All Forum Posts by: Jordan Schneider

Hello BP,

Was hoping to hear from some realtors in the community to see how you all go about finding new customers/clients who flip homes to work with.

I would also enjoy hearing from some investors who work with agents to get some ideas specifically from them as to what they look for in an agent.

Thanks in advance.

Hi Danielle, there are several REI groups on Long Island to join. If you search for them you'll find them pretty easily. Here is one www.lireia.com.  

Also you can find a wealth of information on this site from people both local and on the other side of the country.  You can search topics that can give pretty amazing answers to questions you may have and if you cant find the answer your looking for.

Hey Joe, 

Congrats on your first investment purchase!  Great pictures will definitely help with the listing and try renewing the listing on CL so you pop back up to the top of the page.  

How long have you been trying to rent out the property?  Have you considered the rent may be to high?  I don't know your market, what rent goes there or what your looking to get but it may be worth it in the long run to make $100 less per month than have it sit vacant while your paying taxes, insurance etc.  

Just out of curiosity, you mentioned paying the realtor fee.  In Texas who pays the broker fee, the tenant, or the landlord?  In NY the tenant pays it.  Also regardless of who is responsible I know when I work with renters my agency uses a company that runs perspective tenants background, credit, income and all that stuff to verify whether or not the potential renter is worth signing a lease with.

Luca and Bradley both make good points. The way I see it, if you sell the house and pay off all debts then you have little to no money left to invest with. As long as your not behind on you payments than continue paying it off monthly and if you have a few extra bucks here and there make an extra payment when you can. Have you heard of the BRRR strategy that is mentioned quite often in the BP community. If you hold the property, rent it and refinance you can do the same thing over and over and will eventually generate enough passive income from the rentals to pay off your loans early and still have the continuing stream of passive income.

At the end of the day though you have to do what you think is going to be best for you.

Linda is right that you should definitely look into a REI in your area but you may also want to speak to a mortgage person in your area who knows about loans specifically geared towards veterans. I know that there are loan types that require very little or nothing down at all and that could be a big plus when buying SFH or MFH to rent out. Best of luck.

Welcome to Bigger Pockets!  This is a great place to be and will also be a great resource in additions to the Podcasts

@Account Closed, Thanks for the input.

Greetings BP Community,

I live on Long Island and am a licensed RE Agent in New York however I want to get my Kentucky real estate license as well. 

I have a family member who does live in KY and buys and sells a lot of property and wants me to act as the agent, prepare CMA's and find deals (since that is what I do in NY).

Does anyone on here know if I need to live or have a residence in KY to be licensed there?

Hey @Naeem Kapasi, and an early congrats on getting your RE license. Being that you are already an investor you already have knowledge of the real estate market and how the industry works you are already ahead of the curve compared to many agents when they started. Are you going to be flipping homes? If so, some things that you should look into when selecting a brokerage are agencies that have an REO department. That way you can focus on finding deals a bit easier by having the bank connection already, and on top of that you can also rely on their experience and knowledge to write a solid offer. On the flip side when the house is ready for a flip, there will be other agents who are more seasoned working with end users, holding open houses and so on.

Another thing to keep in mind, and this is what I looked into when I joined an agency (before I knew about bigger pockets) is to not focus so much on the commission split at first. If you want to learn more about real estate and becoming an agent look for a broker who is going to train you and build more upon the knowledge you already have.  Once you have the know how and once you start bringing in the deals you can renegotiate the % split of your commission.  

You should also look into,

Who do you turn to when you have a question.

How that agency does compared to other offices in the area.

The lead generation the company provides and how they get split among agents.

What the costs are associated with that company hanging you license.

Does the office feel right for you.

There are many other things to factor in when selecting an agency.  When I was still in RE School I ordered Success as a Real Estate Agent for Dummies and there were a lot of useful tips in there.

Best of luck!

@Francene Iaizzo your not talking about one on 655 Rt Of Way Walk are you?  Place looks sweet and I am with you that it would be awesome to have a place there!