All Forum Posts by: Alan Taylor

 This is where I turn to independent brokers -- they can often work with multiple carriers/insurers - - and my local guy found a great rate through Foremost.  

@Luke Carl did a great podcast (linked below) on this a short while ago -- worth listening to it to make sure you are an educated consumer! 

https://podcasts.apple.com/us/...

He also left contact information for the insurance folks he interviewed (visible on the podcast link)

Hope you find what you need! 

 I'm not at liberty to disclose specifics, but I am able to say that it is very generous, compared to most of the splits I've seen proposed for many local or 'boutique' brokerages I've spoken with.  Another brokerage would have to be very competitive to reach 'parity' with not just their commission split, but also the rest of the support systems they have in place. 

 Hey John!  Thanks for asking -- I am leaning hard towards joining eXP, with an eye towards working with Avery and Luke Carl at the Short Term Shop -- hoping to help them expand into the Virginia market.  They specialize in helping people find good short-term rental properties in vacation markets across the US -- it's something I'm personally invested in, and love the idea of being involved in from a professional perspective.  

 Thanks Patti!  That's good to know -- I will definitely be taking a look at Mosely -- didn't know they had such a good deal going for those states!  

 PSI did have 5 'sample questions' at the beginning of the exam I took today (thematically aligned with the stuff you mentioned) ... but no mention was made that they 'counted' towards anything!   Interesting!  

I looked in vain for any kind of 'break down' -- but all I got was a 'PASS / PASS' on national and state portions.  I guess that's all that really matters, if you pass?   

Hey guys, 

Just wanted leave a little 'bread-crumb' trail here of what my experience was like taking an online course, and passing the exam. 


Who I went with for the 'course': 

I took a self-paced licensing course for Virginia through 'The CE Shop' -- this was actually the second time I paid for the course -- the first time, I lost momentum, and didn't complete it on time (if you struggle to be self-motivated, you may find an 'in-person' course more to your liking?).  

This time, I went through it in two sprints-- one before the winter holidays, and one in late winter after the holidays-- and I would definitely recommend doing it all in one go, if at all possible.  The more time passes since you've reviewed a subject in the the course, the harder it will be to recall correctly in an exam! 

The did the course, and exam-prep package with the CE shop, and can recommend both.   The lessons can be a little slow-paced (I wasn't a fan of many of the videos they used to teach... I would have preferred to just read a transcript), but the frequent quizzes helps to reinforce lessons, and keep things fresh.  I learn just as much, if not more, from taking quizzes and tests, than from just reading through material. 

Things to be aware of: 

One thing to keep in mind with The CE Shop -- to get your license, you need to pass 2 exams, not just one.    The first exam (proctored, but can be done remotely while a proctor watches you) is just to prove that you satisfactorily completed the course.  Don't be fooled, that's not your 'license exam'... just the course completion exam.   Once you have satisfactorily completed that exam, they'll notify whatever state testing-provider the state chooses to work with, and you can schedule your actual licensure exam.    Both exams will be the same format -- but only the second one is for actual licensure.  

That being said, I felt pretty well prepared after completing the The CE Shop course -- passed both the 'course exam' and the 'license exam' on the first try.  But... that was also taking lots of practice exams.  

Exam Day: 

The testing center I went to (Brainseed / PSI) didn't allow you to take any material of your own into the exam room (you even had to pull your pockets out... I thought that was more theatrics than anything...) -- they provided a little electronic "scribble tablet" instead of a pencil and scratch paper, and very simple calculator to work with  (I had brought a calculator of my own, just in case), and the exam took place on a computer, within a secure/proprietary browser.   Nothing fancy, but it was quiet and comfortable.   I didn't need to write anything down from memory when I got in, and I wouldn't rely on that if that's your plan -- those electronic tablets erase with the push of a button, so anything you need to remember, best to keep it in your head. 

The exam center I went to in Alexandria VA did not provide a 'score' (I still have no idea how many I got 'right'... only that I passed). I don't know if it's any different if you don't pass (maybe they'll give you a score, and tell you some areas to work on??)


Bottom line: 

Practice Exams were the key to helping me feel confident and prepared, at the end of the day.  Lessons and documents are one thing, but ... translating that into being able to answer multiple-choice questions can be another thing entirely.  It'll help you to get a lot of practice at that in before exam day arrives -- and on that note, you can often find "free"  study, and practice exam material through a local or regional public Library.   It's often in the 'Digital Resources' section of your library's online resources.   Don't underestimate the benefits of actually practicing taking the exam.   In high school, I was part of Academic Decathlon... and I lost count of how many practice exams I took ahead of competition.  They really do help.   I found the exam prep through my library to be remarkably helpful -- it was a different 'flavor' than the exam prep package practice exams from The CE Shop, and I really felt confident, after taking those, that I would pass the exams, and I did!  

Here's an example of where I found some exam-prep material through my library:  

Don't just limit yourself to whatever 'exam prep' materials you might have already paid for -- find anything you can get your hands on, and use it -- you don't want to have to re-take an exam if you don't have to!  


Overall, I give The CE Shop 3.75/5 stars -- it was decent material, but I didn't realize until after I took the first exam, that I hadn't actually qualified for getting a license yet!   They could have been a lot more clear about that for their self-paced online learning crowd.   I think for myself, an in-person class might have been more time-effective, and figuring out what The CE Shop needed you to do to 'complete the course' was sometimes a little foggy, but we got it done. 

Feel free to ask questions if you'd like -- or share what you did to study for and pass your exams! 

We're closing on a property in South Western North Carolina this coming week -- and we're trying to get the property ready to 'go live' as soon as we can.   We also wanted to be able to take advantage of the 'bonus depreciation' -- and while reading through the IRS regulations on this, for real estate, it looks like 'placing in in service' has a varying definition. 

What would be required for an STR property to be 'placed in service', for tax reasons?

 Thanks Christian!  

It's good to know I'm not 'alone' in having this kind of experience -- I figured that working in smaller towns can require some diplomacy/tact/delicacy, but also good to know that I have other options when it comes to closing.  I've definitely talked about this with my agent, and we're on the same page about how we'd have preferred things to go -- and neither one of us are very inclined to recommend the attorney office we are using currently, in any future transaction.  I'll definitely reach out when I need some contacts in Haywood county! 

Thanks Grant!  I think I'll be far better prepared for the next purchase -- this closing has been an interesting one for sure  (the listing agent listed it at 3 beds 2 baths... but septic permit only allowed for 2 baths -- major negotiating leverage on our part.. and especially because the listing agent is the agent broker! -- every transaction has it's own adventure, it seems!) -- it might have become necessary to go with a different closing attorney, if the seller had been difficult to work through that with.  

Thanks Mitch!  This is super helpful to have some additional perspective -- we're brand new to this market, and I'm learning as I go -- getting a feel for how things work in that area is definitely helpful!   The buyer's agent we are working with has been fantastic, and has a 'go to' closing agency he's had great experiences with -- but their calendar was fully booked during our closing window.  I'll definitely let him know about Southern Law Group, so he's got more options on hand for future deals.  

I'm going to be doing a remote closing with a mobile notary as well -- I've done that twice now with a refinance, and a HELOC -- it's been a great experience every time.

@Mitch Davidson -- do you belong to any 'STR owners groups' for Bryson City / surrounding area? Would love to join in any groups -- we're just coming online and looking to hire cleaner / handyman in that area.