All Forum Posts by: Matt Whitney

Hello BP Community!

I currently live in Chicago but I am moving to Miami in May of 2022. I'm in the process of studying for the Florida real estate exam and I plan on taking it sometime before then. 

I have a full-time job that's fortunately remote, but I'd like to get involved in real estate on a part-time basis to begin.I really just want access to the MLS. What're some best practices when looking for a sponsoring broker or at least one that will "supervise" me at the start? Do brokers hire part-time sales associates? If so, do they charge a 'desk fee', and how much is that typically on average?

On a side note, one of my best friends who lives in NYC is looking to purchase a few single-family homes in the Miami area as investments. He bought one earlier this year and the broker made roughly $40k from the transaction. He told me if I can get my FL license and gain access to the MLS, he'd bring me on as his agent and I could make more from his transactions than from my W2 job in 2022. It's worth noting, this individual is practically family to me, and I fully trust him.

How should I go about looking for a broker? Should I tell them I already have a qualified buyer? What are the expectations for part-time sales associates at brokerages? I'm new to this whole process and any advice or guidance would be much appreciated. 

Thank you!

Matt

Just to provide an update on this thread...my dad found a few landscaping and construction projects that he's currently working on. He's been able to generate enough cash apparently to keep him afloat for a little bit longer. He says there's tons of demand in the Keys for handyman projects and he's currently building a deck for someone.

My dad and I have never had the best relationship so when I call and share with him possible real estate strategies, sometimes he doesn't take it the right way. Saying that he's stubborn would be an understatement. For example, in my dad's backyard, he has a boat lift that's empty because he doesn't have a boat. I told him he could rent out the boat lift for extra cash and he responded he doesn't want random people, walking through his backyard. I really don't know what to do at this point aside from call and offer ideas.

Thank you to all! I really appreciate you spending time to respond.

I think the biggest issue is my dad getting a job so he can at least have some income and be able to refinance. From what he's told me, banks cant aren't that flexible when you're unemployed.The house is almost a 2nd thought but also a big issue obviously. I forgot to mention that he tried getting his real estate license but failed the test 3 times which I found out from my sister in a later conversation. I wish getting back on his feet was as easy as that, but at his age, with the ****** economy and job market, it's not looking promising. 

I'm under the impression he's not going to find work there and he's going to have to move somewhere cheaper.. I just don't know what type of work he will find, and frankly, I don't think he does either. 

My plan right now is to organize my thoughts, get all the options listed out, and have a call with him. 

-I really like the idea of a cosigner, it's definitely worth looking into. I think if they can get the payments down from 3k, it would reduce their overall stress levels, like the idea of Airbnb too, any income can help at the moment. He's a really good handyman and can build anything, I will absolutely bring that up 

So my dad is currently 55 years old and has been unemployed for the past 8 months. He's been in the hotel industry his whole life but was let go from his job back in May and is struggling both financially and mentally as a result.

The problem is just like everyone else in his position, he wasn't prepared. He currently lives in the Florida Keys and the mortgage to his home is roughly $3000 a month (from what he told me). This is a lot of money for him and he can't pay it all. As a result, my stepmom is working 7 days a week to be able to help him keep up. As a result, this is putting immense stress on her and the overall relationship.I called my dad the other day asking about what his plans were for the holidays and he told me he was depressed. Not what you want to hear from your dad.

I know my dad is a grown man and can figure stuff out on his how, but he's not business or financially savvy enough to do some creative real estate deal, especially now that his head isn't in the right place. This home is really the only asset he has and would do whatever it takes to stay there. (Probably not possible IMO)

I was hoping that the BP community could offer some advice for my dad. The home is worth close to $800k, he has $325k left on the mortgage and can't refinance because he's unemployed. I want to say there are roughly 20 years left on the mortgage (If I could guess). Putting the home in my steps mom's name isn't an option.

I'm starting to get into real estate myself so I don't know what other options he has other than sell the property. Are there other financing options where he could sell the home to someone and receive a check every month and stay in the home? 

In terms of job prospects, things are grim due to his age and job market overall. Did I mention, he sued the company for firing him due to age discrimination? fun stuff 

I would be super appreciative of any guidance on this matter. Thank you in advance 

You know what's also speculation? Fiat currencies. The US dollar loses purchasing power each year because the Federal Reserve prints money out of thin air. Not to mention, with quantitative easing & the fed lowering interest rates, they're trillions of negative-yielding bonds worldwide as a result. Why would institutions keep their clients money in negative yield assets, when they could dip their toes in bitcoin? Only a 1% allocation from Wall Street would cause a mania unlike you've ever seen before. 

The market cap of bitcoin is roughly $400 billion, the market cap of gold is $10 trillion, more or less. Bitcoin is gold 2.0 and could easily do 5x in the next decade, conservatively. You can't manipulate bitcoin either because it's decentralized and they're difficulty adjustments built-in (hard to explain here but there's crazy game theory built into the algorithm. I would recommend reading into that if you're curious. 

You cant bring a million dollars worth of gold with you on an airline to another country, yet you can do bring a million dollars in bitcoin on a USB drive. Bitcoin is a store of value and safe-haven asset that cannot be manipulated. Real estate, gold bitcoin are all great investments in my opinion. My personal strategy is to dollar cost average into it every week with small amounts, which helps reduce the volatility risk. I'm up 173% this year 

I'd be more than happy to address any concerns you have about bitcoin or share any resources!

Matt

@Jon Schoeller do you have any tips on networking when moving to a new city? How'd you find your current partners? Thanks in advance for any insight you can provide!