All Forum Posts by: Dyami Pike

Before I bought anything I got my finances under control and hammered out bad debts. This took 3 years. My friend and I also saved $$$ by sub leasing with another roommate. Up until that point I was blowing money all over the place. I had a car payment and a high cost of living. I sold a motorcycle to pay off the car. We basically lived with a stranger. Everyone tries to save money but from my experience BIG sacrifices have to be made to make BIG dents.

During this time I found a passion for cycling and turned it into MARKET RESEARCH. You can see rediscover a whole city while riding a bike. It's easy to find coffee shops, breweries, and up and coming neighborhoods. This is one way to get off the beaten path and find the neighborhoods with potential.

Once I saved enough $$$ from the 9-5 job I started making low offers on distressed properties. It's not rocket science.

There you go! We are working through that right now, no roommates but paying off the bad debts and saving!

thanks for the feedback!

1 Vote

Quote from @Michael Vittorio:

@Dyami Pike I saved up from my day job. That might be the slowest way to do it and may be simply impossible for some. I was blessed enough to be able to do it.

I figured that would be the most common way to do it! Thank you for the feedback!

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Quote from @Jay Thomas:

Househacking with an FHA loan is a great way to finance a property purchase if you have saved up at least 20% of the down payment from your income. It can help make homeownership more affordable, while also providing additional rental income when done correctly. Keep in mind that there are certain restrictions and requirements associated with FHA loans, so be sure to research thoroughly before committing. Good luck!

Thanks for the reply! We can't do FHA because we just bought a property, but it was something we will consider in the future!

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Quote from @Carlos Ptriawan:

Quote from @Dyami Pike:

I'm looking at getting started in real estate and everyone talks about low/no money down. cause I've noticed that even a 10% down is $5k in my area, plus closing plus extra funds that the expect you to have. So even in the worst neighborhood in town I need $10k in cash.

My question is how did everyone fund there first deal(the part that the had to pay for)?

did you save from your job, borrow from family, side gigs?

well well well of coz it's from the job for the most part, the money doesn't fall from the sky, but I've investing since 19 years old, buying whatever land, whatever house I can purchase on my own and it just grows in there. And every 5 to 10 years, you move that investment to somewhere that would appreciate more.

Thanks for the feedback! I agree, money doesn't fall from the sky, just trying to see how anybody did it. I know some maxed out CC and others borrowed money from family.

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Hey everyone! My name's Dyami Pike I'm 27 and new to BP I haven't bought any investment properties, but I'm planning on it in 2023.

ive noticed every podcast I've listened to talked about adding value so here is my value. I'm very focused and very well studied on team building and company culture, I'm working on starting my life coaching business to help other people become successful. I love working with business minded people.

if anyone has questions as far as their team dynamics, facing their fears, or just coming up with a plan for what they want to do, that's what I'm here for. Feel free to message me and I'd be more than happy to talk to anyone!

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Kansas City, Missouri

Quote from @Bruce Lynn:

Use something like PropStream as an alternative.

How many properties will you buy and sell a year? Are you going to do that on MLS.

I think MLS is a big time saver for investors, but many other investors swear it off and never want to buy off MLS. To each their own.

If you are like many investors and want to buy 1 a year or so, I'd say don't waste your time getting your license. Just find a great agent to be on your team. Real estate is a team sport. I often find the investors who are trying to save a dime and buy 1 a year and trying to save the commission by getting licensed are their own worst enemies. They just don't do enough to really be in the game and they'd probably do much better by having a team of professionals working for them, vs trying to do everything on their own.

I normally say it probably costs you a minimum of $3000 to be in business as a relator by the time you pay dues, MLS fees, key fees, and all the other fees involved.

Ive heard that it's a good investment, that's why I started looking into it, but I think you're right that I should hold off until I'm doing multiple properties a year! I have a great agent, I just don't want to overwork him! Haha

1 Vote

Kansas City, Missouri

Quote from @Jack Mawer:

You will likely need to sign with a brokerage - they should be able to equip you with access to the MLS. After two years you will need to do continuing education which will be an additional cost (price will depend on which company you choose to go with). It sounds like you wouldn't have too many running costs as an agent if you are not looking to market yourself.

Thank you! I figured there would be running costs, and it might not be for a few years until I establish my business before I get it, but thought it might be a good option for the future!

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Kansas City, Missouri

Quote from @Justin Hammerle:

are there running costs for being an agent? Yes, they are generally unavoidable and include access to MLS and fees associated with your broker/association.

Do I have to work for a brokerage? You will generally not be able to practice as an agent nor have access to MLS without being associating with a brokerage.

Does it cost to keep my license? Yes, you have fees from the state business department that issues your license and the cost for continuing education.

These fees generally aren't significant and could perhaps make sense for you by saving commission in the long run. There are brokerages out there that are cloud based only like eXp that could be a little more forgiving on your dues.

That was super helpful! Thank you! Not quite sure if I'm gonna go that route, just making sure I have all the info before I jump into it!

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Kansas City, Missouri

Quote from @Paul Ivanov:

My wife and I saved a bunch within about 6 months and borrowed from family to get the rest for the 10% down.

One of the best things we ever did was buy our first home which propelled us to where we are now with several homes under the belt.

Approach with wisdom and dive in! 🙂

That's awesome! All I do( even at work) is real estate podcasts and research! I'm excited to get into it! We bought our house at low interest rate during the COVID market and I'm excited to get us our first investment property!

1 Vote

All Forum Posts by: Dyami Pike

Dyami Pike has started 10 posts and replied 65 times.

Post: How did you fund your first deal

Post: How did you fund your first deal

Post: How did you fund your first deal

Post: How did you fund your first deal

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Post: New to BP hoping to add value

Post: Become a RE agent in Missouri

Post: Become a RE agent in Missouri

Post: Become a RE agent in Missouri

Post: How did you fund your first deal