All Forum Posts by: Melvy Concepcion

Hey @Melvy Concepcion

I'm not sure getting licensed should be at the forfront of your immediate goals. However, I do typically recommend investors get licensed if buying and selling via the MLS. Unless you have a vast network/sphere of influence to keep you afloat, making money being an agent can be really tough and you can literally go months without a paycheck.

If you want to be licensed and learn it while you have a W2 job that's different.   Then you can show income should you need to get a loan, finance anything etc. But as an agent, you are a contract employee so if you are trying to buy properties and can't show consistent income, you will only push your dreams further down the line. 

If you insist on going the path of becoming an agent, I would try to qualify for a loan (or find a creative way to finance) prior to leaving your current position. Maybe a DSCR loan would be a way to go for you to get started.

I'm in Orlando, reach out if I can be of any help. 

Best of luck

Hi Melvy! Great question. Congrats on all of your success in the real estate industry! It really depends on what your end goal is. You said you wanted to focus on real estate, but what facet of real estate? If it's investing, there are other ways to get involved in the real estate industry. I love being an agent and I work only with investors. I would do research about the process of getting licensed in your state and what costs are entailed, then see how you feel! Really, any facet of real estate has its perks, it's just what you feel interested in and what your end goal is! I hope this helps. :)

Its all about your network and knowledge, I got one last month all in 60k, value 125kishk rents 13- 1400 

Hey Todd I own a STR PM Company based in Tampa with about 60 units currently and growing quick. Feel free to connect and shoot me a message with any questions

I am personally buying and holding, buying real estate at a 50% discount and holding until we see another market like April 

@David Gauger one challenge with a rent estimator like air dna is that their data is often based on bookings/vacancies that occurred months ago, and the market today is COMPLETELY different than it was several months ago.

Specifically, there has been recent data showing that the STR market is completely over-saturated with supply, and most indicators show that we're in recession--which means that demand will likely decrease substantially (or is already decreasing)...it sounds like a perfect storm of excess supply and diminishing demand. This is particularly true for tourism-dependent STRs (tourism-dependent markets tend to get hit hardest in recession, because recreational travel is often the first thing people cut from their budget in a tough economy).

To make things even more complicated, Air Bnb recently changed their platform significantly to focus on A+ top-end, highly unique properties (think: luxury waterfront treehouses). These types of listings are now getting promoted more, while more average listings (like a regular house or condo) are getting pushed down in search results.

(These issues have been discussed on a variety of recent BP podcasts, and probably also in the forums if you want to read up).

So, to answer your question: even if air dna was accurate several months ago, it might not be accurate today, because the market is shifting so quickly and their data might be based on market dynamics that don't exist anymore. Because of all this, if I were looking at STRs, I'd be extremely conservative with STR financial models right now--for instance, I'd want to include worst-case scenarios (like unprecedented vacancy) in my model, and I'd want to have multiple viable exit strategies on the table.

Good luck out there!