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All Forum Posts by: Brett K.

Brett K. has started 53 posts and replied 295 times.

Post: Opinions wanted if I should pursue my license

Brett K.Posted
  • Realtor
  • Louisville, KY
  • Posts 301
  • Votes 111

Being an RE agent is tough.  If you want to sell life insurance at least there are companies willing to float you a salary until you build some business.  Not in RE.  It's commission only for a reason.

Tom Ferry, a prominent RE coach, floats that 87% of all agents fail and other sources state the average 1st year agent sells less than 2 homes their first year in business.   

If you want to get into the business to make money I recommend going to work on a team.  You will see more, learn more, make more, and increase your chances for success.  

Your income on a team won't be good but if you can subsist you'll be learning and hopefully you will survive your 1st year without filing bankruptcy.  You will have a chance to move up if you have the right personality and intellect.  It takes a certain type. 

You can try interviewing with a few teams before paying for the classes.  You might get a job offer.  Don't expect them to be forthright about success rates, income, etc.  These are sales people offering a commission only job.  You are hereby notified they are not unbiased.  Search it for yourself on google and youtube.  There are some great anecdotal stories out there. 

If you want to be a successful investor a high stable income is a better platform to start from regardless of what sector it's in.  

Cheers,

Post: Louisville, KY RE Investors Meetup

Brett K.Posted
  • Realtor
  • Louisville, KY
  • Posts 301
  • Votes 111

Investor's Meetup -  Networking & Louisville Market News/Info

Come meet other investors.  

I'll share a 2017 market summary handout and we'll be discussing the hot areas for 2018.  

Have news?  Bring it and share.  Have a deal?  Make a handout and bring it.

You might want to bring business cards since it's the quickest way to exchange contact info. 

Post: Rehab Home Closing Costs

Brett K.Posted
  • Realtor
  • Louisville, KY
  • Posts 301
  • Votes 111

I'm not local to your market but I wouldn't expect costs to vary too much from GA to KY.  

I always buy title insurance too.  I know what you mean.  

There's a notorious case here in Louisville.  A tract of prime real estate near the interstate, enough acreage for a small subdivision, was donated to our local zoo with the caveat it wouldn't be developed.  

The zoo eventually sold it to a developer and the title examiner missed the restriction.  

The descendants had moved away so the mistake wasn't discovered until after the development was finished and the new homes were occupied by new owners.  

When the descendants found out they sued.  

I bet to this day we Louisvillian's purchase title insurance at a rate higher than the national average.  

Post: managing construction in Seattle from cross-country?

Brett K.Posted
  • Realtor
  • Louisville, KY
  • Posts 301
  • Votes 111

It sounds like you don't have anyone who is guaranteed reliable.  Or as Rumsfeld would say 'a known known.  

Maybe you can increase your rate of return by offering to carry the land for another investor?  

Yes, getting into business with family can be dicey.  It can also be a great opportunity.  

I'd highly recommend doing it while in college.  It will be one of the richest learning experiences of your life and you will be fortunate to have it while you are still young & unconstrained by spouse and family.  You'll have the rest of your long life to profit from the experience.

What's the background of your financier?  It would be a great fit if they have a good background in real estate, finance, or just good with numbers in general.    

I can't speak to the average contract rate because key info is missing.  Each deal is unique.  Perhaps let him offer terms first and then check back on BP.  

I meet investors on a weekly basis that are figuratively begging for money.  Funding deals is hard to come by.  You are fortunate to have someone that trusts you enough to offer it.  

That's my 2 cents.  

I'd love to see you posting on BP about deals you are doing.  

Cheers,

Post: trying to use cash out from my moms house

Brett K.Posted
  • Realtor
  • Louisville, KY
  • Posts 301
  • Votes 111

If you are going to be an investor you need to know who the local investor-friendly banks are.  

Talk to other investors, call a local dirt attorney, etc. and find out who's giving loans to the investors doing flips and rehabs.  That's the lender you want.  

Talk to that lender and they will tell you what your options are.  Perhaps they won't want you to refinance your mom's house.  Perhaps you will find an investment property first and then they will do a loan on the investment property and use your mom's house as partial collateral.  No need to replace the 1st mortgage.

Good luck to you.

Post: Buying a rental property from owner in TN

Brett K.Posted
  • Realtor
  • Louisville, KY
  • Posts 301
  • Votes 111

Hi Ryan,

The following is conjecture, guesswork, since I don't know the details.  

Yes, you can negotiate a lower price.  Be direct "since I'm not using a buyer's agent I automatically expect ____% of the price".  

Since he's an agent he'll be familiar with the local disclosures and have access to the local board approved contract.  Ask him to use that contract and he/she should automatically provide the needed disclosures.  

It's not a bad idea to have an attorney or an agent to look over the contract.  Even though the state approved contract is intended to be consumer friendly it is still easy for a person experienced in real estate to take advantage of someone who isn't.  

Yes, your lender will order the appraisal.  

It's a good idea to have a professional inspection performed.  Make sure the terms of your contract give you an out if you find something you don't like.

There is no shame in using a buyer's agent until you become comfortable with the process.  

Post: managing construction in Seattle from cross-country?

Brett K.Posted
  • Realtor
  • Louisville, KY
  • Posts 301
  • Votes 111

The number one reason investors lose money is contractor mismanagement.  Do you really want to try to manage a build from a distance? 

Post: A week of gap in leases?

Brett K.Posted
  • Realtor
  • Louisville, KY
  • Posts 301
  • Votes 111

Amanda,

Are they month-to-month now?  I'm assuming that's a yes.  

You get paid on the terms of the existing leases.  If it says you get paid on the 1st of the month then that will still be the case after you close just notify the tenants where the checks go.  

Once you have a property under contract you have a legal interest in it.  So it's not outlandish to try to put new leases in place prior to close however it's very unusual.   

If it was important to you it should have been negotiated prior to finalizing the terms of the contract.  

Post: Real Estate Investing

Brett K.Posted
  • Realtor
  • Louisville, KY
  • Posts 301
  • Votes 111

Hi Joseph.  

When you find a property and advertise it save the contact information from the investors reaching out to you.  

It's really that simple.  I think building a 'buyer's list' is the most over-thought, worried over, step in wholesaling.

I'm sure you've heard this already but I'm going to repeat it anyway;   the hard part about wholesaling is finding the deal.  

If you find one I'd love to be the first to know because I'm in Louisville too. 

Good luck.