All Forum Posts by: Deneuve Brutus

@Jonathan Farin, Welcome to the DMV! I too am a part-time agent, as of April 30th, 2021, and an engineer in the DMV. I was really close to joining KW, however after speaking with a part-time agent who left for EXP. I decided to go with EXP. The training flexibility worked best for me. Its all online so I can train at 2 am if needed. The fees are manageable because I wasn't going to be in a broker's office, no desk fees. I also believe we should leverage technology to make any process smoother. I was also sold on EXP because they give agents 3 self-represented transactions per year which they keep 100% commission if they haven't capped. This is great if your interested in investing. The cap rate was reasonable. Agents can purchase insurance, stocks and among other things. I joined a team of agent-investors. The team lead is also part-time, full time military, married with 2 children. He has a decent portfolio and still closes at least two deals per month. He has only been an agent for 19 months. He walks the talk. You get a mentor with EXP to walk you through the first 3 transactions. I also joined because I want to transition to commercial eventually and there is opportunity to cross-train.

I can't speak on KW experience however some of the best agents I've met are from KW or have been KW agents at some point in the past.

Let me know if you have any questions.

Hi @Sean Prato, in my experience Northern Virginia is not the market for small MFR. A MLO does sound like an interesting strategy, thanks for posting I learned something new! As some has mentioned the market is cash heavy. I haven't heard/come across anyone who has successfully done so in NoVa, though not impossible. You may have to expand your market to central VA or even out of state. I think you should look at markets with a wealth of small apartment units available.

@Austin Bright,

I'm not a wholesaler. However, I've done these things to find zip codes: 

Contact property managers in the city and ask for advice. A great PM will know everything about a city, as well as a great deal of information about the zip codes they do business in. They will be willing to share.

Go to the city's economic development website, read their "Master plan" or "Economic Development Plan" aka "Comprehensive Plan". These plans will highlight opportunity zones (OZ) that identify the path of progress. You want to make sure you are ahead of the path because all the investors and wholesalers that were there before you will be looking at OZ for the Tax Benefits.

Look for recently passed or proposed bills that affect Real Estate(Local, State, Federal).

If you can drive for dollars, do so. It'll give you a real good idea of what the neighborhood "feels" like. As well as find potential vacant properties which you can wholesale.

As @Tim Lee said, find cash sales. It'll likely lead to investors and where they are buying. As a wholesaler is to learn their process and make their job as easy as possible.

I research market trends, learn about the market cycles (Recovery, Expansion, Hyper Supply, Recession). Master that, you'll never run out of zip codes.

Set daily alerts on websites such as Zillow to make sure I know every home that comes on the market and how long they are there.

Attend meetups, network, the great thing about this time period is that most are virtual.

Glad to help :)

@Troy Sanders, I understand you got the bug and want to get started as soon as possible. Ambition is great! However, don't let it lead you astray. Learn to analyze deals, use the BP calculator, listen to podcasts, run over simulated scenarios while you look for deals. Always keep learning.

Starting:

You have ample reserves to get started. You can JV with someone else, you can contact wholesalers to bring you deals. Depending on your farm location you can a lot with $20k. For instance, buy MFR with $10k down, get a bridge/construction/rehab loan from HML or private lender or JV partner to fix it up. Define your criteria, short term and long-term goals. Are you comfortable with investing outside your local market.

Find deals:

There are great markets that will give you great yields. Join FB groups with wholesalers, check out BP marketplace, do a web search on "Hyper vacancy" and "blighted cities". Most large metro areas will have deals in an hours drive, find a place you are comfortable with that has upward trajectory (jobs, population growth, market phase), build your core four and rock it! 

Go to "Find Deals" then choose "Ads, Jobs, Other", then on the left side click " Post a marketplace ad",

or

Find Deals -> Real Estate Listing - > Add Listing

Hi @Christian Cardozo, a family member recently moved there from Boston. I too have started looking at Lowell. I don't know if it is popular however based on my conversation it seems to be in the path of progress. Folk are moving out that way for its affordability. My research has shown that it is almost always better to commute to a major city, prices on its outskirts are usually cheaper.

Hi @Casey Crews, Depending on what you want to do with the house there are a few things you can do. I highly suggest speaking with a foreclosure attorney or someone who specializes in foreclosures in FL. I would contact the bank first and let them know my intent. They may be able to work with you. You may be able to find an investor who will buy the home back and you can JV to fix it up, rent it or etc. Research Florida foreclosure process. You can do it! Good luck. As long as it is in pre-foreclosure, there's usually a buffer between pre-foreclosure and foreclosure, there maybe stipulations regarding power of attorney, however it is best to speak with a foreclosure attorney. There are countless websites similar to this ones where attorneys congregate to answer questions pro bono to get concrete answers should you not find it here.

@Vinh Tran, Long time Floridian here. I grew up in Tampa, plus one of my siblings is an agent in Tampa. The market has been on fire for over a decade and more investors and residents are pouring in (Its too crowded for my liking so I left), you'll definitely need to connect with individuals there. As Micheal Haynes said, you will need to go there, else it'll be difficult to have an idea. Every time I visit there is something new, the developers produce rapidly. As a native who has seen the changes starting since 1999. IMO your better off looking at the path of progress outside of Tampa and start there, Lakeland is a good area to start. Hop on Google Maps, find Bruce B. Downs (search for University of South Florida or University Mall) and start "Driving". Also read the development plan from the city, digest it! It tells you everything you need to know, as of June 02 2021, TLDR; The focus is on the Riverfront Area not the far from downtown. I plan on buying anything I can get my hands on.

Hi @James O. Coker II, I can only answer 5 and 6; 

5 - BP Podcasts and books are great topics on the subject. The forums are also loaded with a wealth of information.

6 - I house hacked using a VA loan before I knew what it was called. I did not know that's what it was at the time. We purchased a property with a basement, a family member stayed there with us paying half the mortgage.

I advise posting this in the Florida, Miami forum so the locals can help you out. Also, ask for agent referrals and reach out to an agent there if your looking to purchase a property from the MLS. If you haven't taken a look at Hialeah, FL do so, It is one of my favorite places to live. I'm unsure how far it will be from your work however people commute to Miami from Fort Lauderdale.