All Forum Posts by: Peter Wyric

Hey All,

Are there any better alternatives to Rentometer.com when trying to determine the best rental comps for a prospective property?

Hey BP,

I recently contacted an RE agent in my area to assist with the acquisition of a new property. Based on the conversation that I had with the agent, he is not very familiar with the area that I am targeting. Furthermore, he asked me to sign a buyer's agent agreement immediately without revealing any further market color. The buyer's agreement stipulates that he will be my exclusive buyer's agent, and that upon purchase of a property, I owe him 3% of the total sale price (if the seller reneges on paying the fee). Is this fairly common in the industry?

Do I need a buyer's agent at all?

Thank you @Carrie Hiner!

@Fred Heller So if I understand what you're saying correctly, only a subset of the information regarding a property's listing is restricted to qualified agents. However, situations where the entire property listing is restricted to qualified agents are either rare or non-existent. Is that correct?

Hey folks, Would someone please be able to help provide some clarity to the following questions. I'm based out of Houston. Out of curiosity, are all MLS listings in the Houston area generally available for public view through HAR.com? Are all MLS listings publicly listed on HAR or are there exceptions or anything like that?

Hey guys,

I had a question regarding getting approved and receiving conventional financing (typical, personal mortgage with fixed 30 year amortization).  This is regarding Texas as well -- not sure if that makes a difference.

Basically, are you able to get a conventional mortgage on a property that you do not occupy?  The reason I ask is I currently have a decent living arrangement, and want to purchase a multi-family home (duplex,triplex) as an investment but would prefer not to live there.  Could I receive a conventional mortgage loan from a typical lender (bank, credit union) for this property?  Or, is there a stipulation that I must live there in order to be approved/receive a conventional mortgage loan?  

Also, I am looking to invest with a partner.  Is it possible that we both be listed as borrowers of the loan?  If so, would it be similar to the combined income that spouses qualify for or is there a distinction?

-Peter

I intend to purchase my first multifamily property with a partner, and was wondering if anyone could help shed some light on the best way to finance this first deal in such a way that it puts us on the right path to eventually being able to use this first property as leverage to purchase additional multifamily properties under a corporation?

Given the poor terms that we're currently being offered on commercial loans by regional credit unions and private lenders, my partner and I are contemplating the thought of acquiring an FHA loan to finance the first property. Both my partner and I work full-time jobs during the day, have excellent creditworthiness, and are willing to occupy one of the units in order to qualify for the FHA loan. The only problem we foresee with pursuing this route is that the lender may invoke the DOS clause if / when we quitclaim the deed into the LLC's name. What would be the best way to establish business credit in a corporation if we went this route?