All Forum Posts by: Dillon Loomis

@Daniel Nolan being a broker you get paid to exist! Yes you will have some work but it's not listing agreements and buyer broker contracts. As a broker you will oversee the salespeople and provide training, keep records, grow the brokerage. So each time one of the salespeople you hire sells a home or facilitates a purchase, you will get a portion of that commission. 

Hey @Yang Zhang! I live in Erie, PA which is about two hours from Pittsburgh, but I'm wondering how you decided on Pittsburgh as your target market for BRRR. I'm not questioning it at all as I don't know the area, I'm just curious as to how you landed there living across the country!

@Chris Mentch nice. I'm assuming you have a SFH that you live in elsewhere? Do you have other investment properties as well? Which realtor (if any) did you work with?

Sorry for the 21 questions, I just love talking all things RE!

Embrace the possible crash! Best opportunity we as investors will get. Scoop up solid homes at depressed prices, get them rented out for steady cash flow, and then enjoy the appreciation that is sure to follow the "crash", however long it may be. As Warren Buffet once said, "be greedy when others are fearful, and be fearful when others are greedy". 

IMHO it's the investors with the LONG TERM view always in mind that will succeed and not panic or change their LONG TERM strategy to adjust for hypothetical market movements. 

@Michael Vieira And just to add to the advice from @Chris Low (great advice) - if you get a co-signor, they need to be in a great credit situation. They need to be able to qualify to pay not only their own mortgage(s), debts, expenses but ALSO whatever the addition of YOUR mortgage would end up being as well (in case you personally were to default, the co-signor would be held liable to make payments). There are ways to eventually take the co-signor off the loan, but there would be some fees involved to do so (ppwk, qualifying for a new loan on your own to replace co-signed loan). Best of luck though man, you are certainly on the right track. House hacking is where it's at. 

@Chris Mentch Congrats on closing! Where is the duplex you bought? Is it currently rented out? Owner-occupy?

@Karl B. I thought that was you! Wasn't sure though. Congrats on the 4-unit! Where is that one at? How often are you in Erie?

@Robert Dartnell Definitely keep me posted on the RE investment group, highly interested! Are you working somewhere in Erie full-time right now?

@Robert Dartnell @Karl B. 

What's up boys! I live here in the good ol' 814. Taking my RE exam Thursday, and then will be buying my first MFH in the next few months, and will be expanding from there. 

Robert - are you from Erie or have you just been up here before?

Looking forward to chatting soon. 

@Jason Eyerly Hey! I'm only a year late but if anyone else stumbles across this thread prior to their RE exam this should help! 

~ Reg Z requires full disclosure for "trigger terms" in advertising

~ TILA (Truth In Lending Act) has a right called "right of rescission" that allows the buyer to cancel their transaction with the lender within three days of closing. Also referred to as a buyer's remorse clause. 

~ RESPA requires lenders to provide loan applicants a statement of a good faith estimate of closing costs within three days of filling out a loan application. The standard form used is known as a loan estimate.

@Nicholas Carelli Hey! I'm in a similar boat myself. My research thus far is leading me towards NOT getting my RE license now. It can be somewhat costly and could severely eat into any profit margins you're able to earn on your first few rentals. If you don't plan to buy and sell frequently you won't save much money on transactions and if you don't plan to hustle and sell a few homes here and there that also limits the benefits of having it. 

The biggest plus I've come across is the access to the MLS (you can go and look at listed properties whenever you want). Down the road, once you have some solid cash flow and may want to expand, I feel as though at that point it may make sense - especially because I'm sure you do learn some valuable information in the course. But to spend around $1,000 up front and then $1,000/year to maintain it doesn't make sense for rookie investors focusing on buy and hold rental properties IMO. Best of luck!

Also, here is a solid read on the topic...

https://www.biggerpockets.com/renewsblog/2010/02/24/should-you-get-your-real-estate-license-investors/

@David Chwaszczewski good advice. I'm a planner by nature so I can certainly have a tendency to "over" analyze...but I have free time to research and prepare before taking that first step. Just trying to use it as wisely as possible. Thanks again!