All Forum Posts by: Christopher Jason Lloyd

@Jason Ghent Hey Jason!  That is totally above board and good to go -  Best of luck!

Good Afternoon BP!

I am looking to move my real estate agent/auctioneer business into the land niches (agriculture, residential and commercial).  Has anyone in the community prospected specifically for land with some good success?  What were the methods you used.  I plan to do primarily direct mail to the owners but wasn't sure if there are any other better ways.  Typically with niches I have gone into, there are better ways to prospect but there isn't much information out there on this niche.

 Sending DM

PLEASE SIGNUP USING THE LINK PROVIDED, Thank you (:  It helps us keep track of how many people to expect.

Whereas wholesaling and flipping bring in much income. Buy and hold is the key to building wealth.

Our April meeting is part two of a three part series. It addresses House Hacking, which is the easiest way to get started with Buy and Hold.

Guest speaker, Chris Lloyd (Turn Key Realtor), will teach the various forms, benefits, and challenges of house hacking. He'll also show how to get started, along with success stories, and personal examples.

Our goal is to increase everyone's real estate investment skills and opportunities while networking with each other for mutual benefit. If you're new to real estate investment, join us to learn for FREE. If you're seasoned, you're bound to learn something new, increase your income and wealth, and discover opportunities to help others.

Its nothing personal, just business.

From the outside looking in, it sounds like it should be your team.  If your loyalty means something and brings you satisfaction, maybe partner with the current owner for a portion of ownership in the team.  I would be straight up and say "I really appreciate the mentorship and guidance along the way but I am now at the point where I would like to take my business to the next level and I wanted to see if you would be interested in a joint venture."  That all being said, they must provide value.  If you are the only one providing value, there's no business sense in keeping people around that provide no value - at this point, it should be YOUR team.  A partner is a partner in the BENEFIT AND STRUGGLE.

I am a big loyalty person too but many people are not.  Hypothetically, if you tumbled down and started failing, would they be there for you?  Are they as loyal to you as you are to them? 

 These fees arent out of the ordinary for what I typically see in my market - do keep in mind that the $2k in fees are outside of the realtors control and are charged by your closing company, she is likely estimating these amounts with what they typically see in the area. You are able to shop closers to reduce these.

Just passed the House and Senate in Virginia - I am not as up to speed on how the legislative process in Virginia works but my broker and multiple wholesalers that have reached out to me are all under the impression that this starts July 1st and appears to require wholesalers doing 2 or more deals in a year to be licensed.  Does anybody have any further insights or thoughts on this?  I am wondering what changes people have questions about with wholesaling becoming regulated in Virginia.  (see below for new verbiage and bills).

"Department of Professional and Occupational Regulation; definition of a real estate broker. Adds to the definition of "real estate broker" any individual or business entity who sells or offers to sell, buys or offers to buy, negotiates or otherwise deals in real estate contracts, including assignable contracts, on two or more occasions in any 12-month period for compensation or valuable consideration. The bill contains technical amendments."

https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB917

https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+SB358

Yes, a team can help but don't be an employee in someone else's system, learn to build your own business.  Post a lot on social, your followers need to remember you are in real estate and connect with as many people as possible.  REIAs are typically in the evening so treat this as a business meeting that you cannot miss.  I have closed multiple deals by attending these events.  Keep a spreadsheet tracking how you met each person that closed and focus more and more on what works and move on from what doesn't.  Never turn down the opportunity to network.  Be relentless in advertising yourself and don't be afraid to reinvest in your business. (:

I also recommend the 100 goal journal by John Lee Dumas.  You can get it on Amazon.  Do exactly what this says every day.  This has been the primary item responsible for the growth of my agent business. I have completed this multiple times and hit my goals every time because it forces you to break down your goals into smaller daily tasks.  It also forces you to ask yourself if you are being effective and, if not, finding out how you can adjust so that you are.

Following, have been very interested on this topic as well.

Yeah, you will need a license to collect a referral fee unless you wanted to sell leads for a flat rate regardless of the end result.  For example, many realtors work with lead companies that the realtor pays a flat rate per lead or a monthly subscription - There are no bonuses or referral fees for a lead that results in a successful closing.  RESPA is what governs this.  

Referral fees are a "no-go" but you could possibly start up and run an advertising business to sell leads as long as payment cannot be tied back to the successful closing of a lead provided.  Check with your attorney, but these types of businesses are all over the place.