All Forum Posts by: Eddie Brady

@Marcel Morgan I just read "Sold" by David Greene and it actually has a section specifically for selecting a brokerage. It's also just a generally great book for Realtors who are starting out. You can find it in the Bookstore here or on Amazon.

Another idea to consider is to house-hack. Find a property that has under 5 units where you can rent out other units or even rent out the bedrooms in a single-family. This allows you to have a smaller down payment and after one year you can do the same with a new property. Plenty of books, youtube videos, and BP podcasts talk about house hacking if you need the details!

Yes, you do have to register there if you are receiving rental income from that state.

@Alden P Carlson Welcome! You're way ahead of others your age. Jump in and start taking action every day! 

Hi Alison,

A perspective from the go-it-alone side of things...I've considered partnering with a good friend on deals and had to ask myself, "am I partnering because I just like this person? or because it makes sense for the investment?".

If both partners are new to investing and both partners don't have much money to throw at a deal, partnering might not make as much sense as simply being accountability partners for each other. When a partnership may make sense on the other hand is when you have time to work on the deals and the other partner has the money and wants to be more passive.

I chose to keep my investments as solo deals unless it really provides an obvious benefit. If I can't immediately see the benefit, it may not be the right time.

If you choose a partnership, make sure to use a lawyer experienced in structuring partnerships to write up your agreement. This is not an area to try and save money on. Good Luck!


 

@Ryan Mortimer I'm always looking to update and expand my vendor list. I work in Montgomery and Frederick counties as a Realtor. Any way you can send those my way as well? Thanks! 

Just out of curiosity, why isn't Propstream working for you? I know investors who do very well with lists from it.

@Diego L. Any investor or Realtor worth their salt will look at the property history anyway which will show how long it was on the market, when you took it off, and when you put it back on, and the list price at each stage. Trying to hide it won't help. Just price accordingly and get it sold.

@Evan Haines If you are pursuing being a Real Estate agent as a full-time career, I highly recommend taking on traditional clients as well as investors. Building a reputation as a credible and trustworthy agent takes time, and trying to build that foundation on investors is going to be tough. Many investors don't even use agents at all because they are structuring off-market deals. 

Building your skillset as an agent takes many deals and limiting that at the jump is going to hinder your career. My advice is to find a mentor, an agent in your office who is doing really well, and shadow them. Many agents don't want to work with investors and will pass you those leads in the future. 

@Hemant Rawat I strongly, STRONGLY suggest you use a lawyer that's experienced with partnerships to structure your business relationship. There are just too many variables you may not cover. Hire a lawyer and have the peace of mind that it's done correctly. Also, you should ask yourself if partnering up is really the best option for you.