All Forum Posts by: Kevin Stein

Welcome Chad,

We have a pretty good/active Real Estate Investor Association in Appleton:

https://www.appletonreia.com/Default.aspx

And I've heard good things about the apartment association as well (although I haven't attended yet):

http://fvaa.info/

I'd start there.  Lots of great info and a good place to meet up with others in the biz.  And if you happen to need the services of a Realtor to look at investments or run comps, look up my contact info on my profile page.  Good luck!

Welcome Nate,

I second the suggestion to check out the Appleton REIA. We just had a meeting last night, but next month is the holiday meeting. It's free to attend and a lot of fun. Check it out:

https://www.appletonreia.com/

Hi @Account Closed, welcome. We have a nice REIA in the Appleton area:

https://www.appletonreia.com/

I'd suggest checking it out to meet other local investors and continue your education.  If you jump on the website I think you can come to your first meeting for free.  Hope you see you there sometime :-)

Hello everyone,

As of the first of the year I became a licensed agent in Wisconsin.  I'm just getting that business up and running (5 transactions closed so far) but I also wanted to start wholesaling.  I'm looking for advice from other agents that wholesale:

1. Does my direct mail marketing have to disclose that I'm an agent?  I understand that on the phone and in person I need to disclose this...I'm asking specifically about mailings.
2. If so, do I actually have to put my name/agency on the direct mail...or just that I'm an agent?
3. Non-licensed folks aren't required to use the state approved Offer to Purchase.  They typically use a shorter document (in WI it's currently 9 pages long).  Do you see using the state approved offer form as a problem?  Should I have the paperwork completed by my wife instead so we don't have to use the state forms?
4. Any other conflicts or watch-outs I should be aware of?

Thanks for any input!

Hi Dan, welcome. There are more investors in the Fox Valley than you might imagine. I highly recommend checking out the Appleton REIA club. It's a good group and you can attend the first time for free.

http://www.appletonreia.com/

Maybe we'll see you there sometime :-)

Hi Scott,

Not a direct answer to your question but I use podio to manage my prospective tenant inquiries. 

https://podio.com/.

If you're not familiar podio is a CRM database that lets you store lots of different data.  Many wholesalers use it for their business as well.  I've found it invaluable in tracking all the people who call, set showings, no show for showing, etc.  Without it I had a hard time keeping track of who was who and which tenants I liked or had strikes against them.

I give everyone an application along with my rental requirements.  If they want to apply I send them a link to the online credit check and screening service I use. 

https://www.tenantverification.com/. 

From there they have to pay online to have their background check.  I always let them know that multiple people may be applying and I will select the best one.  However if I have an acceptable option I stop allowing more people to apply or have the background check because I don't want them to waste their money.  Last time I had to turn a unit I showed the unit for a week, screened for a week, and then made my decision.

NOTE: all of this is only my personal experience with a duplex.  Not sure how a system like this would scale with dozens/hundreds of doors.

@Marcus Auerbach  The Pearson Vue test questions are pretty similar to the WRA questions.  If you get good scores on the WRA tests you should be in pretty good shape.  Unfortunately the test is pass/fail so I don't know if I barely passed or aced the thing.

Little tip...each test question has supporting documents (i.e. if it is referring to the WB-11 it will allow you to pull up a copy of the WB-11).  However some questions can be answered by viewing other forms that may not be included in that question.  So mark the question and pull up another question that includes that document you need to look at...then go back and answer your question ;-)

Hi Brad,

I just recently took the classes and got my license in WI (December 2015).  I also remember being confused by the entire process.

First thing I would suggest is to determine if you can take a full week to sit on the live classes.  If so, I believe this is the way to go.  If you have a brokerage in mind speak with them and they will likely have classes in house or will have recommendations.  And they may even offer discounts.

However, if you are like me and work a full time job (i.e. can't take a week off for classes) then you will have to do something self paced/online.  Again, there are lots of options out there but I used the WRA.org site you linked to.  I did the "On-Demand" option.  This worked pretty well for me as it is all video based online and has all the supporting documentation available for download.  The learning portal could probably be a little nicer, and the videos seem to be a little dated (although I'm sure the information is all still accurate) but overall I was satisfied.

In terms of taking the exam, you first have to complete the training (in person or through one of the websites).  Then you get a certificate that proves your completion.  You take the certificate (and some other information) and sign up for the exam through Pearson Vue https://home.pearsonvue.com/.

I will say that Pearson Vue has some of the worst customer service I have ever encountered.  The website is difficult, their training options/practice tests are not great, and the actual testing environment was pretty unaccommodating (look them up online and you will find lots of people with complaints).  Do not waste your money on any of their practice tests online...the WRA tests are better (and included in your initial cost if you do the On Demand option).

Anyway, with all that said here are my recommendations.

1. Select your brokerage first...they will be able to guide you through the training and testing.

2. If you do the self paced/online option, make sure you finish it quickly.  I ended up having to go back through the first few chapters because too much time had passed from when I started until I completed that I forgot some stuff.

3. Try to interact with the Pearson Vue folks as little as possible.  Just book your exam, call to confirm your spot, and then show up and take the test.  Dealing with them anymore than that will cause hair loss, heartburn, and high blood pressure :-)

Good luck and feel free to reach out if you have additional questions!

Hello BP,

I wanted to reintroduce myself.  I've been on BP since 2014 and own a duplex that I've rent out since 2007.  Most recently I gained my real estate license.

I hear ya, I'm doing real estate on the side while maintaining my full time job as well.  That's why I mentioned maybe having a BP meetup.  Weekends work for me as well.  We'll see if there is any other interest on the board and maybe we can set something up.