All Forum Posts by: Danielle Gray

I think they've gotten rid of it. I just checked the website because I should have received a renewal notice this month and haven't. There's no sign of even being able to subscribe on the site. Weird they wouldn't make an announcement, or at least send subscribers a message.

Hi Kyle,

I'm a part time agent. And this situation really depends on the brokerage itself and what they're ok with. My brokerage is ok with the part time status. Others I know would not go for it. You would really have to interview the brokerages - physical and virtual. Make your intentions known and question them on what they're ok with and what the fees are regarding just simply holding a license for your own personal transactions. I would honestly look at large brokerages - where you're just a number, and virtual ones such as eXp. 

Depends on what's in your agreement. Honestly it makes you look better as a landlord and shows you care by simply hiring out someone to clear the snow. Not certain of the laws in Kansas, but doing so may also keep you from getting a citation. I know postal and delivery worker who won't deliver if the walkway is not safe. And it keeps people, not just your tenets, from trying to sue you because the walkway wasn't cleared. It really is just less of a headache doing it. 

Illinois is an attorney state, so definitely work with a real estate attorney (MUST BE A REAL ESTATE ATTORNEY!!! There is a difference) to walk you through this. Speak with the seller directly. You shouldn't have to put down $10k, but putting down something shows you're serious. Either your attorney or their attorney can provide the needed contracts. Also, if you are under a buyer agreement with an agent already, read through the stipulations of that agreement. If that agent referred you to the house, under rules of that contract you may be liable to pay the commission - even if you cancel the agreement. There are protection clauses for the agent that are usually placed in the agreement for buyers cancelling the contract and doing their own deals directly. You don't want to have to pay for the attorney, closing fees, AND the commission. 

Hi Weston,

The answer to this depends upon your financing strategy. Certain types of lenders don't allow for purchasing under an LLC. When most go this route they purchase under their name and use an insurance plan to cover them. When purchasing under an LLC there are also limitations with conventional mortgages.

I usually don't recommend my investors to purchase under an LLC until they have so many properties. Having one or two properties is not reason enough to use one. When you reach 3-4 properties, or even commercial rental property size, then yes, and LLC is necessary. At that point lenders will begin denying loans because of too much liability. Having it under an LLC helps with this and allows you to purchase more property.

So basically, my recommendation is have a strategy in place before just opening an LLC. Depending on where you are in your investment journey, and LLC may not be necessary just yet.

Hi Dave. Depending on the property price and how much work needs to be done, Conventional and FHA loans are options. FHA even has a construction loan - FHA 203K Loan - to help with financing the work needing done and simply adding the repayment to the mortgage cost. If the value of the home is too low or needs too much work it will be difficult to get a lender to lend. They don't want to take the loss. Do the research and speak with a mortgage lender. They can best help in more detail with your options.

Congratulations, Emanuel! Your next step should be to start reaching out to your sphere of influence. Start telling everyone you know that you are now a Realtor. This is an important step as it will help begin growing your business.

Another step you should take is planning your Realtor schedule around your teaching schedule. Figure out how much time you need/want to spend on and in your Realtor business.

When you fully join your agency you should be paired with a mentor. They will help guide you with how to plan your business, as well as working with clients, doing transactions, and all the other details that comes with being a Realtor. 

Your agency should also have new agent specific training planned out for you so that you start off on a good foot. They will also have training sessions (usually weekly) available for you to take advantage of. These sessions usually focus on specific topics more in depth such as state contracts, working with buyers, working with sellers, creating business plans, and more. 

There's a lot you're about to experience. It may seem overwhelming at times. But you will (should) have the support in place from the agency you picked. I've heard great things about eXp, so I don't doubt you will have a great start to your Realtor career. Always reach out to other agents for advice. Most of us are always willing to help. 

Congratulations again, and I wish the best on your journey!!

Hi Daniel. I recommend reading as much from the book as possible. Not certain if you're doing self paced or in person learning, but just doing the review section does not prepare you fully. You never know what questions you will be asked, as each exam is different. You also wouldn't want to shortcut just to gain the license. You'll end up paying more in the end just trying to pass the exam. Be as serious about it as you are about going into investing. I'm assuming you're gaining the license to be your own agent? Learn as much as you can so as not to hurt yourself and your future investments. Even if you don't use the information everyday, you'll be prepared for out of the ordinary transactions.

If we're talking a mix of real estate and self development/informational podcasts, I listen to about 20hrs per week. I also have the advantage of being able to listen while working. So most of my day is spent listening to podcasts.

Degree in Business Administration, with 15yrs of being an accountant. And a Certified Bookkeeper. Currently an accountant with a property management company as well as a Realtor. In the process of growing my Realtor agency and investment businesses to full time. My degree has helped in regards to being able to understand the numbers. Other than that all other knowledge has come from self education and what I learn from being a Realtor. I don't regret my career path though - accounting straight out of college - even though my long term goals now no longer include it. I'm thankful for them as they have helped make learning certain aspects of REI and business itself easier.