All Forum Posts by: Kim Vandermark

@John Cimino-Thank you!

Hey @Jesse Conners! Good for you for seeking knowledge to find a better future! Being an owner-occupant as suggested by @Account Closed is a great idea! Talk to your local bank or perhaps get a referral from someone you trust for a good mortgage broker. I believe FHA loans allow you to put just 3.5% down as long as you live in the property for a minimum of 12 months. 2-4 unit properties fall under the same guidelines as single family homes, so purchasing a MFH would allow you to get rent from the other units, live for free (ideally) and make some profit. Minimally you would save on paying rent and can put that money into your next deal. If I was starting out, I would find a new MFH to buy every 18 months or so and take advantage of the loans available to owner-occupants to acquire many properties while stashing away cash to use on bigger deals. There are loans available for properties that are in more rural areas and those that need rehabbing where you can borrow the repair costs, too. Best of luck to you!

Welcome @Mike DeLeo! Congratulations on your recent graduation and for finding BP! Sounds like you are on the right track to building a successful life! 

@Account Closed-Congratulations!!

@Brian P.-Thanks. Sometimes it really comes down to "just do it"! Thanks for your experienced opinion. 

@Aaron Montague-thank you!

@Greg H.-thank you for your sharing your experience and opinion!

@Steve Vaughan-Thanks for sharing your thoughts and experience. Do you think that if you had pursued your license and then got your broker's license, it might have been beneficial? I see the salesperson license as a means to an end-definitely don't want to work for someone else for long! 

@Jedd Braunwarth- I totally relate to what you said about pursuing this if for no other reason than to stop asking the question! Thanks for sharing your opinion! 

@Fausto Carosella-Hey, congratulations on getting your license! Investing is my primary goal, too, and I think that immersing myself in real estate, meeting others who are passionate about real estate and especially other investors will be a good thing. Good luck to you!

Hi all! Looking for opinions about the pros and cons of becoming a licensed realtor... 

I listened to the amazing podcast with Jay Papason and he shared some benefits of being a real estate broker (along with so much other great information!) I have been thinking about getting my license, partly because I love to learn and seek knowledge of all things real estate and partly because I think it will help me as I build my portfolio. @Brandon Turner has spoken often of starting the process of getting his license but not continuing and others in this community have shared both positive and negative comments without any real reasons, so I'm looking for opinions and the reasons that support your thinking. Thanks!

@Jeff S.-thanks for your input! 

@Adrian Smude-thanks for sharing this information with me! 

Great topic! We met with a lawyer to discuss whether we should form an LLC now (haven't purchased our first rental yet) or wait, and the lawyer strongly advised us to form now. Of course his fee was greater than $1000.00 to draw up the paperwork and the additional fees would be another $1000, so not sure that his opinion is unbiased. Anxious to hear the outcome of your meetings, @Pancham G. and @Adrian Smude