All Forum Posts by: Mike Velez

Welcome Jason! 

I'm also here in So Cal, unfortunately our $$$ doesn't go as far here as it does in other areas around the country. But there's still a lot to be made in terms of cash flow and appreciation locally. Also, as a first time investor I would say there's definitely benefit to being able to experience the process first hand with something that you have eyes on locally. On those first few deals the education might be worth giving up that extra margin you might make out-of-state where you're essentially having someone else do heavy lifting. That's not to say you can't be successful leading off with long distance investing, but there's value to getting your hands dirty to start. 

Hi Keith, 

One useful tool for STR research is https://www.airdna.co/. For more typical sales market data a very good free resource is https://www.rockethomes.com/re... And if you're looking for something more robust https://www.propertyradar.com/ is a good option. I would also partner with a good agent or broker in that area.

Good luck.

Check out this website. http://www.shadowstats.com/ You can find a lot of useful data on there. Let me know if this is what you're looking for.

Hi Keith, 

What types of data are you looking for?

No idea on the course, but when you get ready to take the exam I can't recommend Compucram.com enough. I've used it for my sales and broker's here in CA. Everyone I've recommended to has passed the first try, but you have to complete it until it tells you you're 100% prepared. It's frustrating, but worth it. They do have a Florida course. Good luck.

A big reason for setting up a separate entity like and LLC when investing in real estate is to shield your assets from potential legal liabilities that could arise. That risk doesn't really exist in equities investments.

Last year I was working with an investor looking for vacant buildable land locally. Found them a great property, was on the MLS listed at $950k. We were cash buyers offered $850k, seller refused spent many more weeks researching, investigating, showing properties. They told me they were going to wait on moving forward. A few month later I noticed that original property sold for $875k. My buyers. Either the seller's agent or the buyers contacted one another and got under contract. In real estate we understand that there are no guarantees. However, when someone does something unscrupulous there's no recourse for the broker without some type of agreement in place.

I'm not sure exactly what form you were presented with, but the standard CAR form that will protect both the buyer and the broker is the BRBC (Buyer Representation and Broker Compensation) agreement. It specifies the parameters of the property type, location, price point that are subject to the agreement. There's a way to fill it out that protects the broker for the actual work they perform but gives the buyer flexibility to not have to pay the broker if they didn't have a hand in finding the property. If Paragraph B (2) is checked then it does become exclusive and irrevocable but can still be cancelled unless C(2) is checked also. Then it really is exclusive. 

I'd be interested in helping you and won't check of either B2 or C2 :) Cancel anytime. Let me know.

Good Luck.

How much is "small"?

Do all of the above. Identify the owner however you can depending on where you are, tax records, title company, etc. Fastpeoplesearch.com is not a bad free place to start to find phone and sometimes email addresses. Start dialing, texting, knocking, emailing, and writing. Eventually you'll reach someone and pitch your idea. Before you do this get acquainted with the TCPA rules and scrub the numbers against a DNC list to make sure you don't get yourself in trouble. 

Once you have someone willing to can pitch the idea of them not having to pay the usual broker commissions to sell in your area. However, that being said I would definitely use a professional to guide you both through the process. I'm sure you can find someone willing to do it at a reduced cost without marketing, etc but do keep in mind that they will be taking on some liability and should be compensated for that risk. (Not sure who handles RE transactions in TN). Good luck.