All Forum Posts by: Jon Deavers

I came across this video from the Greater Richmond Partnership (www.grpva.com) that does a great job showing off some of the reasons why the Richmond metro area is a great place to be. It does a really nice job of highlighting some beautiful historic neighborhoods in the city as well as many of the area's attractions.

I thought it was a great watch and wanted to share!

"Relocating to Greater Richmond, Virginia?"

Welcome to the site Brian!

Congrats James! I'm a newly minted agent myself and the feeling is a mix of accomplishment and anxiety as I start to implement a lead generation model. I would suggest interviewing multiple brokerages and keep in mind that you are the one evaluating the agency every bit as much as they are evaluating you (read: don't approach it as a job interview where the focus is on selling yourself to an employer). Also, if you're like me, my goal is to become an investor and not just a career agent, so the resources the brokerage can provide you in terms of education, training, mentorship, etc. are more important than a large commission split. The agency I signed with does not charge membership fees but operates on a performance based sliding commission split structure. There's lots of places to choose from so don't just settle on the first offer that comes along. Focus on the team that can best help you be successful on the path you choose. Best of luck and congrats again!

That's a great point on the banking thing! Didn't think about that. Here's another idea to gauge your timing on securing listings/buyers: If you attend a local REIA meeting, you could survey the crowd about how many agents attend their meetings and/or how many attendees are agents themselves. If there aren't any regulars, it's a safe bet you could build a good network of buying and selling investors.

Chris Lynch sounds like you're starting off right by jumping in the forums and asking questions. This site and (equally as important) the BP podcasts have been extremely educational for me. I'm not too far ahead of you. I started the same way in the same situation and also knew that taking some kind of action was the most important thing to start building momentum. I decided to go down the road of agent to help overcome a great recession credit score and a lack of start up capital. The lessons I've learned from taking the licensing class and the network I've started to build with the agency I joined are already moving me towards the goals I want to achieve (like was stated above, buy and hold "passive" income is my objective). The in-office email blasts of listings from fellow agents in the firm keeps me abreast of great investment property listings even before they hit the MLS. A couple of cautionary notes about the agent track: 1) There is a significant startup cost associated with becoming a Realtor. In Virginia the total for pre-licensing classes, licensing exams, E&O insurance, Realtor association fees, etc. comes to roughly $2,000. A great investment, imo, and one I funded through a method not often mentioned; a loan against a whole life insurance policy I've held for a while. The balance is due whenever I have the means/inclination to repay it (although you will incur interest, so talk to your ins. agent). 2) Even if you plan to work in your off-time from your day job, it's still a full-time commitment. Nights, weekends, and other days off are mostly spent networking and trying to get off the ground. In the end, I've set out a plan for myself and feel good about attaining it. I hope this was helpful and best of luck choosing the right path for you! -Jon

Hi Johnny. I have the Keller Agent book next on my reading list too. I have read his other famous title Millionaire Real Estate Investor and can safely recommend both based on the principals in both. I just signed with a local broker (passed the test and did the paperwork, woohoo! Just waiting for the license to post) and am excited to get started. My agency strongly recommends the Buffini approach, but i have no personal experience with his material yet. I would say that the best thing to do is sign up for the agency pre-licensing course in your area and make sure to take it in person in a classroom setting. The info is the same as online, but what was very valuable to me was having multiple brokers come throughout the course and discuss their firms ( they also brought food!). This allows you to get a good feel for how local brokerages operate, the type of business the focus on, and the type of agents they're looking for. If you have an idea of the clientele you hope to develop, this will help guide you towards the best firm for your plan. The most important part of choosing a firm to hang your license with is finding a firm that has the mentoring/coaching/educational resources that best support your gameplan. Hope this is helpful and best of luck on your progress!

Double check the underlying assets the REIT owns. They will either be actual real estate or could be mortgage notes. The latter can produce very high p/e but tend to be unstable at best. For long term strategy i would suggest finding a trust that manages a sector that you're comfortable with (NNN leasing, health care facilities, large residential complexes, etc.) but if you are just looking to do a little gambling, a mortgage based REIT can provide insane div yields, for a while at least.

About to wrap up "Art of the Deal" by Trump and getting ready to start reading "Investing in REIT's" by Ralph Block. The latter was a choice inspired by advice in Mary Buffett's "Buffettology" about getting specialized and fully understanding the business you're investing in.

That makes sense. Was worth a try! Thanks Bill!

Welcome to the boards Harrison! Best of luck.