All Forum Posts by: Marlon Thomas

Hello BP family!

Here’s a brief introduction of myself:

I am 21 years old and I am over halfway done with my real estate schooling to earn my RE license. I am planning on become a realtor for Keller Williams of Williamsburg and I am also in the process of selecting a mentor from that particular office. I have set an array of short-term and long-term goals for the span of my career as a realtor and investor. One of them is to own my own brokerage one day that provides a broad range of services. (e.g. property management, mortgage brokering, RE consulting etc.)

Even though I am a long ways a away from starting such a venture, I was wondering if a RE brokerage is, or, can be a good/profitable business to start given the fact that it may have other services to provide which increases cash flow and hopefully profitability. I am not putting the cart before the horse here, I am just curious as this is my one of my ultimate long-term goals in the industry. I am also curious to hear about the profitability difference between full-service and limited-service brokerages.

I hope I am not giving anyone the wrong notion here! I know every business is ran differently than others that are in the same industry or locations, so there’s probably no standard margin or numbers. (That’s just my hypothesis.) Once again, I am just curious and would like to hear from those that are and have been entrepreneurs, affiliates, or knowledgeable about this particular topic.  

Hello BP, I am currently in the process of earning my RE license and I was wondering if my home town Williamsburg would be a good place to invest in RE. I’m looking forward to gaining more knowledge. Thanks!

Hi BP, I am 21 years old and located in Williamsburg Virginia. I am in the process of getting my real estate license and Iaspire to become a broker and possibly start my own brokerage someday. However, although I am interested in the sales side of the business, I am also highly interesting in RE development. I would say the seven cities of Hampton Roads are not major metropolitan areas so it is a smaller market that will always have demand since we have a strong military presence with our multiple bases, major shipyards and other major employers.

As an investor I would like to start out doing fix and flips just to get my feet wet with risk, building a team, raising financing etc. Then hopefully move on to commercial renovations and finally, ground up development. A developer in Hampton Roads by the name of John H. Peterson Jr of Terry Peterson Companies started out in the industry as an an agent and is now one of the leading developers in the region. So I know it’s possible, but I would like to hear your thoughts and advice. I also am aware that mentorship and  establishing connections/relationships are very vital for my plans if they are feasible. Thanks in advance!

Hello BP, I am wondering, what affective methods of studying did you guys use in order to pass your RE exam. I am having the hardest time absorbing the info and passing the test, but I am very determined. Please give me some insight. Thanks in advance!

 I have never done development before. Its something I am considering later on in my RE career. I would specifically only want to have single family/townhomes and apartments built. What does the Williamsburg RE market look like now?

Hello and good morning Biggerpockets users, I am located in the Hampton Roads region of Virginia, specifically Williamsburg. I was wondering if it was possible to become a successful real estate developer in smaller markets like mine and the surrounding areas versus being in a major metropolitan city. Developing multifamily, townhomes, and single family homes are the most ideal. Please let me know of your thoughts!

 That's interesting. I am considering on moving to Miami in the next 2-3 years or so (not sure how the market will be then) but I look forward to possibly continuing my real estate career there! I see that you're also a mentor, maybe I should stay in touch with you because a will defiantly need a good mentor in regards to learning how to flip homes in regards to living in Miami. 

Hello everyone! I am currently not living in Miami but I enjoy keeping up with the market trends and conditions.

I am curious if there are still profitable deals to be made in regards to fix and flips with home values being so high. 

is the best way to find a good deal through a wholesaler/off MLS? Or look for foreclosed-bank owned properties?

thank you!

 Thank you for the advice Etienne. I also appreciate the add!

 Thanks for your response. I have been considering on making the move to either Southern California or South Florida in the next few years as an agent. Since you’re an agent yourself, what is your advice for success to a newbie agent entering the LA market? Is it a good place to be an agent or broker?