All Forum Posts by: Jay Berube

Dear Timothy,

I currently live in Charlotte, NC. I’ve moved here from Southwest Florida a year and a half ago. Back in Florida, I run a successful property management and real estate sales company. When I moved to Charlotte, I continued to run my business in Florida, this time virtually. Speaking from experience, I think it is possible to be a successful real estate agent working virtually. However, what you should definitely do is work with someone who is on the ground, who can meet with clients. The mistake you don’t want to make is having a poor hand off: make sure you introduce your clients to the person who is working with you. Make sure that when you are talking prospects, you warm them to your “partner”, who will be working with you to help them. Otherwise, working virtually is relatively easy.

Hi, Lauren! It seems that you and your partner need to have a decisive conversation about this. You need to ask him if he intends to get more involved in the business in the future. As you say, he is the only person outside of your family whom you trust to invest with. You have to have this conversation before deciding whether you should look for another partner that can complement you better so that you end up achieving more. I had a similar discussion once with one of my current partners. He told me that I should get in 50/50 otherwise I would keep having other priorities elsewhere. I needed it to buy into the vision. So I did and it worked fine for us. Good luck!

Hi, James! If I were you, I would take these steps. First, I would read again the terms of the property management agreement and seek the advice of an attorney in the Kansas City, MO area. Then, I would look for another property management company. Google property managers in Kansas City, Mo and select someone who has received glowing reviews. I think it's necessary for you to change your property manager since the current one is refusing to communicate with you. If you need a recommendation for a property manager in that area, please reply to me directly and I will get you one. Good luck!

Hi, Paul! First, you need to look at your investment strategy. If your investment strategy is buying hold and the numbers look good to your cap rate or whatever rate of return you're calculating on, then you might try to be conservative and consider what a 25% reduction in that would mean. So, if you were to reduce the income produced by the triplex by 25%, would the numbers still work for you to get you through a recession? That's what I do. I look at the population shift and other factors in the US, and I am careful not just to not overpay but I also try to make sure that my returns are going to be conservative. 

Hi, Coby! Don't pay up your student loans. Who knows? With the new presidential administration in, student loans might be forgiven. What would I do in your place? I would go to your local Real Estate Investor Association and I would identify some people with capital who are looking for an apprentice, who can learn and do the light work. You can become that apprentice, put in some sweat equity to build equity. 

Hi, Melissa! I have a lot of experience with prospecting phone numbers, having done this for 15 years. Speaking from experience, I have to say that this is extremely difficult to do. It takes time to get good, it's a saturated market, and there is a lot of rejection. But if you want to try it, let me know and I will get you the best links for the best resources. About buying leads: I would not do that either. Most of the people you are buying leads from have a lot of competition. Plus, it's expensive. If I were you I would focus on other strategies. First of all, you should build up your database, gathering everyone who is in your sphere. Then set up a strategy that can be as simple as a monthly call, a monthly email, and a monthly postcard. This way you can reach out to people 36 times a year and get business that way.  I would also consider working for a team. You have to pay them 30% of your gross commission income but they could supply you with leads and give you good structure. 

Best of luck!

@Brian Thomason the building permits that have been requested in that area. 

Hi, Winston! When I have to decide in which market to invest, I usually base my decision on the following criteria: jobs that are being created and have been created for the past 5 years; the building permits that have been pulled; the transportation in place; the unemployment rate; the overall infrastructure;  access to affordable housing; the housing market, specifically days on market, and contractor prices. Based on this data, I try to project what's going to happen in the next 5 years. Based on that, I decide whether to invest in that market or not. This is just what I do. Perhaps you'll find this pattern useful. 

Hi, Jade! I  found the entire discussion very interesting, so here is my contribution, although a bit late. When you face the question you are asking, you have two options: you can either buy your way in or you can work your way in. Paying 8000 for a real estate course is buying your way in. When you buy, you again have two options: you can be self-paced (learning at your own speed) or you can have a guide to help you find your way. You have to make sure that you are getting what you paid for but, first, you have to decide what you want. Would you like to learn at your own pace or be guided by someone? Most people, because of accountability and support, are going to do a lot better when they have someone guiding them. The other thing with self-paced learning is that sometimes it just ends up producing "shelf esteem": you go to a conference, buy a product, and you end up not using it. It just sits on the shelf.  The other option you have is to get guidance for free, using the resources of BP and the resources that many coaches and trainers offer for free. Or you can ask to become an apprentice to someone in the industry and offer your free labour to them so that you can learn from them.  Is it worth paying $8000 for a course? You decide, now that you have the right info.

Hi, Bailey! If you are looking to practice real estate and if you were a teacher before, I would not per se be focused on adding anything to your resume. Because it doesn’t make a lot of difference to anyone who could bring you on into their brokerage. But I would rather advise you to get invested in the right training and coaching. Because that’s really important. There is a lot of people who offer you advice and you don’t know who to listen to. So it’s very important to have somebody whom you trust and who knows what they are talking about, who can lead you in the right direction for courses and education. Ask yourself: What do I do best, what is my unique value proposition, why do people love me, and how do I get the people who love me to buy from me, essentially? Because that’s what we do, we sell, we sell in a good way. Selling is not a dirty word, selling is a good thing that solves people’s problems. Selling gives you the opportunity to meet people who know they can trust you. You can help them by finding them a home, which is a fantastic thing. Sell with integrity, which I’m sure you will, and tap into your database to find some people you trust. Good luck!