All Forum Posts by: Alan L.

Jake,

You pretty much described what I had in mind. I was just wondering how do I search for these type of brokerages that allows me to hang my license with them and allows investors to pay a small per-transaction fee. Thank you for putting it into simple terms, I kind of have trouble describing it as I am still new to so many things.

Thank you for the advice Keith, where can I check if my state requires me to join the NAR in order to access the MLS? I will have the license for California, will it be neccessary if I'm operating in this state?

@Joel - I don't have any experience in flipping yet, but it is my intent to do this part-time over the course of several years. I thought that it would be a good idea to get my license to gain access to MLS to do my research, see REO properties on my own time rather than hiring an agent, and save money on the realtor commissions. So it's not just to save commissions, I have other reasons for it too. I understand that there is liability for the broker in someone new to handling the transactions, would you recommend that I take a training course to familiarize myself with the process of buying/selling homes?

Also I just called several brokers (branches near my home like Remax, Century 21 and ColdwellBankers) and none of them offered to do the flat fee listing on MLS. Many of them stated that they "gain nothing by just hanging my license" if I'm going to do the flat fee listing... Now I'm kind of confused..

If I join a broker's firm, I'm only allowed to list my properties with them right? I can't seek out other flat fee listing services? I was hoping to find a brokerage firm that wouldn't take a large split of the commission when I purchase the property, and also allow me to pay a small fee per closing transaction. Have I misunderstood soemthing?

Thanks Chris for your answer. I will most likely have to call several brokers first to see if they offer it. I'd like to join a well known brokerage firm rather than a small one so that I could possibly access some of their resources without paying for desk fee. I know Keller-Williams probably offers flat rate listings, but I will check with them later today.

Hi!

I recently passed the salesperson exam and was wondering if anyone has advice on choosing a broker to hang my license with. I'm currently aiming to flip properties in CA and I really want to save money on paying the realtor commissions. I also want to be able to use their MLS access so I can look at properties on my own time. So my questions are the following:

1) What are the pros and cons of joining brokers who charge a fee for each listing I want to put on MLS?

2) How exactly would it work for someone like myself to flip a deal as a licensed investor? (if someone could explain this process to me or provide me some article that would be extrememly helpful.)

Hi BP community!

I was just wondering if anyone has any suggestions/articles/books on information on how to create a forecast analysis of their own neighborhood/city? I want to be able to analyze the raw data into something meaningful to give me some insight into where the real estate market trends are headed for my area. I apologize if my post is kind of confusing, as I am still a newbie in learning how to forecast market trends (or even what indicators I should be looking at that would be important to my analysis).

Any advice or reading recommendations would be greatly appreciated! :D

-Al

Thank you guys for all the great responses!

I agree with most of you about balancing a job and real estate investing. I do feel that by having a job it also provides a sense of security that I can maintain my current living expenses.

I'm currently living with my parents and I want to work a job in the meantime so I'm not a huge burden to them. At the same time, a part of my wants to just flip full-time considering how 1 or 2 flips can provide more than what I can earn from a job, especially when the salary isn't very high for inexperience/fresh-out of college individual like myself.

Currently, I'm about to finish up my three 45-hour real estate courses to qualify for the salespersons license exam. After I get my license, I'm really hoping to get started with my first flip deal!

Hi BP community,

I just had a sudden question in mind that I needed some opinion on. I'm a recent graduate and considering to flip full-time, but from what I've been advised is to find employment and flip on the side.

So my question is: when will I know that I can quit my day job and focus on flipping full-time? Other than the fact that my profits are greater than my income salary fro work. What other factors should I consider?

Thank you everyone, your responses have been very helpful, I will take them into consideration. I do feel that it does make more sense to simply spend more time with REI and networking with those who can help me, rather than pick up the profession of tax planning myself.

Thanks Keith, your advice was very helpful. I can see now that your CPA license has helped you along the way with investing, but now my question is:

Is it worth going through so much time to study, take the exam, work for several years just to be my own CPA for my real estate investing?

This is where I'm still contemplating on whether I should pursue my own CPA license OR simply hire a CPA when tax time comes.

Hi,

Are there any CPAs on this forum that have participated in any real estate investing themselves? and how has their CPA license benefit them (in anyway or at all) in their real estate investing activities?

I'm just wondering if there is any benefit of being your own CPA in starting out in this area of business.

Any opinions are appreciated even if you are not a CPA.

Thanks!