All Forum Posts by: Brandon Collins

I appreciate the advice. I will have to dissagree about the the license not being an advantage. With access to the MLS I can cherry pick from the latest listing and have the most accurate and up to date information. I can also call up a broker and let myself into a house that I see vacant and not have to wait for an agent to show up and let me in. Plus I do not have to constantly blow up some 3rd party's phone looking for deals. I can do my own research. I never said I would not have skin in the game, I just do not have enough to buy anything that would be worth fixing up. I have just over $50K to invest so I figured that would help me get started if I could find someone to go in with me. I am not trying to focus sole on flipping right now, that is my goal in the next 5 years.

Quote from @Caleb Brown:

I'd focus on being an agent. If you don't have the money for the deal make it. There is creative ways to start but you don't want to be trying to go a bunch of different directions. Being an agent will build relationships and help you understand REI. Along with that it'll build funds. Also build your credit and budget. Then 1-2 years down the road you can invest. It's okay to be patient so you have a strong foundation. Just my 2 cents

Thank you but I am just interested in flipping houses. From what I’m told, I make more than most real estate agents and can’t really afford the pay cut to start a new career. My goal is to become proficient enough in the next 5 years that I will be able to quit my job and just focus on flipping and investing in buy and hold properties 

Ok, I passed my Real Estate Exam yesterday and have a brokerage that will let me work under their license. Currently I am listening to a book on flipping REO properties and is says to show the bank that I have financial backing and and can close quickly. How do I find a deal if I do not already have financial backing and how do I get financial backing if I do not have a deal for them to get behind?

I am in the process of getting my real estate license that way I can have access to the MLS. Do I have to work for a broker to have access to the MLS or can I just pay a yearly fee and have access from home?

Quote from @Corby Goade:

I love your ambition- good for you! 

I would not quit my job until you have done a few deals and get a better understanding of the process and what it takes to make things happen in real estate- especially with a family to take care of. 

There's a reason that the attrition rate for agents is 90%- it has nothing to do with how smart people are, there's way more to it than people thing. 

Also- flipping always looks really easy because most people don't post their failures on IG. It's not easy or cheap to find deals, let alone make money on them. I'd get out in my local investing community and partner up on a flip or two and get my feet wet, get some momentum before I considered quitting my job. 

If you are doing car sales now, you defintiely have it in you to get things done, but real estate is it's own beast and learning the ropes and making connections will take some time. You'll get there, but don't rush it!

Best of luck!

Thank you for the advice. I talked to someone here at work that has been doing it for about 20 years on the side and they suggested that I do a few with them instead of quitting and going into real estate because real estate would tie up all my time and I would not make any money for the first year, where as here I can still make a good income and ease into it.

Hello everyone, it has been a while since I have been on or even done anything real estate related. I am currently a salesman for Toyota and want to get into the flipping business. My job requires that I am there a minimum of 60 hrs/week and that’s if I ONLY work my scheduled hrs and do not get caught up with a customer right before it's time for me to clock out. I have 2 little girls; one will be 2 next month and the other will be 1 in May. As you can see, I have a lot on my plate. I have been in the car business for 5 years now and I typically make anywhere from $12-$17k/mo. I have my certificate for the 63 hrs pre license course and have gotten my fingers printed. Now I just need to take the exam. I just closed on a home equity loan and after my credit cards and hospital bills are paid I will have about $55k left over. Now that you have a pretty good picture of my current situation, should I quit my job once I get my real estate license and work for a Real Estate Company here in town and just live off the $55k until I start making money for myself or stay with my steady income and try to flip and learn the ins and out in the 1/2 day of free time I get each week?

Honestly for not having any experience, I am more than happy to pay 1% for the education, resources, and protection 

Quote from @Scott Trench:

Interested to hear what others have to say, but if I was selling MY OWN properties, I'd join a discount brokerage, and look for a firm that charges a flat transaction fee, not taking a percentage of my commission. 

I'd be more interested in the services provided by a brokerage that takes a chunk of my commission if they were a meaningful part of helping me generate the lead, or training me to build my agent business.

For these reasons, I hang my license with Broker's Guild, which charges me a nominal ($25) monthly fee and a flat fee for transaction services. Not a percent of commission.

Thank You I will check it out 

Quote from @Scott Trench:

Interested to hear what others have to say, but if I was selling MY OWN properties, I'd join a discount brokerage, and look for a firm that charges a flat transaction fee, not taking a percentage of my commission. 

I'd be more interested in the services provided by a brokerage that takes a chunk of my commission if they were a meaningful part of helping me generate the lead, or training me to build my agent business.

For these reasons, I hang my license with Broker's Guild, which charges me a nominal ($25) monthly fee and a flat fee for transaction services. Not a percent of commission.