All Forum Posts by: Brandon Collins
Brandon Collins has started 10 posts and replied 33 times.
Post: Meeting with a broker this afternoon
- Posts 33
- Votes 6
Quote from @Scott Trench:
Among other items, I'd walk out of there knowing:
- What training/mentorship they will provide you.
- What their MONTHLY fees are, if any.
- What their piece of the commission looks like PER TRANSACTION, and where they cap out commission splits.
- What leadflow they will provide for you, or how they will otherwise help you market for leads.
Thank you for the advice. I am getting this a little late but from what he told me, I will receive all of my training and access from Century 21 and I will pay 3.5% commission on any house sell but out of that 3.5% and Century 21 gets 8% of and I will receive 70% and the rest of the 3.5% the house keeps to pay for the license, insurance, training, accesses, etc.
So lets say I own a property out right and I sell it for $100,000. I will keep $96,500 and pay them $3,500. Out of that $3,500 they will pay me (70%) $2,450. From my understanding that means for every $100,000 I will pay $1,050 to be completely covered by Century 21 and have access to all of their tools and training. No monthly fees, no clocking in, answering phones, attending meetings, etc. I buy and sell properties and basically pay 1% to be covered and trained. Maybe I missed something but I tried to be a thorough with my questions as possible and that is how I understood it.
Post: Meeting with a broker this afternoon
- Posts 33
- Votes 6
I’m meeting with a broker this afternoon to discuss terms and condition if I were to be licensed under them. My goal is to buy flip properties and buy and hold properties. Getting my real estate license for the convenience of being able to do my own research without having to rely on a 3rd party. What questions should I ask them?
I’m meeting with a Broker today to discuss goals and expectations etc… I will meet with a couple others just to compare but after talking to the people I’m meeting this afternoon they seemed to understand my intentions and actually asked me to come in.
Quote from @Adrienne Rammohan:
Hi Brandon! There are ALL kinds of brokers with a million different splits/fees/value propositions. I'd recommend sitting with at least 3 brokers to find out what their structure is, how they handle errors & omissions insurance, training, what kind of legal/broker support they have in place for a new licensee.
I put an earlier article below so you can take a look--you might also try adding your location to your post and networking with agents on the forums in your area (usually agents are the best way to identify the kind of brokerage you're looking for--because they understand how their office is run, the positive/negatives aspects, quickness of getting paid, etc.). Hope that helps!
Thank you Adrienne, I will check it out.
Post: Where do I start? Make an offer or find the money first?
- Posts 33
- Votes 6
Quote from @Joe Miller:
Brandon, to begin I am by no means an expert but this is my 2 cents:
Start with your own place first. Do a house hack, see how a transaction functions and progresses and what to expect before gun slinging offers. Lenders are going to want your financials and proof of funds before they even pre-approve you. An offer without a pre-approval is like peeing in the wind trying to stay dry. Its unrealistic most times and a waste of time.
I would read a sh*t load, eat tuna and PB&J and get a house hack under your belt as soon as possible. It sounds daunting but it really is easier that excepted. I am helping several of my friends(who aren't even 21 yet) get their first properties. It takes frugality but you got it!
Post: Where do I start? Make an offer or find the money first?
- Posts 33
- Votes 6
Quote from @William Joel Idleman:
Brandon, in my first couple of deals I won't be using other people's money. I'm going to make rookie mistakes. I don't want to make it with someone else's money, especially friends or family. In your position, I would read every book I can about business and real estate. I'd continue to listen to the podcasts. I'd pick market in which I want to invest and learn everything about it. While I'm doing all of those things, I'm saving toward my 3.5%-5% down payment required for an FHA loan and moving into my first house hack. Real estate investing is simple once you pick your niche, but it isn't easy and it isn't quick. It takes time to grow.
Post: Where do I start? Make an offer or find the money first?
- Posts 33
- Votes 6
Quote from @William Joel Idleman:
Brandon, in my first couple of deals I won't be using other people's money. I'm going to make rookie mistakes. I don't want to make it with someone else's money, especially friends or family. In your position, I would read every book I can about business and real estate. I'd continue to listen to the podcasts. I'd pick market in which I want to invest and learn everything about it. While I'm doing all of those things, I'm saving toward my 3.5%-5% down payment required for an FHA loan and moving into my first house hack. Real estate investing is simple once you pick your niche, but it isn't easy and it isn't quick. It takes time to grow.
Post: Where do I start? Make an offer or find the money first?
- Posts 33
- Votes 6
I'm new to all of this and do not know where to start. I'm afraid to make offers to create deals because I don't know where the money will come from and I can't ask for money because I do not have a deal. What do I do first?
Post: Getting My Real Estate License
- Posts 33
- Votes 6
I am about to get my Real Estate License and need to find a Broker to work under to activate my license. I just want access to the MLS. How do I go about finding a Broker and what is a typical deal a Broker would make someone like me?
I have finished the 63 hr course Florida requires to get your Real Estate License, got finger printed and applied for the license. Once I take and pass the exam how do I go about finding a Broker to work under to activate my license? My goal is to flip houses and I just want access to the MLS without having to rely on a real estate agent. What kind of deal would a typical Broker make with me in this situation? Would I pay a monthly fee, pay a commission on each house, or both? How do I approach broker?