All Forum Posts by: Dalyn Hazell

@Nicholas Hamblen I think it is a great asset for your investing career. That’s why I got my license myself. There are ongoing costs though, about $1500 per year in my state, as well as the ethics and disclosure requirements. However, here are the pros I found that helps my investing:

1) Access to the MLS and first-rate market data

2) Being able to offer on properties myself

3) Being able to walkthrough properties myself

4) Easier negotiation, I don’t have to go through an agent first

5) Being able to represent clients as a side income

6) Being seen as reputable and knowledgeable in the field

7) Being able to pay myself a commission on properties I buy

You definitely do not have to be full-time in it. In fact, you can even thrive as a part-time agent. Just make sure to choose a brokerage that aligns with your goals. 

@Ryan H. I get what you’re saying, you don’t want to claim expenses for a property you don’t own yet. So, until you close on the property, you could put those expenses on a Schedule C, and just have the business description be “other real estate activities” or something like that.

@Ryan H. Is the money you’re spending in education and marketing spent with a purpose to acquire more rentals? If so, you could include it on schedule E as well.

However, if you’re also going to wholesale, flip, etc., it’s harder to make the case for including it on Schedule E, which is used to report passive activities. It just depends on what you’re trying to do.

@Lauren Dokell You could go out and find the deals, and then wholesale them to the investor (if your broker and state allows it). 

If that doesn’t work, you could convince the seller to list it with you as the agent, and then it would go under contract immediately after by the investor.

@Jean Santiago Congratulations! What were the rehab costs? What did you end up in profit?

@Isaiah Jones Things you must do first include

1) Research your market - find out the good/bad neighborhoods, where homes are appreciating, and where rents are in relation to the property value

2) Find a rockstar real estate agent -  this is key, as they will be your guide in finding your first property and beyond. Ideally, they invest themselves.

3) Find a good lender - find someone who understands your goals for investing, who can work with your income and down payment, and who offers competitive interest rates

4) Understand your numbers-  Brandon Turner, host of the BiggerPockets podcast, recommends analyzing 100 deals before making a single offer. I like using the DealCheck app (free) or the bigger pockets calculators (paid)

5) Understand rehabbing - I thought I’d include this point in case you were going to buy a property that needs work. These are often the best deals, but you have to understand how much it takes to fix up a property. To do this, you can find a local handyman or contractor to walk through the property with you first.

There’s obviously more I could include, so keep researching the forums and asking around! Good luck!

@Joshua Southard You can find it by googling. For example, if your county is Webster county, just Google “Webster County tax records” or “Webster county tax assessor”. Each county‘s website is different, but there should be a link to “search properties.”

Once you’re there, you will search for the specific property by address and/or owner name.

It’s generally free to access this information. The tricky part is navigating your county‘s website. They are not usually good at website design. However, you’ll get used to it after the first couple searches.

@Carolyn Price DealCheck! It’s a wonderful little free app that helps you analyze every facet of a potential deal.

@Jesse Wilkins Welcome to BiggerPockets, Jesse! You’re definitely in the right place to learn a lot about real estate.

@Anthony Brancato Perhaps it’s because they do not respond well to cold emails like this. Also, you don’t have a property lined up yet, so they could be hesitant to take you seriously.

Once you have a property you’re under contract for, that might show them that you have more skin in the game.

Many contractors have plenty of work right now, so you have to prove to them you’re worth working with.

But it’s also a numbers game, so reaching out to enough of them might give you the results you desire.