All Forum Posts by: Account Closed

Not with a Brokerage as ofyet although a friend has recommend Keller Williams to me. I am still in the licensing phase. I will take my Test likely in March

Hi Everyone,

I am an MBA Professional changing careers in my early 30's and currently working on my Real Estate Sales License (Agent) here in Austin Texas. I'd like to start off working with higher end homes, preferably in the $800s and up. Not being familiar with the phases of Real Estate Agents, my question is this: Does every agent have to start at the bottom or can they pretty much choose their entrance level? Also, what are the most important factors that determine at what level each Agent operates at other than personality? Thanks! 

The inside of my truck once smelled like mildew after a really humid summer. It just would not go away. I mentioned it to my coworker who recommended Iuse an air purifier called "Lightning Air." This was unique in that is actually created Ozone and destroyed odors. So I ran an extension cord to my truck and left it in over night. The smell NEVER returned. I also used it to get the smell of cat pee out of a room and it worked like a charm. Maybe they are worth the expense?

@Andrew Abbott Find out if there are any REI meetings in your area. If so, network. Meet people, discuss real estate. You should work towards paying off your personal debts (i.e. student loans) and find ways to use other's cash, such as Hard Money, to invest in real estate. Put in the time to learn and network and you will find deals. Find the deals and the money will follow.

@Matt Morgan Look on the bright side, you have a cash flowing property! You may have initially wanted a flip but you never know, you may enjoy the benefits of monthly income as well as the tax benefits and appreciation benefits that come with renting. You could always look at doing an %80 cash-out refinance if you want to tide you over in the near term. As far as going over budget goes, easy to do especially on a first flip. I think I see a few things in the photos that probably cost a bit more (i.e. stainless appliances, nicer flooring,). Make note of how you would do things differently and put a plan together for next time and next time, stick to it! good luck! 

I came across this awesome Hard Money Example from Josh Dorkin on Bigger Pockets in my research on Hard Money lending and am stumped on how the interest was calculated. Below are the details:

A typical lender might say:

I will loan 60% of ARV (appraised repaired value), with 5 points, 500 in document fees and a 6 month interest only balloon payment loan at 10%.

To translate on a deal that appraises at $200,000:

They will loan you up to 60% ($120,000). To get the loan, you will pay $6,000 in points + $500 in document fees, and you will pay $1,167.67 on the loan, until you sell the property or until 6 months is up.

I am stumped as to how the interest is calculated $1,167.67. I assume the interest rate is a yearly APR rate so even then shouldn't the interest be $1,000 a month on a $120,000 loan? At six months, that would be $6,000. Any idea how @jrdorkin is coming up with the $1,167.67 value?

@Ashley Wolfe This raises red flags to me. You pay the GC a premium for their services which INCLUDES properly managing subs. It's not fair for them to try and get you to agree to a split on the backend unless they are willing to split ALL costs with you including half of the outsourced rehab cost to the GC. Some people here say a good GC is worth the split. Sounds like bad business to me.

I'm working on my Realtor License and also looking too Wholesale. Is it common practice to share wholesale profits with your broker or is it only on sales You actually close?

@Seth Teel Great Information! I've seen some items on MLS that look promising but I know that, being on MLS, they're all "priced at retail" and I'm definitely looking for wholesale properties. My primary goal is to BRRR (Buy, Rehab, Rent, Refi) and cash flow although I have been thinking about alternating between flipping and cash flowing on a 2 to 1 ratio (it's nice having those big "Bonuses" from flipping).

Wife and I are moving to Austin but the real estate game there is to unreal IMO. San Antonio looks like it has lots and lots of opportunity! I'm curious... on the lower end properties, have you ever rented any out on Section 8 and, if so, how did that go for you?

Also, what real estate investment clubs would you recommend in the area? I'd like to start networking as much as possible. Thanks! 

Through the map search function on HAR.com, I've found lots of duplexes for sale in San Antonio and at great prices. However, I am not familiar with the area and , thus, not sure where I should stay away from. I do plan on seeking the advice of a Local Realtor but in the meantime, can anyone recommend where to stay away from? Also, what are the rents like in San Antonio for multifamily? thanks!