All Forum Posts by: Doug Merriott

Well said @Phil B. !

@Bill OBrien welcome to Bigger Pockets! You certainly have found one of the greatest resources available. The only better teacher you will find is action. I hope you stick around and check out the podcasts and blogs. If you have any questions just ask the community, if you put a keyword in the post, like the city you are working in, then the people who have selected those keywords will be really quick to respond. Best of luck in your new ventures and I look forward to seeing you around.

I thought we were about to play, "Let's Make a Deal"...

@James Peoples I chose to go with Keller Williams after reading the Millionaire Real Estate Investor and the Millionaire Real Estate Agent by Gary Keller. Somehow the idea of being a millionaire had a certain ring to it. Of all the big brokerages they are certainly the most investor friendly, however the office culture can have a great effect on how friendly. I have actually been in two KW offices since getting licensed in January. The first office was solely focused on retail sales and were much more strict about time. The second office I was drawn to because several guys I had met at local REIA were agents there. This office is very investor friendly. It is 45 minutes drive from my house when there is no traffic but I do not mind.

My point to the statement above is to observe the office culture before you commit. I should have picked up on this when I was first interviewing my offices. I would tell brokers that I was only interested in retail sales to supplement my investing and they would typically just roll on with conversations about retail sales. When I interviewed my current broker she named about 5 more agents in the office that are players!

The technology and training are top-notch. IF you think about this training broadly rather than just in the narrow focus of retail sales then you are going to be more successful in everything that you do. The office fees cover a pretty darned robust CRM which in the case of my office dues I would actually have to pay more for a CRM than I do for all the benefits I get with my office dues, (training, guidance, E&O insurance, an attractive place to meet clients).

Another thing to never neglect is your downline at KW. The 30% split is horrible, right? What if someone else's sales covered your splits? With KW profit sharing that is possible. If you can demonstrate the benefits of KW to an agent and they sign on at any KW office in the world and mark you as their reference then you get a small fraction of their split for as long as they are a KW agent. This is another form of passive income that can begin to add up. Imagine how big the downline is for the brokers that start new offices?

@Kerry Hennessy the 203k has the same qualifications as FHA. The property requires a few extra inspections and appraisals. The loans are bears and a lot of brokers do NOT like to do them.

@Rob Strawder The contractor below was recommended by one of my mortgage brokers. I do not have experience with them directly but trust my broker.

Some things to remember about 203k is that there is an enormous amount of paperwork involved. A one man show contractor cannot really be expected to drop everything to do paperwork. There is a lot more inspections and scrutiny, the loan process takes a very long time, 2 months at a minimum. 

Brandon Leske
Hybrid Construction LLC
Commercial - Residential - Remodel - REO Property Preservation
P: 813-300-8019
F: 813-489-2524
[email protected]
CGC 1515916
www.hybridgc.com

Hello @Warren Hemphill ! Welcome to Bigger Pockets.

Stay at home dad is nothing to laugh at. It is quite good to be there for the little ones! It actually puts you in a very good and unique position. You can write all the yellow letters you want while you help the kids with learning, playing, snacking, etc... Answering the phone might be tough. My office is in my home and my children are loud and rambunctious players.

First things first, listen to the podcasts, read up on the success stories of those that have succeeded in doing what you want to do. I think Aaron Mazarillo was wholesaling remotely.

If you choose to become a licensed agent then Keller Williams is a great place to go. Many Keller Williams agents are also investors. Our founder has co-authored 3 books about investing, what does that say? There are many ways to make money as an agent, including with Keller Williams, profit sharing. If you bring someone on board to Keller Williams and they put your name down as the person that convinced them to join then you get a fraction of their commission split. KW split is capped by the way, unlike some other franchises I interviewed with. Being in a rural area so close to Greensboro and RDU you have an awesome opportunity. You can sell properties locally and then market to areas you can get to in these two areas.

Best of luck to you and let us know how it works out for you.

@Bruce Harney Great job! Summer 2013 was a tough time to find a great deal, looks like you found a home run!!! 

Edit:

Clicked post one too many times.

@Tommy Lorden I would contact an attorney in Florida. Have him review your lease and ask the question about if you can require the tenant to maintain the property in good working order. 

@Cathy Svercl is a fellow landlord in Pinellas County and one of the more knowledgeable people I have met when it comes to landlord/tenant laws.  

I read through the Florida Statute on residential tenancies because this statement by your property manager made me question a practice that I have heard a number of people using. I know a few people that require tenants to pay for the first $50 or so dollars of any repair. I do not see this being restricted in Florida Statute 83.40. Link to Florida Statute 83.40 In the case of a SFR or Duplex 83.51 specifically states that you can assign some of these duties to the tenant.

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83.51?Landlord’s obligation to maintain premises.—

(1)?The landlord at all times during the tenancy shall:

(b)?Where there are no applicable building, housing, or health codes, maintain the roofs, windows, screens, doors, floors, steps, porches, exterior walls, foundations, and all other structural components in good repair and capable of resisting normal forces and loads and the plumbing in reasonable working condition. However, the landlord shall not be required to maintain a mobile home or other structure owned by the tenant.

The landlord’s obligations under this subsection may be altered or modified in writing with respect to a single-family home or duplex.

... Section (2) goes in to a little more detail

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I hope this helps. 

Hello @Jonas Guerrier  Welcome to Bigger Pockets! Your first property is exciting!

I cannot think of any other avenues for financing or down payment assistance aside from Tampa Bay CDC, FHA loans, or Homepath. The catch is that these programs will typically require you to stay a year before you can resell... So you may want to consider a long-term flip or perhaps even buy a buy and hold multi-family unit like Brandon Turner did.