All Forum Posts by: Jackson Pontsler

I know this may be simplistic but are there more effective ways of finding land deals than D4D and direct mail. I know the MLS posts an occasional lot but they are often too overpriced to used by a flipper.

This situation is a good one to include in your next lease agreement.  Basically you have two options.  

1.  (easiest) ask Jill to renew her lease as the sole tenant and release Jack from the lease.

2.  Form an addendum that Jack and Jill sign where Jill acknowledges she will be taking over for full rental payments, damages to the property, and security deposit (would not recommend giving half back to Jack you could argue this would cover him getting of his lease agreement early).  

I'm sure there are pleanty of other options but those are the first 2 that come to mind.

@Connor Cushman yes the percentage varies by brokerage and experiance level.  Some brokerages with experienced investors it is just a very low flat fee.  Other brokerages its just a fee.  Others are a percentage.  I don't know where everyone stacks up but it does vary by brokerages and different borkerages will offer different things, i.e. training, advertisement/marketing etc....

I want to first say that I think its great you want to be an agent.  However there are some flaws in your logic.  Also please realise that there aren't many part time agents.  The agent/investors that are doing well is because they treat one of those things as a full time job and the other part compliments it.

Lets address each point of your post.

1.  Never been an agent but heard from other agents that your classes won't teach you to negociate, put in offers, inspections, financing etc.   Its all  taught to you in the brokerage, usually working underneath other agents, or through the school of hard knocks where the broker tells you you messed up.

2. Yes but you can get an agent to aready set those alers up for you without having to pay the MLS fee.

3.  More like 1.5% because your brokeage will take a portion and can limit you on how much you make.  Side not Kellar Williams tells their new agents to charge 7%.

4.  These are all things you can do with out a real estate license.

Overall I recommend you to choose a hat and stick with it for a bit, after a bit then add the next.  If you try doing both things at once that may hurt more than help.  Its not easy being an agent or investor so you don't want to jump off the deep end and fail at booth.

Also if you find this helpful please don't forget to vote it up

Asking for earnest deposit is probably the quickest way to stop wholesale chains.  (Where a couple of wholesalers try to wholesale the same property).  Things that my wife and I do that shows were legit is show our past projects, portfolio, and disclose to the seller our repair plans.

I’m starting a new build of a duplex that after completion can net me 200k profit. I would like to continue with new builds but are torn with refincing or HELOC money out for more nee builds or selling it to use that money to be the downpament for the new builds. Little more breakdown. 250-300k to build a 500k duplex that could rent easily both sides for 3k togther a month. Each small new build would be roughly 130k and could be sold for 200k ish. What would you do and why?

@Christian Loya Ok I know the company.  I worked up in that area before.  As for CPA or attorney is this regarding setting up a buisness to do your flipping?

Welcome @Christian Loya this is the right place to learn.  However I would suggest if you have questions for a CPA or lawyer it might be well worth it to find a good CPA or attorney to ask  your questions; or you can always ask here (in a general manner). Curious are you an engineer up at Hill AFB?

@Jeff Rappaport posts regularly when the Utah REIA meetings are occuring and what the subject it. I attend pretty often myself. Hope to see you there.

What kind of advice are you looking for?

If the biggest fear you have is pulling the trigger then by all means pull it.  When my wife (who was pregant) and I wanted to start into flipping it was hard but has gotten easier as we move forward.  I wish you the best of luck in regards to your rental portfolio!  Another big advice I give is looking at who the property managers are in Killen Texas so they can point you to the better areas of the city to invest in.  That way when something crosses your desk, run your numbers, pass it to the property manager and have him vet the area.

Respectfully,

Jackson Pontsler