All Forum Posts by: Richard Ball

instead of debt I should have said deficit, it would be nice to reduce the debt by any amount but you are correct it probably won't happen.

With the high probability of govt debt reduction are you reducing your number of Section 8 tenants to hedge against the possible outcome that the Section 8 program may see a reduction in funding?

@John Lyszczyk A couple others are Tri-County Bank (I talk with Fred Manuilow) and Eastern Michigan Bank (I talk with Chad Deaner). Both require 25% down HOWEVER you may be able to work around that and get 20% if you get creative. @Troy Young is spot on about verifying the status with the city if it is Port Huron.

@Lisa Beene things are as complicated as you make them. I am a licensed agent and buy rental properties.

@Julie Felts Hello! Have you been to any local real estate investment groups in the area? I would recommend this as the very basic first step. It will probably cost a little money upfront but will save you a lot of money in the long run IF you go to the meetings and ask questions to other experienced landlords. I see you have only been a member since 12/27, hopefully you have been reading posts well before that trying to get an idea of what you need to know. If not start reading, listening to podcasts, buy books and watch webinars. Your finals are today and you have to know as much as possible to avoid failing....and bankruptcy. 

@Quentin Turner I just PMed you

Depends, what type of deals are these 5 deals you want to do in 2017?

Since you don't have access to the MLS you need to use everything available to you. Zillow and Redfin has a sold home option where you can just see homes sold. Find as many homes as you can that match the square footage, bedrooms, baths and if possible style and year built within the same neighborhood. These sold homes will give you an idea of how much the house is worth.

I thought about this and there is a cost to hang your license. Your broker is going to want you to join there board, that'll cost some where in the neighborhood of 500. You will also have to get the MLS and that'll cost 110.00 a quarter. As for advertising start with a letter and a business card to everyone you know or knew letting them know you are a Realtor. Create or convert your Facebook page to just talking about real estate and spam people with news and facts on the market. When you start to get some closing send photos and talk about your success. Most of that doesn't cost money, it takes time. It will also take time for people to stop seeing you as an engineer and start seeing you as an agent so be patient. You will get spam calls from Realtor.com, Houses.com, Zillow.com, Yelp.com, every SEO company out there etc... if you want to try those good luck. I don't known of anyone that has had success though, most of the leads they provide don't work out. A better idea would be to pick a certain area, preferably small at first and one that you know the best and just dominate there. A couple blocks around where you grew up is the first place that comes to mind. Send letters, door knock, advertise, if you still have family in the area ask if you can put a for sale sign with your number out in the front yard. Get creative you run a business, your only limitation is you :)

Bryan it doesn't cost any money to hang your license. Pick a broker and use all the money you get the first year towards advertising that way by the second year you will be in a great financial position.