All Forum Posts by: Joe Lee

@Charles Carillo Thanks for breaking it down for me!

@Trevor Richardson That makes sense. I feel like more dots are connecting for me now. I appreciate it!

@Josie Brown That sounds great! I'll shoot everyone a connect request.

Hey everyone,

I'm transitioning from single family into multifamily and looking for a seasoned pro/team that can provide a little guidance.

As of now, I'm not the best at raising capital but I know a group of people that has money that needs to be put to work.

I'm doing daily broker outreaches as well as utilizing services like Privy to cold call apartment owners to acquire deals.

I understand the basics of underwriting and value-add calculations but I'm clueless when it comes to the advanced stuff. 

For example, if you give me a T12 and a purchase price, I can find the NOI and cap rate. If you tell me that we can bump rents up by X amount, I can do the value-add calculation.

What I'm having trouble with is figuring out what capex needs to be, what needs to be done to able to raise rents and figure out how much it's going to be, figuring out how to lower expenses without interfering with operations, how much to pay property management (All I know is that you want to pay them well so they don't steal from you), etc. Essentially getting to the rubber meets the road moment.

As for a team, I know you want a good legal team, especially a securities attorney when raising capital. Have good broker, lender, property management company relationships.

I'm not trying to build a giant team from the get-go, but start a small team and have the core essentials covered.

What are the core essentials? Whether it's a big or small team, what are things that MUST be covered?

I'm still trying to figure out my strengths and weaknesses so I know who to seek out.

OR MAYBE I'M JUST OVERTHINKING EVERYTHING.

I know I'm all over the place with this post so I apologize for any confusion.

TIA everyone.

Hey Aaron, man, I can't believe it's been almost 2 years since I got licensed. For my first year, I had military connections so I was able to take advantage of that and get some deals. After the first year, I shifted into the investment side of things like wholesaling, fix and flips, buy and holds, creative financing, etc. and I love it. I think it aligns more with what kind of business I want in real estate and the financial opportunity is so much better for me IMO.

I don't consider myself successful on the retail side because I only did like 4-5 deals my first year and I don't see myself having the credentials to be providing tips lol.

I'm still licensed and will continue to be but the path that I'm on now is different than what I imagined when first getting my license. No regrets though. I'm loving life.

Hello,

As the title states, I just passed my real estate exam and I'm in the process of sending in paperwork to get my license in UT. I'm wanting to open an LLC and wanted some advice from those who've been through the process.

There are so many different sites (ads) that open LLCs with all kinds of prices. What are some things I need to consider or look out for when opening?

Respectfully,

Joe

Update. 

I went with Stringham and just passed my exam. They were a tad pricier than the other schools but it was worth it. 

For those still deciding and reading this, everything was done online and their exam prep really preps you for the state exam.

Thanks everyone!

Thank you all for the input!

I'm not 100% sure but I've heard in some other states a brokerage firm has to hire/sponsor you as an apprentice in order for you to complete your licensing. I thought the same applied for Utah.

Hi all,

I am currently active duty military stationed at Hill AFB, UT. I have about 2 years left before I separate and want to start a new career as a real estate agent.

I'm considering getting my license while I'm still in to learn and maybe work as an assistant (because I can only work part time until I'm out).

For the pre-licensing courses, I'm trying to decide between stringham, praedo, and harman. Anyone have experience with either of these institutions? Also, is it difficult to find a sponsor at a brokerage?

Any information would be greatly appreciated and I apologize if I'm posting in the wrong forum.

Respectfully,

Joe Lee