All Forum Posts by: Jared Yates

Hey Kyle, check out KREIA. Kentuckiana Real Estate Investors Association. Local group, meets a few times a month. Lots of great information and networking opportunities. Good Luck! :)

Glad I could be of assistance :)

If I read your post correctly, I'm lead to believe your primary income is going to be as a Real Estate Agent, and that's how I'm going to advise you. First of all, start arming yourself with knowledge (there are tons of great podcasts, books, and YouTube videos available) and work to pick a brokerage as quickly as possible. In fact, go ahead and have your brokerage picked before you even get your license. Most will be happy to let you start attending training and office events. 

When picking your brokerage, remember, the people you're talking to are typically trained salesmen and they will be able to make their brokerage sound great if you let them control the conversation. 

Specific questions that you can ask and compare among brokerages would be;
1) how many transactions are your typical first year agents involved in? (the industry average for an established agent is 16)
2) what does the first 90 days at your agency look like?
3) what is your turnover rate? (industry average is about 80% failure rate in the first 2 years, something like that)
4) What is my split? for example, my brokerage gets about 15K a year and then 5% of transactions
5) What kind of training or mentoring programs do you offer for new agents? (they range the gambit from no-training-sink-or-swim, all the way to We-will-drag-you-to-success if you show up. Don't forget you can start at a high cost brokerage with great training, get your feet on the ground, and then switch to a brokerage with better compensation!

Those are what I could think of all the top of my head. Talk to them about your real estate investment ideas. Some brokers love that stuff, some don't. You just have to find a broker that's going to be a good fit for you. 

I hope this helps you in your journey, feel free to reach out if you need anything!

@James Beam That's the book I used! I had my test proctored at University of Louisville, cost $25 and I'm not a student there. There are several sites availible, JCTC is also a good option. 

Hey James, 

I'm a real estate agent here in Louisville and was license earlier this year. I went through an online program based out of Florida, Cooke Real Estate School, because they were cheap and I could blow through the material at my own pace. They gave me the information I needed and helped me meet the requirements to take the state exam. When it came time to study for the test, I ordered a book off Amazon that is published by the company that proctors the KY state exam. Basically, the book walks you through passing the test and guarantees that you'll pass your first try if you do as they say. And that's how I got my license. 

That being said, to access MLS in Louisville Ky, you'll have to jump through some hoops. First, once licensed you have 60 days to affiliate with a broker (If you don't know who you want to affiliate with, immediately place your license in escrow. This stops the continuing education clock from starting to tick). If that broker is a member of GLAR, you'll also have to join GLAR. And that's how you'll get your access to the MLS and everything. If the broker is not a member, you won't have to join either. I don't know any brokers that aren't a member of GLAR, so I don't have anyone to recommend.

I'd like to make sure that you know that as a real estate agent, you'll be required to hold E&O (erros and omissions) insurance as well as pay fees to your broker (there are low to no cost brokerages available, but again, beyond my knowledge base), the state board, and probably GLAR. You also have to complete 48 hours of formal training to maintain your license within the first two years. KY also has a yearly license cycle, so you'll have to pay to keep your license every year.

I hope this answers your question! 

That's really cool! Who was your agent? We're in the same market

Good read man

Dude awesome job. Where about was the house located? 

Welcome to the fun. I'm in the same boat as you.Talk to people, ask questions,  and keep learning. 

Sounds like fun :-) I'm down