All Forum Posts by: Delon Hall

buyers agent can get paid many different ways within the contract. Think of the agents as a co-wholesalers fee. Its really up to you on how much they get paid.

In a typical real estate transaction the seller(which is you) decides how much the selling agent/ buyer agent may earn including any PRE-determined bonuses. Typically  Fees very based on area deal type, and listing agents ability to negotiate a commission.  Commissions typically rang from 2-4% Per agent. 

With there being no listing agent is up to you determine how much you want to give them. Most buyers agents are going to look for 3% of the contract sales price, if that's too small ie: $75k or below,  you may do a pre-determined flat fee amount Generally $2,500-5k in higher priced point markets you may want to increase that amount. It all really just depends on how much your spread is. 

House hacking is a great way to get started in buy and holds. This should provide more then enough experience over the to leverage for more lending options. Being in the Armed forces also allow you to take on low down payment programs through VA loans. VA loans also allow you to purchase up to 4 units as a personal residential property.

@Andy Wuundefined

I think you're in a great position, you're headed in the right direction. 

My advice maybe slightly different than everyone else's. Not because I disagree, but because I think you're in such a place in your career/life that you don't quite fit in the general model; drop everything and jumping right in.

After working with clients that were exactly where you are now 5-10 years ago, and what i see that is common between all of them is a strong advisory board. Strong to the point where I have closed on a deal dealing with their estate attorney or financial planner. You may not be to that point but it doesn't take much for someone in your situation to get there.

I would recommend that you really spend 50/50 of your time strictly learning more about investment real estate and building your advisory board. You might not have $100,000's in the bank but unlike the others starting with absolutely nothing, you have a tad bit to loose. Getting a strong backing will allow you not only grow your own portfolio but to also leverage your own success of your personal portfolio to gain capital from other investors inside of your soon to be growing network.

I could write a book about this I hope that is a good enough start. Ill be keeping a lookout on this thread if you have any questions about my transition.

Welcome to BP,

You're definitely in the right place to start with your investing career. I know, because BP is exactly where I got start years ago. I was in the same position when I got started. I lived on the south side of Chicago and began my journey months before moving back to Atlanta, so it will be really helpful being that I can tell what I would have done if i could go back. 

A lot of people might recommend going out and looking for a team first, I agree to an extent, I recommend that you start by understanding the trends in the Atlanta market. Reason being, unless you have the ability to fly back and forth until your move is permanent, its best that you focus on market analysis. Understanding how to evaluate a deal is a universal skill set and soon after you can evaluate a deal pretty much anywhere in the country. Plus, what ends up happening is that its hard to build a relationship virtually. 

To make the process easier I found similarities between Chicago and Atlanta to help with the learning curve. Ex: I like to think Gary,IN = is similar to Clayton county's rental market; the North side/ Lake Front= Buck Head, Brookhaven and sandy Springs; the Western Suburbs = Marietta; And the South side= Dekalb County - places like South Holland is similar to our Stone Mountain, Dolton - Lithonia...Ect 

Disclosure: I have been wholesaling in Georgia for years now and I started with nothing. Below is exactly what I did when I started:

1. Contract- find a simple 1-2 page P&S agreement online. Take it to a repeatable closing attorney and ask them what your planning to do (wholesale) and what verbiage needs to be included and taken out. FYI its much cheaper to have them review a contract then to have them draw it up. And be sure to also have a 5-10 page P&S for the more traditional parties that are use to seeing a longer contract

2. Agent- Get in touch with an investing agent that sit down with you and actually go through the offer, acceptance, and close process. Not just in the traditional since, but more so understanding the different exhibits that are required and maybe the techniques that are used when your closing doesn't go smoothly, mostly things to save deals from falling out of contract.

3. Classes- Take a few contract classes. Georgia REIA and Atlanta REIA have a few classes talking about contracts, but don't wait to attend the classes to learn about contracts. Be productive mean while and get started with steps 1&2.

Hey just came across this post, just wanted to check on the "year after."

Do you have any updates on your investing success @Kendall Jenrette?

Hey I just wanted to check-in on this post.

How is your year after going @Kiya Smith?

OMG there are so many options to get started/invest with $5k, I have started with much less and dont believe you have to spend 2 years listening to podcast, reading blogs, and attending REIAs.

You can partner with HUD home wholesalers and pay the upfront fees

You could purchase tax liens

You could partner with local wholesalers and offer marketing cost

You could buy into a investment trust that has a 5K minimum

You could lend to a crowdfunding source

You could fund someones holding cost

you could purchase properties with seller financing

You could buy and sell lease options

ect.....

There are over 32 ways to invest in traditional realestate and even more when you get creative. Learn as much as you can but make sure you TAKE ACTION.

$400 vs $5,000 in rental income. I can say the $400 is very much so worth it. I have invested across state lines and it still pays as long as i factor in my travel expenses inside of my cap rate. If the numbers work with all expenses considered I dont care where it is.

I have always loved the Mid-west and the South-East for cash flow.