All Forum Posts by: Stu Wann

@Nina Ibrahimbegovic I had a weird situation like this last year with a client. I was helping my cousin purchase a property and his lender informed me that because I had written on the purchase contract that we were related that the investor fInancIng the loan wouldn’t lend to my cousin because it was a rule they had that there could not be any relationship between agent and principal. Insane, right?! I ended up having to “refer” the deal to a close friend/fellow agent and having him complete the transaction on my behalf. Not sure if that solution helps in your situation, but thought I’d share a similar experience so you didn’t feel like you were the only one :-)

I just got off the phone with a PM (AHI). From the research I've done, they seem sharp, but this is their fee structure:

10% Management fee

50% Marketing fee (to find new tenants)

20% Lease Renewal Fee (for each tenant each year)

These fees seem outrageous to me, but this is my first time working with PM's. Any advice? We've got 6 units, so I've asked if there is a multi-unit discount. I've got a few more calls to make tomorrow - see if I can get something to compare this to. 

I’m under contract on 3 duplexes on the same street in Mobile, AL. Is there a way for me to finance all 3 of these together? I’m paying 3x the fees to get them closed- would love to find a way to save money. I doubt I could qualify for a commercial loan, and that’s the only option I can think of.

@Mattaniah Yip Did you go through a direct lender? Try going non-FHA with a direct lender with in house underwriting, they ar typically more lenient. I have some great lenders in the LA area if you need a referral. Feel free to DM me.

So much great info in this thread regarding Huntsville. Does anyone have any recommendations for good investor-friendly realtors or PM's in the area?

@Nathan Gesner Thank you! This is very helpful information. 

Hey Ryan! Not sure I have the wealth of experience you’re looking for, but I’m local and would be happy to share ideas. I’m in escrow on 3 small multi-family properties right now out of state that will be my 3rd, 4th, and 5th investment properties, respectively. I’m in San Juan Capistrano - seems like we’re in pretty similar boats as far as life situations go. Feel free to shoot me a private message If you’d like to meet up sometime!

I don’t disagree with the (very emphatic) live at home sentiment at all- and don’t misunderstand my comment to say you need to purchase a home for some perceived status. what I should have clarified is that there is no substitute for experience! I became a much better agent after I purchased my first home/property because I knew what it was like to walk in my client’s shoes. Also- if you’re in a position to find a great deal on a house hack, you’ll build wealth a lot quicker than you would living in in your parent’s house without buying a property! And typically a house hack requires a lot less down than a traditional investment.

I’ve sold my own property and got $40k over our list price- but the Southern California market is a different beast. I’m not sure why buyers would know or care who’s the owner/listing agent as long as you do a good job. I agree with Sara, I wouldn’t return a phone call for $1k to help walk you through the process - my time is too valuable - and there is far too much liability. Seems like your agent has taken good care of you, I’d recommend doing the same. In the long run, there is a lot more money to be made if you do this in a way where everyone wins. Don’t risk burning bridges, they’ll come in handy down the road!

I’ve got 6 doors under contract in Mobile, AL (3 duplexes) and schedule to close in about 45 days. I’ve done some of my own research, but would love any recommendations or connections for property managers in the Mobile area. Thanks!