All Forum Posts by: Brandon Eleazer

Hey @Ethan S.

This is a really big topic, but here's a few talking points:

Before the License:

Gain the understanding of what an agent does. You can do this by talking to other real estate agents you know, and reading blogs/articles about becoming an agent. Find out what activities are done in a typical day. What "real world" situations they face, and how much time and money is spent on the different aspects of their business (marketing & promotion, prospecting for leads, appointments, paperwork, emails, etc). 

If you can make the time for it I recommend you take real estate classes in a classroom setting. I took classes at a local community college. For me it just makes the information sink in better when someone is teaching it directly in front of me. You also get the benefit of study partners and other students to talk real estate with.  Also the professor is likely an experienced broker so you can ask unlimited questions and learn a lot.

After Getting The License:

Like others have suggested, find a broker with a mentoring program is great advice. However it's not always necessary. My 1st broker didn't have a program when I first started. But it was a small office so I could meet with him any time or call his cell, or email if I needed help. The other agents in a small firm tend to be less competitive and will offer you help when you need it and may even find ways to work together as a team on certain things. So you'll want to assess whether you feel more comfortable at a larger or smaller size RE firm.  But yes absolutely you need to find someone to learn the ropes from. You can offer to sit open houses for other agents or take their phone calls or take their buyers out on showing appointments. All possible ways to learn by getting involved. If real estate teaches you anything it's that you need to take action.

Lastly, create your systems EARLY on. Organization and Response Time are important and without systems potential business will fall through the cracks and balls will drop causing you to lose clients. You can't be everywhere at once. You can't work 24hr days. But clients don't want excuses, so you need a way to manage your time and leverage resources to get it done. Lots of agents use 'Time Blocking' to dedicate certain hours a day to specific activities. If you deal with things as they are happening you'll just be putting out fires constantly and stretching yourself too thin. 

Hi @Samantha Soto

That's funny I was just looking into J Scott's books too. I should've read them already. 

I like The Millionaire Real Estate Investor, Gary Keller; and I read The Compound Effect by Darren Hardy (which is actually self-improvement so sorry but I still found it relevant/useful to investing) And earlier this year I read Rich Dad's Cashflow Quadrant.

I think I'll also be substituting REI blog posts for books most of the time, because I feel like I get more honest, straightforward, actionable content.

1.  Buy/Fix/Rent 3 single family properties

2.  Acquire 1st multi-unit building

3.  Meet a local investor who's already doing what I want to do (i.e. role model vs. mentor)

4.  I second reading one book per month. 

BP,

What are the opinions on doing a subject-to transaction with family? The relative is elderly, 3 months behind in mortgage payments, and has already moved into assisted living; so there isn't concerns about saving the house or credit, buying another house, avoiding foreclosure, etc.

Thanks in advance!  

Hi @Willie Morales what type of rentals? low, mid, high pricing? Single family or multifamily? Are you going to buy properties that need work thru wholesalers or REOs,, or vacant move-in ready units or occupied already with tenants?  I just figured it may help others give you more input if they get a feel for what activities you've got in mind.  Great thread keep it going Philly!

Hi @Zenobia Whitewelcome to the BP forums. One way I recommend to find cash buyers is to keep putting both yourself and your properties out there. Aside from doing networking and advertising activities, you can send letters/flyers to investors that recently paid cash to buy properties in the areas where you sell; since they're actively buying in your area there's a good chance they will be interested in houses you're selling nearby. Feel free to send me info about the house you mentioned too.  Best of luck!    

@Annmarie Osheathat's a nice location to own property. Right around Cedar park and University City. Best of luck. No profile photo yet?

Hi @Charles Wu we were both at a REI meeting in Manayunk last year. It was great to meet you and talk for a while. Glad to see you're active on bigger pockets forums.

Hey @Mark Updegraff, nice pic...where is the link to purchase a BP hoodie? Thanks

Hey @Alex Clift are you still considering investing in Philly? It's possible to obtain solid cash flow at a wide range of prices/class of neighborhood here. That can be paying $30k in West Philly that rents for $800-$850/month or paying $70k in West Oak Lane that rents for $1,100-$1,200/month. I think your investing goals and strategy really determine what to focus on. But I do believe Philadelphia is great for long term buy and hold landlords.