All Forum Posts by: John Myers

Deals that meet the 1% rule are hard to find in Albuquerque NM.  

The 1% rule is just a guide, not a determining factor.  What is the monthly cash flow, cash-on-cash return, return on investment, and internal rate of return?  Calculate these numbers and the decision will become more clear.  I agree that $750 per month for taxes seems high, that is way high for our market, I am not familiar with Ohio property taxes.  Maintenance and capital expenses on these old homes can get expensive. You need a good handle on the big dollar costs such as electrical mechanical and structural.  Understanding who pays utility bills is important to understand.

You need to look at your written agreement with your broker.  Did they split the commission according to the written document?  If you don't have a written agreement, you need one.

If they did not split the commission properly, then you can file a complaint with the real estate commission.  This will be much cheaper than hiring an attorney.  This is a nuclear option and you will need to find a new brokerage to work for. if you chose this option.  

However, sounds like you might need to find a new brokerage if you are working for a broker that is not adhering to written agreements!

I am a Qualifying Broker in New Mexico

Good luck

Great post

Sorry to hear about your bad experience.  You will learn a lot from your experience.  I think many readers can also learn from your experience.  Good luck in whatever decision you make.

Keep in mind that most of the headlines and stories are "trying to predict the future". Nobody is very good at predicting the future.

I don't give much credence to those trying to predict the future. I focus more on articles that provide information about what happened recently. I take that information and make my own decisions. Look at the numbers when it comes to any deal you are considering. If the numbers meet your criteria, then the deal is good. If you don't have criteria, then you need to establish criteria for your situation!

Every article (and the company behind the article) you read has some type of agenda, ie, more clicks, politics, MAKE MONEY. I don't trust any one article I read, hear on the radio, or watch on TV. EVERY company providing news has an agenda. Verify everything.

Another option is to ignore most of the BS that is put out by corporate media.

I started my real estate career in 2010 when all the "experts in corporte media" said real estate and housing was dead. They were all wrong, worked out great for me.

Real estate investing is not a get rich quick scheme, it is a long game!

Try to think logically. Ask critical questions when someone is trying to sell their agenda.

Pick a strategy, analyze each deal, make sure they meet your criteria, make your decision on each property.   Don't worry about the noise in the background.  You must take action when the right deal comes along.

Here is one thing I learned in life. I wish I had fully understood this earlier in my life. Everything is cyclical, everything goes up for a while, then everything goes down for a while, and the cycle repeats itself.  This applies to interest rates, housing prices, stock prices, and more.

Another fact is that the economy will slow down when interest rates are increasing, the economy will expand when interest rates are declining.

@Jarrod Hannon

Congratulations on starting your own business.  Soooooo many opportunities for business owners in the trades.

Here are some ideas outside of the forums.

I suggest creating a Google Business Profile page.  You can create the page yourself or hire someone to do it for you.  There is no on going cost for the page and if done correctly can drive business your way.  Google "electrical contractor in your city Minnesota".  There will be a group of three electrical contractors, this is called the three pack.  This is where you want to be to get busisness.

You might want to create several ads on Craigslist and see how that works for you.  Make sure you use the proper keywords for your business.  Again it costs you nothing.  If it works great, if not you just spent some of your time.

There is no silver bullet to get more business when it comes to advertising.  Beware, there are plenty of entities that will promise you the world and have very little if any success.

Good Luck!

Hello @Connor Campbell

Making money part time as a real estate agent is tough and as mentioned by @Martin Smith, the cost to be a real estate agent are expensive, and you have the same expense every year.  The continuing education in NM is takes a fair amount of time and money.  There are many ways to make money as a side hustle.

In order to make money for a down payment, I recommend looking at your existing job.  Is there opportunity for overtime? Promotion? Other stuff?  If no, there are plenty of jobs for anyone that wants to work.  Find opportunites that will provide guaranteed income.  Real Estate agents are guaranteed nothing in terms of pay.  Most real estate agents don't make it 5 years, and many don't make it one year.

I am an agent and an investor and find properties for myself to invest.  However, I had cash to invest when I got my license.

There are some great recommendations on this thread.

You should get at least 3 estimates from contractors as you cannot get a good estimate here.  Full remodel means a lot of diferent things to different people.  

As many have said, Zillow is all you really need.  I don't like Craigslist as I get too many scammers.  This is a difficult time of year due to the holidays.  If it is on the market for more than 2 weeks in our market, it is over priced.