All Forum Posts by: Jossalyn Wallace

I was a licensed realtor first and then got into investing. What I can say is that investing would be a bit harder for me if I didn't have my license. I have access to the MLS to see listings right away and can accurately run comparatives and look at all data myself. Also when I sell something I just pay buyers agent commission so saves me some there.

Cost depends on the state. I was licensed in NC where it was quite a bit more then FL. I think either way if you're doing 2+ investments a year, it's worth it. 

Depends on the state. I know in NY they generally charge a months worth of rent. Here in FL its next to nothing. 

Wish I was a bit closer! 

It can be an issue if you go to sell the property and want to count the space in the square footage or as a "second kitchen" or something like that. I would call the county and see what the process is considering it's already built out. It can be a pain to get permitting on things that are already complete. If you're renting it, it's likely a tenant isn't going to care if you permitted it or not. 

I am a newbie as well! Just got my second deal under contract and I have to say the hardest part is just doing it! I am a realtor so know my area and can run numbers no problem but I would definitely start with a good agent in your area, someone who may be able to offer you off market deals as well as these tend to offer larger margins. 

I also partnered up with someone one on my deals and we are splitting everything 50/50 which makes me feel a little better about the risk. Our first deal propelled us and we were able to use the cash instead of our own money to do this second one and we are working on growing our account to a certain number. Once we are there we will start holding. Key is to get around the right people, run numbers again and again so you can recognize a good deal and to trust yourself to take the leap. YOU GOT THIS!!

How much did you put into the rehab and what is your left on your note? 

A heloc or cash out refi can be great if you're holding but remember it may change your qualifying power to purchase something else. In this case I would compare what I could purchase with the profits vs what holding onto this would like like financially. Could you purchase more homes or multifamily if you sold, in a higher appreciation area and make the same on rents? Jacksonville is a great market so I would try and capitalize on it as much as you can. 

Analyze lots of deals. I would also find a few groups or maybe a mentor who is fluent in what you are trying to do. We get a ton of good information and network with great people at our local REI meetups. The more familiar you get with the market and numbers the more confident you will be in your deals.

If the homes are under a business, you may be able to obtain a line of credit that way. Or as Dan and Matt said, reach out to a few lenders to chat and see what your options are. You could also consider taking on a partner who has some equity if you didn't want to go to credit or the bank. 

Hey Elizabeth, 

Anyone can sell a house! But if you are looking for access to the MLS specifically you will have to have an active license, join a firm and they will help you get set up with the local realtor association.

However if you are not looking to be able to place listings in MLS you can have photos taken and create a profile on sites such as Zillow, etc to post them. Depending on your state law you may need to disclose that you are a licensed realtor to potential buyers.

Hey Lindsey! I live in Destin and have a great contractor. He did my first remodel for me and is about to start a second. His name is Jimmy and his number is 850.585.5064. If he doesn't answer feel free to leave a message or shoot him a text. You can tell him I passed his info to you. Good luck with the renovations! Let me know if you need any other resources.