All Forum Posts by: Jonathan Kelly

@Nicole Heasley Beitenman  I have my license here in Ohio and I would suggest possibly taking one class at a time right now.  Sure it will cut into your savings a bit but the commission you earn on your first deal could potentially pay for the classes.  With classes and the test you're looking at about $1300-$1700 all in (depending on where your classes are).  Your license itself will run you about $1,200 (rough number) a year for all the insurance, dues and fees.  Plus if you're working during the day and plan on taking the classes, you'll have to do nights and weekends which could take a few months to get done. You need 130 classroom hours which isn't too much but when you do it 8 hours a week (M & W 5-9 pm for example) it can take 3 or 4 months to finish.  

I'd start out by taking 1 RE class which will only cost $250-$400 depending on where you take it and which class you take.  I think pushing out the purchase date on your new property a month or two (because of finances based on your saving numbers) but buying that property with your license yourself would be worth it.  There are 4 classes that need taken to obtain your RE license and you could take one a month and be done by then end of the year if you start in late august/early sept.  

If you do go this route I would suggest waiting until the new year to get license.  It doesn't make financial sense to get your license in Nov or Dec.  They pro rate some of your fees but not all of them, so there would be lots of fees and most likely no immediate benefit.  

If you don't work during the day or have the ability to take 3 weeks of vacation in a row (ya right lol), Hondros has an intense program and you could theoretically have your license in 1 month, obviously most people aren't able to miss that much work but it's another option.

Whatever you choose good luck!

@Nicole Heasley Beitenman That's great!

@Nicole Heasley Beitenman  Sorry Nicole I guess I was assuming that by renting out rooms you were doing so to people who were strangers.   When I rented out a room in a shared house I lived with 5 strangers over the course of a year.  Different people coming and going and everyone had a different idea of clean.  We shared the bathroom, kitchen, living room, dining room etc.  It was too much for me and I wanted out lol.  It sounds like your place is a little different. It's probably not a huge deal, just pointing it out.

@Nicole Heasley Beitenman One thing to consider is leaving your current living situation.  I'm not trying to scare you but renting out rooms with the landlord living in the residence is one thing, but you may find that you'll have to do a lot more babysitting if you aren't there.  Tenants will start to move out of their rooms and "claim" the living spaces, leave messes etc.  I know this because I lived in one of these houses and the landlord lived in California.  I could not wait for my year to be up so I could bolt...but maybe you don't mind the turn over?

As for which one you should go with, I would say that depends on which one fits your long term plan.  If one of those moves better serves your long term vision, I would say go with that one.

Hi @Nicole Heasley Beitenman welcome to BP from sunny Youngstown Ohio!

Hi Steve,

I'd love to grab lunch or coffee at some point.  Shoot me a message when you're in town and we can set something up

Welcome @Nick C.!

Hi @Steve Allen.  I'm a current investor in a nearby market, but a life long resident of the area.  What were you wanting to know?  I am also an agent (although I mainly use that for my own investment interests).

Hi @Brandon Smeltzer.  Right now, I am looking in Boardman, Poland and Canfield.  I've lived in the area for over 30 years and am very comfortable with them and currently live in Poland.  As of right now, I am not using a private lender.  I am still pretty early on in the game.  I want to  build a nice history before I start asking for money from elsewhere.  Partially because I think I'll be more likely to get it with a track record, but also so that I don't have that pressure on me of having other people's money and not crossing my t's and dotting my i's.  I want to learn on my own dime so that I can offer more value to investors in the future.  It helps that I'm an agent because I "get paid" for every house I buy and sell, so there is a 2-way discount and I can afford to go the traditional route...for now.