All Forum Posts by: Brad Jacobson

Definitely still buying off the MLS. With such insane appreciation these past few years, there are still a lot of homes being posted for way under market value because agents and sellers just aren't keeping a good pulse on the market.

Many people make the mistake of thinking the listing price is law and if you get it for under the listing price you got a deal.  That's incorrect.  Remember, the list price is often just the guess of an agent and many agents don't do a good job of it, especially those only doing 1-2 transactions per year.  If a house is priced $100,000 low and you pick it up for $60,000 over list, you still got a great deal.

Don't shy away from the MLS!!

Hi Hildamarie,

Sounds like you're just getting your feet wet with a wholesaling business.  What made the biggest difference for me early on in my real estate career was courses and seminars.  Don't fear spending your first $1,000 on a few courses or seminars on wholesaling because the best wholesalers are those who are able to effectively copy and reproduce the systems created by the pros.

Good luck!

Hi Pearla,

I self-manage my properties and often get inquiries like this.  I simply ask that all adults that will be living in the property apply.  It doesn't matter if the rent all comes from one individual or multiple, but it needs to be made clear that you're not the one screening and selecting your roommates.  That option needs to remain with the landlord as they have the ultimate duty of ensuring the property is leased properly.

If you can, start looking for potential sublease options now and apply jointly.  That would be the easiest way forward and I don't foresee any PM or small landlord having any issue with that as long as it applies with the local zoning laws.

Good luck!

Seller financing is amazing but there's definitely a steep learning curve!  I'd recommend two things to get your feet wet:

1. Listen to the Creative Financing Podcast with Jeff Rappaport.  The podcast is full of great real life examples of creative financing deals and it will really open your mind!

2. You're going to need a mentor before embarking on your first creative finance.  Join Jeff's apprenticeship program or start talking to local title companies or real estate investor meetups.  Network and serve as much as you can and you'll soon find that mentors will start to arise that can help you get it done!

Good luck

Hey Tenzin,

I've never transacted in Albany but you're definitely going to get a tremendous amount of personal bias in a broad recommendation ask like this.  I'd contact several real estate agents in the area that have worked with several lenders.  If you interview four or five, you'll likely catch that most of them start recommending one or two great brokerages.  Go with one of those!

Good luck

The best step in your situation will likely be to simply locate a handful of great real estate agents in any of the markets you're interested in.

A great agent can provide you insight to the most profitable available properties, best property management, great contractors, and other other hiccup you might encounter in the process.

BP is a great place to start when hunting for great agents.  

Good luck!

Absolutely refi both as soon as you can!  Rates keep ticking up but we did see a nice dip last week.

Make sure you're interviewing and comparing your lender options!  Few folks actually compare the origination charges and underwriting fees from lender to lender to make sure you're getting good recommendations and comparing your options.  Speed is also important here so ask those giving you recommendations what the lender's average turn time is.

Good luck

Being a unique situation and market specific, I think most brokers would approach it differently so you should work directly with your broker to make sure you're not violating any of your MLS's procedures but still providing full service to your family friend.

In Utah it's not uncommon to see a buyer's agent commission be a fixed number, in this case it could be $1 or something small like $500.  You should get an exclusive right to sell agreement and negotiate the commissions there, i.e. $500 BAC, $2,500 List or something like that.  Get broker approval and then type up the agreement with your client.

Good luck!

Remember that any house hack is better than no house hack.  Even if your house hack still costs you $850/month to live, it's still probably a better investment than just renting because of the taxes, loan pay down, appreciation, etc.  

Definitely use those inexpensive 0-5% owner occupied loans as many times as possible! Both of these scenarios you've presented would be a great way to get a foot in the door.

Good luck!

Hi Melanie,

I wouldn't consider myself a "sage" as I've only been investing for about six years and been actively engaged with BP for that same amount of time.

However, if considered for a "lessons learned" column, I would definitely speak to the biggest lesson I've ever learned in investing, "don't wait to buy real estate, buy real estate and wait."  

I laugh at my 2016-2017 self thinking I was "buying the top" of the market and deeply regret past hesitancies!  I would love to visit my old self and give myself the confidence that everything will work out and to pull the trigger on several more opportunities that were presented to me that I passed by.  I let small issues like not knowing how to get a business license or properly create a lease stop me at times.  

Though I am doing well now with a portfolio of six properties, I believe I could have double that had I been able to give my old self more confidence that everything will work out and to just buy more real estate!