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Updated over 7 years ago on . Most recent reply

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Kent Slawson
  • Grand Junction, CO
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5
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Starting out - Just looking for guidance and contacts

Kent Slawson
  • Grand Junction, CO
Posted

Hello everyone,

I am looking to make a career change from oil and gas Inspection into real estate sales / investing. I am currently working about 3 hours from home, and have recently passed my Co. real estate exam. At this point, in order to be an agent/associate broker, I just need to find an employing broker and receive my license. 

Are there any important questions that I should be asking potential brokerages as an agent / investor in addition to the list below?

41 questions for employing broker

I plan on continuing to work in inspection until I have a couple investment properties under my belt ( 6 month time frame on this). The reason for me waiting to fully transition into an agency role is primarily for ease of access to bank loans. I currently have about 200k in liquid assets available for investment purposes. The plan is to hire on with a brokerage, gain access to MLS, and scope for good deals remotely during this six month time frame. I will also be looking into sheriff sales and the like. If I am able to find investment properties for under 200k, I plan to do a full cash offer and then, after any repairs, do a delayed financing exception cash out loan for what I hope to be 100% of my investment cost. I know to do this, the property will have to appraise for a value where 100% of my investment is equal to 70% of the appraised value. This allows me to get cash flow for what is essentially zero dollars invested after my cash out loan. I could also do HML if I found local investors to finance the purchases, but I see this as leaving money on the table when I have the capital to purchase homes on my own. There is also the HELOC option, but I am not sure how I feel about variable interest rates.

If I find an apartment complex or something similar which is outside of my means to do a cash buy out, I will do a conventional loan with X% down. Is this the smartest way to get the best ROI assuming the purchase price is beyond my means or should I look into other financing options under this circumstance? I guess I could do a hard money loan and then refinance after 6 months. What are your opinions on these two options?

Ok, so after 6 months, I have two properties under my belt or one large investment property. At this point, I transition into being a full time real estate agent. It definitely won't make the same kind of money I make in oil and gas initially, but at this point I really want to prioritize quality of life and fostering lasting relationships. I will continue to act as an agent, buy, sell, and rent real estate until I am financially independent. 

Is there any way in which you would alter the above plan?

What is the best way to get an accurate rehab/repair cost estimate? Can you point me to a good source in this regard?

Thanks so much in advance for your time and tutelage.

If you are located around western Colorado, please feel free to shoot me a PM and connect!

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