All Forum Posts by: Jacob Lapp

@John Alosio

Were you required to wait 2 years to refinance?

@Eric Brantley

No my second property I did 15% down conventional my 3rd property I am planning on using the fha on for 3.5% down

@Eric Brantley

The 15% is the best you will be able to do and it would be on a duplex. 3/4 would be 20% minimum. I'm in the same boat. I did my first triplex as a first time home buyer with 5% down conventional, my second duplex I got 15% down on and am planning to use my FHA this year on a quad. I'll be following this to hear if theres any better options!

@Benjamin Beyer

If you have youtube you can handle it. Haha Like others said before open it up, see if theres a ground wire. If so turn off the breaker and swap the wires to new 3 prong outlet. Go to home depot buy a 3 prong outlet tester ($7) it will tell you if its either good, not grounded, or reversed.

If its good congrats super easy fix, still buy gfci outlets for wherever theres potential excessive moisture ex. Bathrooms or kitchen counters.

Not grounded, buy a fish tape at home depot. ($15-$30) you are lucky the upstairs is already good. You can attach the fish to the existing wires and pull it down from the basement, attach a ground wire and pull it back up. Wire it and hook it up to a good ground in the basement.

Reversed, just reverse the hot and neutral wires.

I’m not a licensed electrician but have done my fair share of wiring.

Good luck!

@Michael Breisch

Thats what I thought. I’m not sure where the other guy came up with $3500 a year

@Michael Breisch

They now made the technology fee mandatory which brings it to $85 for new agents

@David M.

I think the $85 a month is the same nationally. Since I am not planning to be a capping agent in the near future the fees associated with capping weren’t as important to me. But compared to KW it was significantly less anyways.

@Dennis Soto

I think you might be over analyzing lol I’m sure there are slight differences but overall would be very similar numbers/outcome

@Dennis Soto

I got my license for this same reason almost 2 years ago.

The course costed around $800, I signed up with a team from KW told them my plan and that I wanted to do real estate “on the side”. All fee’s with KW plus the cost of the course and testing was around $2500 total for the year.

I bought my first multi-family represented myself and because it was my own purchase I got a higher split 80/20 ($3000) then I helped a good friend buy a house 60/40 ($2000) so in my first year I made $2500 from getting my license (not anything to brag about) but I learned a lot in the process and would definitely recommend doing it yourself.

After helping my friend I realized I didn’t have the time to be doing this on top of 60+ hours a week at my job. So I transferred my license to a referral agent (cost $200 for the year) and I bought my second multifamily property and structured a deal with my broker that for any referral’s I would take a smaller commission (15%) than the industry norm (20-25%) in return for 50/50 split on my own deals, he agreed. I have referred 2 friends to him and made around $500 each and then $1500 on my own purchase.

Second year I made $2300.

Now I plan on buying a more expensive property this coming year and have found out about eXp Realty (cloudbased) they have a low sign on fee and I believe $85 a month in costs. You are able to get 100% commission on 1 personal property per year and the rest is 80/20 split plus lots of other incentives. I plan on hanging my license there soon.

Long story short I think it’s a good idea to get your license, and just learn the process. Do a couple deals and you might love it or you might hate it but I don’t think it’s a bad investment either way.

@Blake Schneider

So when you make an offer thats contingent on inspections. You have the right to back out of the deal or give the seller the option to make repairs to things found in the inspection, or give you money towards the repair. They can say no or negotiate what you ask but you then have the option to back out of the deal.

I’m pretty handy so I prefer getting money because I can ask for what it would cost a contractor to do something and then do it myself and make some money. (I believe you can ask for up to 6% of the purchase price, might be a different percent)

This money then comes directly out of the cash to close so if originally your cash to close was 35k and you get a 10k seller assist you now only need to 25k to close.

Hope this helps!