All Forum Posts by: Joffrey Long

Not submitting back-up offers on properties you're interested in, is, in my opinion, saying you're 100% sure all those first offers submitted will close.

I would not want to make that bet.

Plus - sometimes your back-up offer causes a seller to get tougher with buyer # 1, resulting in faster cancellation of deal # 1.

Back up offers are what I call "low hanging fruit."

Joffrey

Terry,

In case it was not clear in earlier posts, the governmental licensing mechanism that you're going to need to get licensed for is:

Real estate salesperson (the license that allows you to negotiate on behalf of another)

A real estate broker (or brokerage company) is the actual party that contracts with the client (homebuyer or seller) and the salesperson performs their duties under the broker's license.

Realtor, NAR all refer to an independent trade association that is not part of the licensing requirement and is optional (although hard to live without) to join. You can legally do everything you need to do with the real estate license, affiliated with a broker. The terms "Realtor" and real estate broker or real estate salesperson mean different things, as outlined above.

Last, I recommend you contact your state department of real estate or visit their website and download license application instructions and if they have it, the broker compliance manual and other guidelines for operation of a brokerage office.

Here in California, (which I know is not where you are) the department of real estate provides tons of free info on their website to licensees and prospective licensees ( www.dre.ca.gov ) because they are understaffed and want people to find out as much as possible on their own.

Hope that helps,

Joffrey

Andy,

I'll comment on your question from my perspective as a mortgage lender who has worked directly with real estate agents for years and at one time, decades ago, I was a re agent, before becoming a lender.

Here's my take: You have two things that the VAST majority of real estate agents who are new don't have, and that most of the experienced ones don't have.

1) You're actually a business person, with actual experience in being in business and working and functioning like a businessman. (Many real estate agents, even after years, never learn to think like, or even recognize the fact that they are supposed to be business men or women.)

2) You've got sales ability. Most new real estate agents don't, and many experienced ones sell based on contacts they have or other non-skill based methods of selling.

So my caution to you is, you'll have to, to some extent, rub elbows with the others to learn certain things. But more important than what you might need to learn - is what you need to be careful not to learn.

I could see you keeping a safe distance from most of the people, the attitudes and what's going on. You're in a wonderful position to set yourself up as very different from the others.

Welcome to the biz,

Joffrey
P.S. There are many highly respectable, accomplished real estate agents with both good business and sales skills. You know who you are, and you know how few of you there are.

Matt,

Others gave very good items to consider, but I'd like to add one more point:

You mentioned you're young, and starting out. Since your goal is to put together as many properties as possible, and hold them for rental income, (A good plan, has worked nicely for me) you will run into something that to some extent, caught me by surprise - that is, you're going to have some of these properties, 30, 40 and if you're real lucky, 70 years more.

When I started buying, I planned to keep some of the properties, but I didn't really consider that if I was 25 and buying, one day I'd be 56 and then, how old would that property be that day? (No normal 25 year old ever gives any serious thought to the bizarre possibility they could one day turn 56.)

Bottom line: Trailers? Manufactured Homes? I'd stick with property that will, with good maintenance, outlast you. I don't see it with those, even with manufactured stuff. Plus - if you ever do find it to your advantage to sell those, manufactured homes open you up to so many stories and challenges when your buyer tries to get financing - while good old "stick-built" is much easier to lease out, sell, and finance, etc.

Joffrey

Just returned from 2 great days at California Mortgage Association's hard money lenders and investors seminar in San Fran.

We cover a huge amount of ground, but I'm still amazed at the confustion at what loans are covered by what law.

Respa, NMLS, TILA, Mortgage Loan Disclosure, Good Faith Estimate under RESPA, and many questions about disclosure and loan structuring in general.

If you're a lender or mortgage broker or servicer, IN CALIFORNIA, then the California Mortgage Association could be helpful.

If you already know everything, forget this, and.....Congratulations !!!!!

This post relates only to mortgage lending in CALIFORNIA.

Joffrey Long\
P.S. Disclosure: I'm the (volunteer) Ed Chair for the Calif. Mtg. Association. That's CALIFORNIA.

Mehran Kamari I'm sorry you can't make this one, and we'll hope to see you at a future one.

Tevis Verrett - leave the Ripple and cups at home - I'm definitely buying you a long overdue drink.

Peggy L. glad you'll make it, look forward to meeting. and Ali Boone , hoping to see you there - and yes, guys are allowed. (There are so many possible jokes tied to that one, I'm not even going to start.)

Hoping others will attend - I'm really looking forward to this. And think, it's only 34 hours, 26 minutes from now !

Joffrey

Ok, I just checked again. It is www.WomansInvestClub.com for those like me, who are graduates of I.A.R. and must have everything confirmed and verified.

Joffrey

I.A.R. = Institute for the Anal-Retentive

It's official.

Will B., thanks for finally being the one to set an actual time, place and date. Great!

I'll be there, and I hope as many of the others as possible can make it, including Tevis Verrett , Yee Liau , Sunny Jo Gardner , Jake Kucheck , Shawn Watkins , Steven Wong Steve N.A , Mike Tooley , Chad Ballard , Cory Rogers , Brian Gibbons , Mehran Kamari and Karen Margrave . ( And others, if I missed you, I will apologize there over drinks!!! )

Ok, here's the scoop:

www.WomansInvestClub.com or if that's wrong, Google Woman's Invest Club

That meeting is 6:30pm to 9:30pm, so we could meet at 9:30pm the bar, or some other time if all prefer.

Location is Sportsman's Lodge, which is 12825 Ventura Blvd., Studio City. ( Please look for the Sportsman's Lodge, and watch not to go to the Sportsman's Lodge Hotel, right next door, which often confuses folk. The correct place is very close to the corner of Coldwater Canyon Blvd and Ventura Blvd. )

I'm so looking forward to meeting as many of you as possible. This is great !

Joffrey

Great idea, and look forward to it. I'm in SF Valley/Porter Ranch area where @TevisV is, but I can raise money for enough gas to get anywhere in LA or Orange County. Tagging it to some other event or a stand alone - all good for me.

Do we need a secret handshake or should we all wear pocket protectors or something so we know who's part of the group?

Hans,

How are those 2 closings going? We're looking for that Florida report !

Joff