All Forum Posts by: Mauricio Rezende

Hi BP family! I'm looking for a General contractor for a client. We're closing on a house on Monday and they may want to demo it and bring in a ready made mobile home on the lot. Who do you recommend to pull permits from the city and make sure all the utility lines are put in properly? Also the home was built in 1910 and is zoned for general commercial C-2, so does that mean we wouldn't be able to put in a mobile home? If so can we only rehab the current home? My client is fine with either option but don't want to demo the house if we'd be obligated to only build a business and not a residential home. Thanks!

Is this for your realtor license? You don't need one to invest but if you decide to get one I would recommend finding your local real estate Meetup and seeing if there are any investor friendly brokerages there. Usually if they're involved with an REI club they have the same mindset and often can help with the learning curve.

Hey Dante, full disclosure I have not yet invested in any properties so take anything I say with a grain (or more) of salt lol. I'd say it depends really on your objectives with investing. As long as you're running your numbers properly and they make sense any investment can be good.

I believe typically with condos they're usually in an HOA so you'll really want to dig into all the different rules the HOA has when it comes to renting. Another important thing to note with any HOA is the board can change very quickly and if a new power hungry member decides they are tired of long distance owners renting out their community, well they could change that and really mess your cash flow up. That's not to say condos aren't a good investment, I wish I could remember which podcast episode there was someone who basically only invested in condos quite successfully, maybe someone reading this will help me out.

Anyway, do your due diligence and good luck with your hunting. Hopefully someone with more experience chimes in soon. 

Thank you @Alina Trigub, so it's safe to assume that it's not just enough to find the deal but you have to be willing to add something to sweeten it up a bit?

Question: I have yet to do my first deal as an investor and would like to buy a single or multifamily unit that has some value-add so once the property is rehabbed I can cash out refinance. I'm also a licensed realtor and have started to attend CFRI meetings. Ideally I'd like to partner up with someone that has experience with flips or rehabbing properties and use a hard money lender to fund the deal. My question is, are my expectations too high for someone with no investor experience other than running numbers on properties or is there a way I haven't thought about yet that I could add more value to a partnership (doesn't have to be a 50/50 either). I'd love to hear experienced investor thoughts. As a side, I don't currently have any money of my own to contribute since I'm in the middle of planning a wedding and my credit score is around 678.

Just as an update, had my first closing on 12/19 as the listing agent and felt pretty good! Lots of learning throughout but I managed. Very exciting.

I agree with Tim 100%. I just got my realtor license but am keeping my full time job while I work it. I'm actually in a unique situation though where I'm kind of my boss so I have a lot of flexibility with my own schedule and I know most people probably don't have that. That doesn't mean you can't make it work though, definitely sit down with local brokers like Tim suggested and if you like to read and you haven't read "The Millionaire Real Estate Agent" by Gary Keller I would definitely pick that one up. Since you're probably going to be part time to begin with make sure your broker has plenty of hands on training and support they offer for newbies. Congratulations on doing something and getting the ball moving!

David Green (from the podcast) is also supposed to be writing a book for agents and he's a realtor for Keller Williams too. I just signed up as a KW agent this week and started reading The Millionaire Real Estate Agent that Nathan is recommending. It's the first book they give all thier agents.

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