All Forum Posts by: Jorge Leon

Hi all. My family and I are looking to invest about 3-4 million dollars in rental properties. We are deciding between a couple 3-5 units in the city or several (cheaper) SFR in the suburbs and outskirts. I imagine the return is better for the cheaper properties as rents don't go below $1,000 in most places. What about from a tax and appreciation standpoint. What's the better investment? Would love to hear some opinions.

Hey everyone. I'm off market real estate investor, i buy homes for cheap, do some minor repairs and re sell them to contractors and other investors for a profit. Up to this point, I have been selling my investment properties for cash, these are under $50,000 homes and have been lucky enough to find buyers, sometimes quickly, others not so much. I am picking up pace and would like to offer financing for my buyers, this would help me sell the homes quicker as well as broaden my list of potential buyers.  Since I am not a realtor, where do I begin? I have been in contact with a local mortgage lender that is eager to work with me, my worry at this point is that most of the leads that I send his way are going to end up being wasted/switched onto other homes, since I only have a couple of houses for sale and dozens of people looking to finance. Am I wrong to assume these leads are worth money? what is the industry etiquette? can a mortgage lender "steal" leads? is it a smart move to connect the lender with all of my potential buyers at once or should I send him more if others fail to qualify? As you can probably tell I am pretty green with this aspect of the industry, any help or advice would be appreciated. 

Correction, the job is for loan originator and not loan processor, I just got approved for a job as a loan processor. I don't have a license but I will be studying and taking the NMLS test soon. I sell off market properties as a side gig and want to pursue a career in mortgage lending for two reasons, it's an industry that's is always employing (I live in chicago) and it would facilitate the selling of my properties, either by my ability to approve them for loans or through the network of people I hope to acquire. Half the people interested ask if I have an option to finance as I have only been selling them to people that have the full amount. The owner of the branch also sells off market property, he saw that I have some real estate experience and that I have a large network of people looking for a house (he says they are warm leads and the company does not provide leads, we have to acquire our own) all reasons he decided to give me a shot. The job is commission only (W2) and I get no hourly since I am not required to come to the office. Benefits include health, dental and 401k and says he would pay 1.25% of loan amount. I am brand new to the industry, I have only worked in sales, do these terms seem right? Just looking for general advice from those with experience. Also recommendations for books or programs to study for the test would be appreciated. 

Good morning everyone, I was trying to get some ideas about how to generate more leads for people selling their houses. We mostly buy in the southside of Chicago. Yard signs and craigslist is what I use now, TV commercials and other media outlets are too expensive for me. Would love to hear some other ideas.

@Chris T.

Thank you for your response, what would you estimate a fair flat fee to be for a property of this value? Where would I commence my search for an agent that works with flat fees?

Correction, it is a 6 million dollar property, not half a million.

Hello everyone, first post here. I currently work as an independant contractor selling houses for a person that buys and sells. I am not a realtor as I do not have a license. The reasons I am looking to acquire one are two fold. The first is because I'm interested in working for a Real Estate company in the future, but the more important and immediate reason is because my parents are looking to sell their half a million dollar property near Chicagoland, to keep the commission for myself? If I was to acquire my license would I be able to sell the property on my own or would I need a real estate office to sponsor me? If i had to be sponsored by a real estate company, what percentage commission would I be looking at? Am I able to post in the MLS without the sponsorship of a RE office? Just trying to get a feel about how feasible and practical this would be. Looking forward to your responses, have a nice day.