Business Options

[Lance H.]

Hey Everyone,

I have spent the last several months putting together the infrastructure to start a property management company, including getting RE Broker license, starting a S-Corp and designing a website. 1 week after I started marketing I have received a job offer that I cannot refuse! The problem is my new job will not allow me to use my RE Broker license (conflict of interest) which is required for PM's where I'm at. I can own/have an interest in properties, just can't use the Broker license.

So my question is, what would you all recommend as a next step in my RE career? I do not have enough for a DP, but I have access to people who do and have shown interest in investing. However new job is commissioned based and won't qualify for financing for 2 years. I was thinking about maybe sandwich lease options or something creative like that.

Any thoughts/ideas would be very appreciated.

Thanks

[Jerry W.]

Hey @Lance H. awesome job on getting your brokers license. My assumption is that the new job will pay pretty well or you would not be interested in it. If it is not too late take a loan out to buy rental property before you leave your current job. If you cannot buy that soon then start saving the pennies and try for a 3.5% Fmha on a duplex or fourplex. You can live in one and rent the others. If you simply cannot get a loan because of no verifiable income then you will have to get creative and either buy with owner financing, lease option, etc. If you had the drive to get your brokers license you will be able to find a deal using creative financing. Maybe have a relative finance you so they get better than the .75% the bank pays. Maybe try a joint venture with someone. You might also consider the less than $30K market if it available near you. Good luck.