliday at US Bank on a number of transactions. I must say she's truly exceptional. Erin is a real industry expert, consistently reliable, and always goes the extra mile. With over 25 years in real estate, I can confidently say she's the best loan originator I've ever worked with. Plus, being with a larger lender, she can offer more competitive rates than most. I hope this info helps. 

Absolutely, in 2023, I realized the need to stand out in a crowded real estate market. So, I worked on developing my unique selling proposition. Now, when I meet with sellers, I offer a product that helps them sell faster and for a better price. And for buyers, it provides insights into a property's potential down to the finest details. It's all about demonstrating value in a market where everyone claims to be the best.

Quote from @Ben McMahon:

Ive done a lot of flips and JVs, but I wanted to get some feedback on others experience of structure in todays environment.  

I've got a designer who I have been doing work with, and she wants to do some high end house flipping.  In the past Ive done strait 50/50 partnerships with private investors, and also Preferred returns.  I am trying to figure out the best way to ad a 3rd party into the deal.

The designer and I are planning on putting together something for our potential capital partner.   What are terms that should make everyone happy?  

 Hi Ben, 

When it comes to structuring a high-end house flipping project involving a designer and a potential capital partner, it's essential to create terms that are mutually beneficial and align with everyone's contributions and expectations. You could consider a simplified approach by offering the capital partner a fixed return on their investment with no equity ownership. This way, they receive a predictable return on their capital, and you and the designer can retain full ownership and control of the project. It's a straightforward arrangement that allows your capital partner to earn a fixed return without being involved in the day-to-day operations of the project. However, consulting with a legal professional to formalize the agreement is still crucial to protect all parties involved.

-Mark 

Hi Jorge, 

I highly recommend consulting with a real estate attorney to assist you in creating a JV Agreement or a short-term partnership agreement for your deal. Hiring a professional for this task offers several advantages:

1. Legal Expertise: Real estate attorneys specialize in the legal intricacies of real estate transactions, ensuring that your agreement is legally sound and compliant with local laws.

2. Customization: An attorney can tailor the agreement to your specific needs and circumstances, considering the unique details of your partnership and investment structure.

3. Protection: They help safeguard your interests by clearly defining the roles, responsibilities, and expectations of each party involved, reducing the risk of disputes down the line.

4. Risk Mitigation: Attorneys can identify potential risks and liabilities and provide guidance on how to mitigate them, protecting your investment.

5. Compliance: They ensure that your agreement adheres to any regulatory or legal requirements, helping you avoid costly legal issues.

6. Clarity: A professionally drafted agreement provides clarity and transparency, reducing the likelihood of misunderstandings or misinterpretations.

7. Dispute Resolution: In case of disputes or disagreements, an attorney-drafted agreement will outline the dispute resolution process, potentially saving you time and money in legal battles.

8. Peace of Mind: Having a legally sound agreement gives you peace of mind, allowing you to focus on the successful execution of your real estate venture.

To find a suitable real estate attorney, you can ask for recommendations from your local real estate network or search online for experienced professionals in your area.

-Mark 

Hi Nick, 

Getting a high-level guesstimate for your project might not provide you with the accuracy you need. I'd recommend having a few contractors assess your project in person. Many contractors offer free consultations and estimates. This way, you can get more precise cost estimates tailored to your specific situation, which will be much more valuable than a rough estimate from a distance. Regarding zoning, it's essential to consult your local zoning authority to determine the applicable zoning regulations for your project and whether it can still fall under single-family residential use. Local regulations can vary significantly, so it's best to get this information directly from the source.

-Mark

Hi Cam, 

Considering the situation, prioritizing safety is crucial. I recommend having an electrician assess the current electrical panel and wiring to determine if it poses any health and safety risks. Their professional evaluation can guide your decision regarding the urgency of the upgrade. Safety should always be a top priority in your investment considerations.

-Mark

Quote from @Mel Park:

I've never done a rehab before - just own vanilla townhomes, collect decent yet problem free rent but I've continuously tried and failed at obtaining a flip home.  Anyway....I'm asking what might be a dumb question but then again maybe not.  For those of you who are experienced - are you able to look at a listing, and come to a rough rehab budget? Again- ROUGH.  Here's a listing as an example: (Disclosure: I have ZERO interest or ownership or anything with this listing. It happens to be 40 mins from my house is all. )

https://www.realtor.com/realestateandhomes-detail/4308-Conco...

Just based on what you see in the pictures - are you able to have a mental idea how much it will cost to rehab and if so how do you come to that? Thanks

Hey Mel, 
 
Assessing the rough rehab budget for a property just from pictures can be a challenging task, even for experienced investors. It's not a dumb question at all, and there are many factors to consider. To get a more accurate estimate, it's crucial to have a reputable contractor or two physically inspect the property. They can provide insights into any unforeseeable issues, which are common in rehab projects. Contractors also stay updated on current material costs, which can fluctuate. It's generally wise to err on the conservative side when estimating rehab costs, especially with a significant investment like a flip home. So, while pictures can give you a general idea, having a professional assessment is key to making more informed decisions. Good luck with your real estate ventures!

-Mark

Quote from @Christi Caden:

Just moved to Atlanta, bought my first condo and looking to rent it out! Hoping to find an experienced investor in the area to link and get some knowledge. Looking to buy again next year but first having trouble getting my condo rented out for long term! Any one interested in chatting I would love to discuss! 😃

 Hi Christi, 

Congratulations on your first condo purchase in Atlanta! It's a great idea to seek guidance from experienced investors in the area. They can provide valuable insights into the local market and help you navigate the challenges of renting out your property. When looking for an investor to connect with, consider their experience with rental properties, their track record, and whether they have successfully invested in properties within the same area. Also, don't forget to weigh the benefits of hiring a property management company to assist with setting the right rent and handling necessary repairs, as it can save you time and stress in the long run. Lastly, really review similar area rental listings to see if the monthly rent you are requesting is in alignment with the market. Take note of the other unit's condition, bedroom/bathroom count, square footage, parking, etc in contrast to your property. Best of luck with your rental venture!