All Forum Posts by: Chris H.

I personally think the site looks great! Did you build it yourself? I think how you will market it will play a huge role in getting people to sign up and promote their wholesale deals.

I do have to agree with MBCrosby about the "Agent" part. As a suggestion to an alternate term, maybe "Assignee"/"Assignor", "Wholesaler" , or "Property Owner". I don't think being forward would frighten any potential handymen, other wholesalers, buyers, or investors.. however I am unsure if this is who you are trying to market to.

Anyways, best of luck with it!

Hello Julie,

Welcome to BP! I'm pretty new here as well, and this site is by far the best site I have discovered on the internet in regards to real estate investing.

Hello Idena! I recently joined here as well.. and would like to say welcome! Does your current position as a virtual assistant get you in contact with Real Estate Investors as well? What sort of appraisal services did you do? Nice to meet you, and I look forward to hearing form you!

Thank you all for the warm welcome!

Jackie: In California, there is a minimum 2 year work requirement as an agent before you get your brokers. But, I have also found that you can bypass that requirement by graduating from a 4-year university and taking the necessary classes.

In my excitement of posting this thread, I may have not elaborated clearly enough on my plans and goals. In terms of being an agent, I am unsure of where I would like to take my future (commercial, investor friendly, or residential). My current plan is to be the best as a residential agent. My first two years are focusing on gaining a client base, learning the real world aspects, as well as wholesaling to earn capital to invest in a duplex - 4-plex (after a while). I hope to purchase at least two properties in those years. In the next 3-5 years, I hope to buy and hold those rentals, (with a management company possibly), and focus on flipping rather than wholesaling while continuing to be an agent. From 5-10 years, I hope to convert all my real property to apartment complexes with live in managers, and on the side flip million+ dollar SFHs. My focus will be on building a reliable cash flow, from gaining capital and building wealth. I hope to continue to purchase commercial apartment complexes as well.

My plans can, and most likely certainly will change.. but with Dedication, Hard Work, Persistence and a few other things.. I know that I can accomplish this goal.

Tom: Thank you for your reply and questions. I do realize that this is a tall task that I wish to undertake, and I am working on the finer points as we speak. It is a rough estimate of where I believe I can go, with what I know right now. When I mentioned that I would like to have $3-4 million in 5 years, I did not mean in equity. Assuming 20% down with financing, I hope to have around $600,000-$800,000 in the properties. Do you think this is reasonable to amass in 5 years of investing?

With wholesaling, I am getting ready to put an ad on craigslist, network with the local REIAs, as well as make some bandit signs once I am licensed. I have scouted some areas and see some opportunity, but I want a buyer's list before I put anything under contract. Also, I expect not to make a sale as a Realtor for 2-6 months. Finding clientele will certainly be difficult, but if I choose to work for one of the several larger brokerages, there are open houses that can be filled by me.

As for investing in 2-4 plexes, flipping, and finally investing in 20+ unit properties, I will continue to learn, and they are are 2, 3, and 5 years out in my plan (respectively). I do not want to jump in and be 15 feet under water, and on the other hand I don't want to get paralysis by analysis.

I believe that this should be the way to go, and that it is reasonable, as well as feasible. I appreciate all the feedback! If there is any holes in my plan, I would like to think them through and come up with a solution. I just ask that everyone please shoot away! Thank you all for the welcome again, as well as responding to my thread.

Hello everyone!! Sorry in advance for the wall of text. My name is Chris, and I am an aspiring Real Estate Broker and Investor. I am located in the Bay Area of California, and I am really excited to learn, network, and grow my business with everyone here. I am taking my exam on 11/17/2010, and from there I hope to follow my passion of investing. I am focusing on wholesaling initially to gain capital, as I grow my real estate clientele. From there, I hope to fix and flip on the side and purchase my own buy and hold rentals eventually. I would like to finally buy multimillion dollar properties to flip, and gain a portfolio of apartment complexes with live in managers to collect truly passive income as my final investment goal. I hope to have, within 10 years, $10,000/ month in passive income, and over $10 million in property worth. In 5 years, I hope to have $3-4 million, and in two years, I hope to have purchased around $1 million.

For as long as I can remember, I have wanted to invest in real estate. In high school, I read "Rich Dad Poor Dad" (and many other Robert Kiyosaki books) which completely changed my focus and view in life. After graduating college, I went to work in a corporate environment. I worked there for 6 months, while taking classes to obtain my broker's license. I am now less than a month away from realizing that dream, and hope to start up my real estate business once I have passed the exam.

I am unsure if I wish to work primarily with residential buyers and sellers, focus on investing clientele, or work up to an apartment agent and work towards getting my CCIM. Right now, I have decided to start with residential real estate, and I look forward to learning to become the best agent possible. Does anyone have any experience in how to go about one of these possible paths?

My experience is mainly watching Television on DIY and rehab shows, countless upon countless hours of internet research, joining a real estate club, and several books such as Steve Berges "The Complete Guide to Buying and Selling Apartment Complexes" "How to Buy and Sell Apartment Buildings" by Stephen Vollucci. I have also read "What Every Real Estate Investor Needs To Know About Cash Flow... and 36 Other Key Financial Measures" as well as my course materials in Finance, Accounting, Property Management, Law, Practice, Economics, Principles, and Appraisal.

In other words, I have no real world experience. I have been a long time lurker here, but since I am so close to my dream I decided to sign-up so that I can hopefully give back to the community that has taught me so much. I am so excited on making the leap to investor.

I can't think of anything else, so please feel free to ask! Again, I look forward to learning and hopefully sharing what I learn with you all.

As RyanBod said, check out www.loopnet.com.

Loopnet is actually located in San Fransisco, and can provide you with seller produced information. Remember though, that this is what the SELLER says. I would suggest contacting the listing agent selling the property and getting the rent rolls for the past year(at least), as well as the balance sheet and the income statements for the past 3 years (if possible). The cap rate is, IMHO very subjective. Pour over the income statement and check out loopnet to figure out comp cap rates, which should give you ammo to send to the selling listing agent to explain why you believe the property is worth as much as you are offering.

Goodluck!

That is a very good question! I would assume that it would be a transfer of title, like when my parents sold me my car (they signed for when I had no credit). How many properties do you come across that have $1 as the sales price?