All Forum Posts by: Brian Egr

Because you’re setting yourself up for a lawsuit if you don’t have set rules you apply equally to all applicants. 

I don't think it's really fair to the applicants that you don't tell them what your criteria are before you take their $20.00 app fee.  Some of them might opt out of paying the $20.00 if they know they aren't going to qualify. 

1) Don't get discouraged.

2) Don't get discouraged.

3) See #1 and #2. 

Also even though it's hard when you are starting out, put aside 25% of all your commissions into a marketing fund for your business.  Use it to advertise and build your brand.    

Only the state real estate commission has the authority to say if it is illegal or not, no local city or county entity has jurisdiction over the process. Obviously if you defraud people or something that's totally different, then the county DA would look at it, but in the process of a real estate transaction only the commission has say. The general rule of if you need a license in Nebraska is if you are in the business of helping others buy and sell real estate, and earn a fee from doing so.  This is an important point, as a whole saler you are NOT helping others to buy or sell real estate, you are selling your rights to a contract. "Assigning" is the legal term.  There are assignment clauses in virtually every legal contract, construction, real estate, beer sales, you name it. There is even an assignment clause in the standard state of Nebraska real estate commission purchase contract. So no it's not illegal, it's not done very often either so people usually need to be educated on how it works.  

Are you factoring in the appreciation into your analysis?  If they are appreciating at 1% a year you are covering the cash loss....  Even figuring that in, I would say there are better investments out there, sell them all and 1031 into a 50 plex or something. 

@Jay Helms I am a project manager at a construction company for my W2 job.  I read through your blog post there are some good points and tips.  What was #7 supposed to be? haha.  I remember your podcast I think, weren't you on with a partner and you were going to go cut down a tree or something at your apartment complex.  Maybe I'm mis-remembering.  

I’m not sure, but where’s it at? We’re always looking for new places to camp!

Who is working a full time job (40+ Hours) while flipping at least 12 houses a year, and balancing family life all at the same time?  I would like to hear what systems, tips, time saving tips, and what team members you think are the most important.  My goal is to flip 12 houses per year while keeping my W2 gig, and keeping a balanced family life.  I flipped 4 in 2018, I'm pushing to get to 12 in 2019.  

Wow I got mentioned by @Jay Hinrichs, I feel as star struck as a teenage girl at a Justin Bieber concert.  I love your business model Jay. 

@Lucas 

@Lucas Newey I honestly missed the part where you mentioned you don't have any capital, you're going to need your own capital. To start with, hard money lender charge a lot of interest, it could be up to 1.5% per month, and you're going to have to cover those monthly costs. Also, HML won't lend for the repairs (typically), so you're going to need capital for that part.

But....DON'T GET DISCOURAGED!! If you have no money and you are willing to put in the work there are ways to build up capital. Go to your local REIA, get to know the players in town. Then start door knocking to find deals, when you find one whole sale it to the players you met at meeting. Save the money you make from 7-8 good whole sale deals and now you've got your own capital to start.

Hi Lucas.  Best way is to go to a local real estate meet up.  I know there are a couple different groups in Omaha, you could probably find them on Facebook.