All Forum Posts by: Eric M.

Redfin.com, is, in my opinion, the best by far if in your area.

@Denny Le  It depends on what your contract says. Do you have a buyer-agency agreement in place? If so, you probably can't switch mid-transaction, or, if you do, you will owe the first broker a commission, regardless. In this case, it's safer to stick with the fist agent.

For other properties, again, it will depend on the contract, but if you do NOT have a contract in place, you can likely work with someone else on a new or different property.

It's hard to say without knowing more, unfortunately.

@Bryce Y.  While I wish I could be more helpful, but I share your concern that certain requirements instituted by lenders, licensing boards, whomever, are often over-the-top and overbearing.

For example, I was recently renewing my real estate license, and the licensing board required something that was, literally, not even in the formal regulations. Not only was it not required, they had literally made it up as a requirement!

The best thing to do in situations like this is to simply grin and bear it. Someone, somewhere, created a silly requirement. Either “play their game their way” or work with another lender. While I don't do it often, I occasionally take such senseless requirements as a “free” way to find out that the vendor is not going to be a good fit for me. I then simply move on to another vendor.

@James Z. There is simply no way (or virtually no way!) that you will find 2% rule property in Washington DC. The 2% "rule" is fine, but there are some markets where it simply will not be applicable. DC is a perfect example.

Also, it is less about cities than it is "expensive markets." There is nothing wrong with this, of course, but don't worry about being "trapped" by the 2% rule when considering properties in such markets.

@Jeremy Hoffman You may want to aim for the deal analysis section for this kind of post, for future reference, but I'll weigh in here.

To me, this all looks fine. Looks like you're being conservative on month to month. If you have closing costs and a little extra for cost overruns, the numbers seem viable. Good luck!

@Katharine Chartrand Edit: for your investment properties, I don't think those terms are way out of line. Depends on the area, etc. You would expect to do better if it were your primary home.

@Shaun Reilly Crazy helpful!!! Voted, of course. Thanks for the time and analysis.

Hi BP: I've spent most time in DC, but looking for a few specifics in Maryland. I prefer contacts in the DC/Baltimore corridor, though other locations are fine (DC, Northern Virginia, Northern Maryland).

1. Property Inspector. Looking for someone that does a thorough job and has an eye for "upcoming" problems.

2. Lender. Seeking an investor friendly lender that would be a potential match for portfolio financing, as well as more traditional financing.

3. Contractors. Looking for folks who have experience in lighter work, as well as complete rehabs.

4. Rehab Consultant. Looking for someone that has ample experience in rehabs, and would be available for occasional consultations on higher complexity jobs.

If you meet any of the above criteria, or know someone that does, kindly reply or PM me. Thanks for the consideration.

@Shaun Reilly Thanks for your thoughts. Sorry to be confusing. Was trying to give sufficient details, but might have done it better. For purposes of this question, assume that this is all viable:

Family member and I already jointly own another property. We only want to obtain a HELOC using that property to use for REI. Other than co-signing on HELOC, which we know we are able to obtain, family member does nothing else in the real estate business.

What percentage is fair for the co-signer of the HELOC under that scenario?

You said 1/3 seems like a lot. What would you consider fair for the HELOC co-signer?

@Jose Diaz Depending on what you're doing, the best play may be hold off on forming the business until you're sure you're going to be "in the real estate game." Of course, this depends on your current assets, risks undertaken, etc.

Once you buy a property, it may make sense to create a corporate structure and transfer title to that entity to start building a credit history, have some assets to actually track, etc.

Short answer: probably incorporate, but only after there is sufficient reason to do so.