All Forum Posts by: Jennifer Dixon

Is it your primary residence now? Once the loan is "closed" (or in your case, opened, because you have the HELOC) you can do whatever you want=-the bank isn't gonna come knock on your door.

Try Tyler Morris with Optimus Capital - they have an amazing program right now that i'm finishing up my second loan in. Shoot me a DM and I can give you his contact info.

The answer is, it depends. 

Personally, I use the hard money to conventional process. This allows you to use that 100k and invest in 3-4 houses. Another thing to think about, with interest rates at these levels, to do the fha route may make the monthly payment too hard to get that 10% cash flow, but not impossible. 

Have you heard of hard money loans? 

I've been on several Real Estate teams and brokerages. I can honestly say, each is different. My last team didn't provide any CRM, so it was old school excel spreadsheets (if i was being organized.) The firm before that one went through about 3 iterations of CRMS from infusionsoft to follow up boss, KVCore, etc. They set up all the systems, had in-house tech person and someone else at the firms to help, and they'd train us agents on the necessary tasks.

 Currently, my brokerage, LPT, provides Chime--which is very new to me, but I really like it so far. I did have hire out help to get it organized with an IDX integration, website, drips, etc. It's not due to a lack of interest or willingness to learn on my part, it's due to a schedule being too full that I paid a service because I typically like to learn what the systems are/how they work before implementing something, however I just couldn't do it in this case. 

Not sure if that answered your question, but I did hire someone to help me, and I will likely hire that same person to help me get more drip campaigns going but I need to get more ducks in a row. Good luck!

Oh my word, I feel this to my core! My partner and I started this recently because as licensed agents we were tired of fighting the masses on the MLS. So far it's been a great learning experience and we are gaining a ton of traction, but you are so right! it's so hard! Not only is it hard to find the properties - but the work to analyze, negotiate and get to market...holy smokes. It's hard but it's worth it. Great observation!

Now, if you find anything in the Chattanooga, TN area or the Orlando area (or an hour outside both locations) definitely remember me!

Congrats on the big step of real estate investing in this south east area!  I grew up here in Chattanooga and started investing in this area when I was 21. I didn't know a DARN thing - i just got a foreclosed property in "the bad part of town" that i never believed was "bad" and wouldn't you know it, that was one of my very best investment decisions! 

I think the biggest thing to think about before you get started is to determine the strategy you want to employ with your free cash right now. Sure, you could possibly get a small place for around 200k, but if you wanted to do the BRRR method, use other people's money, and utilize a team, you could easily do 4-6 properties with that amount of money, Hard Money loans to rehab, conventional or dscr's to refinance and keep going.

Each method - ie more cash down conventional style or less cash out of pocket / more volume has it's own merits and, could help you build a portfolio- one just takes less time/more risk (ie using hm loans to conventional/dscr) while the other takes more time but involves less "risky" types of loans. I use "risky" in quotes bec I don't take this type of loan as too risky - but that's a personal belief. 

Point is, definitely do some soul-searching on the strategy you want to employ, then start reaching out and trying to find good agents that are familiar with your particular business model. Another thing I would recommend is working with an agent that has a "team" in place. Meaning, someone that has not only experience doing what it is you want to do. This helps them to understand your needs, hopefully, anticipate issues that could come up, and help guide you from start to finish. I help investors all over America (I have several in Sunny Southern California!) invest in the Greater Chattanooga Area. I do have a team with GC, Lenders, HVAC, Electrical, etc-  all of which I built through pursuing my own financial freedom with real estate. I'd be happy to help you either (1) find a place to invest in or (2) find you people in other areas that are available to help. DM me if you've got questions!

Good luck! 

If you are looking to learn how to invest, getting licensed will do basically nothing for you. I learned more in the school of hard knock a circa 2001 than my broker knew during my first year as a licensed agent. 

The license does help you get into mls properties (which, depending on your market is only marginally helpful- I know in my market once it’s on mls if it’s a good deal you’ll be outbid in two shakes of a lamb’s tail. ) it also gives you networking opportunities and commission opportunities but like others have said, you’ll learn more in the school of life and in this group, YouTube, etc. 

Also, when you’re licensed you gotta pay the dues and unless you get Lucky and find an amazing brokerage out of the gate, you’ll give up 40-60% of that commission. 

I got licensed just a few years ago bec I got pissed off when I had to teach my niece’s broker how to do a deal that required a quiet title - this person was a broker for 23 yrs and had never encountered a back tax property auction. I had sold several as a layman and taught her when I agreed to do my niece a favor and let her list one of my properties. The day I closed on the property, I swore I’d never pay someone to do something they didn’t know how to do ever again. 

You’ll find most agents know 1 thing- retail real estate. They don’t know much ab anything creative and the creative stuff is where the big returns are imo. 

BUT. IF you can become the unicorn that knows retail and investment side of the house, you’ll be busier than you can manage in no time. Good luck!

 Check out Optimus capital or wildcat lending. If you’re looking for more dscr loans, check with your local bank commercial dept bec they may be more helpful since you have the relationship with them. 

Have you looked at different masterminds? I know there are several out there that help to teach you to underwrite- but you're right, most agents don't do the underwriting FOR you. At my previous brokerage, we had an "underwriter" on staff that would analyze the deals that were submitted, but I was trained to never rely on his (or anyone else's) analysis. Rather, the emphasis should be to learn it and do it (over and Over) and become comfortable with the process before ponying up your hard earned cash. 

I hate spreadsheets as much as the next non-engineer minded person, but I like them when they are calculating my money. :) HA

Point is, get out there are start analyzing deals, the more you do them the better you'll get at it.

while you certainly CAN (and probably SHOULD) look in other markets, I thought it would be beneficial to remember, you marry the house, not the interest rate. SO, if you find a great property with decent but not great cashflow, but equity to be captured, you can certainly purchase it and then refinance it down the road when the interest rates are more favorable.