All Forum Posts by: Phil B.

@Anthony Joseph Do LOTS of sample questions. Once you’re getting 80% or better on the practice tests, you’re ready. Real Estate Exam For Dimmies app helped me a lot too. They have lots of questions and vocabulary.

@Brandon Xiong just work backwards.

Asking $100k

Comps for ARV justify $145k

YOUR rehab estimate: $45k

YOUR profit needed (30% ARV): $43,500

$145 ARV - $45 rehab - $43.5 profit = $56,500 offer price.

@Jake Lord is your contract assignable? If so, you can try to flip the contract (like a wholesaler) to another flipper but you’d have to work quickly.

Are you beyond all contingencies in the contract at this point?

I'm not sure.  It's a very new scam.  I am a new licensee so I guess I was one of the first targets.

Here's the link from the real Florida Realtors about the scam.  They sent me a text message yesterday warning me of the scam:

http://www.floridarealtors.org/NewsAndEvents/artic... 

This is a copy of the email I got warning of the scam. A service for members of Florida Realtors Scam alert: Fake Realtor board targets Fla. members ORLANDO, Fla. - March 6, 2017 - The "Florida Board of Realtors" does not exist, but Florida Realtors members have been receiving a "Final Notice" bill from them in the mail, saying their real estate licenses are in jeopardy. Complaints have come into Florida Realtors from all parts of the state. "It's a scam," says Margy Grant, general counsel for Florida Realtors. "And it's not a simple scam. High-tech criminals put a great deal of work and planning into this." The form comes with a threat: "Failure to respond with your 2017 Agent Board Listing may lead to closure of board listing. Response required to be included in the Agency listing." The scam came to light over the past two days when agents, brokers and association executives started calling Florida Realtors. Many submitted copies of a letter that appears legitimate. The "Make check payable to:" address appears to be a post office in Deerfield Beach, Fla. The letter also includes a website, www.floridaboardofrealtors.org. The website not only appears legitimate, it's very professional. However, most of the links don't work. Blogs in their "archive" appear to stretch back a few years, for example, but no content comes up when you click. The same is true for many other links. "For now, members should ignore these demand letters, and we ask brokers and agents to spread this message to everyone working in the Florida real estate industry," says Grant. "Florida Realtors is still investigating and in contact with Florida authorities. It's now also in front of the Senior Assistant Attorney General in the Economic Crimes section in Florida Attorney General Pam Bondi's office. "Be vigilant. Be safe. And tell everyone you know," says Grant. "Criminals created a truly impressive fake website, sent a complex fake letter and successfully alarmed Realtors across the state." Sample letter received by Realtors in Florida:

Hey guys,

There's a scam going around where you get a real-looking piece of mail from the FL Board of Realtors saying your license is in jeopardy unless you pay $225.  Its very real looking.  I just got it in the mail today.  At the same time, I got a real email from FL Realtors saying it's a well though scam.  Please pass it along on social media and/or let your FL Realtor buddies know.  I think it's isolated to FL but not sure.  The mail piece I got looks exactly like the email photo attached here I got warning of the scam.

Hi Guys. Just curious if any newly minted FL realtors can answer how long did the actual test take you to complete and how ambiguous was it? I know you have 3 1/2 hours to complete the 100 questions. Did you need all 3 1/2 hours? I'm taking the exam Thursday morning. I already completed the course and course final. I studied my butt off but man there are a lot of bad, ambiguous questions in the material I'm studying. Thanks in advance!

Thanks guys! I was hoping that was the case. The Series 8 and 24 actually made the 7 look easy. The 55 was tough too. I got this! Thanks.

Hi Guys. Was wondering if anyone here ever took the Series 7 securities test as well as the FL real estate exam and was wondering which was harder? I had my 7 and a bunch of other securities licenses years ago and am now about 2 weeks away from my real estate license and was just wondering what to expect. The Series 7 was brutal. Any advice from anyone who recently took the FL real estate test? Thanks.

My first thought was to talk to a money manager or reputable financial advisor. You can get a hands off yield comparable to real estate with a balanced portfolio of equity, debt and real estate if the advisor knows what he's doing. Mix it up and don't keep all your eggs in one basket.