All Forum Posts by: Nicholas Hamblen

Thank you so much everyone in taking the time to reply to my post. There was so much great advice. I want to start taking more action with real estate, time slips by so fast. So this year I decided I was going to try and network with others who are interested in real estate, try and go to some events and get back into researching areas that I want to invest in. I have always tried to create ways I can be of value, and I have been think getting my license could help learn that side of the business and possibly lead to other avenues/benefits like you all mentioned.

Hi All,

I live in Michigan and I was wondering if there is any benefit in getting a real estate license as an investor? Also, do I have to work full time at an agency to get and maintain a license?

Thanks,

Nick

@Hans Suljic Indianapolis and Grand Rapids might be some good markets to look at. 

@Erica Du I am a newbie, I have only flipped 1 house. My advice would be, stay patient. You want to analyze the areas you are interested in investing in. Find a good team to work with. Learn how to analyze properties. This could take weeks, it could take longer. Dont be so cautious your afraid to start, but dont get to eager that you get in a bad position. Feel free to reach out if you need any advice.

Good Luck,

Nick

@Pooja Mathur I flipped 1 home in Indianapolis about 2 years ago. I am just getting back into the game, so haven't researched Indy much lately. The house I flipped is in Bates-Hendricks, that is a nice up and coming neighborhood. Other areas I looked at was Fountain Square, Butler-Tarkington, Meridian Kessler an Mapleton-Fall Creek. 

One thing I learned was 1 street could be great and the next street over would be horrible. If you have a chance to visit the area, I would recommend. There are many people that invest their on Bigger Pockets, so if visiting is not an option there advice will be crucial. Feel free to reach out if you have any questions.

Good Luck

Nick

@Jessica Dean I purchased and flipped 1 home in Indianapolis 2 years ago. I am just looking to get back into the game. I am still very amateur, however my answers to your questions are below. They relate to my experience as a newbie.

1. Trying to create a new place of income for my household. I overcame my fear by reading and being involved here with other investors.

2. My best advice is don't get desperate. I lost 3 grand by agreeing to a bad earnest money agreement. It saved me 10's of thousands of dollars in the long run, but try not to make that mistake. Always get inspections. Pay Roto Rooter and extra few hundred dollars to snake the pipes. Another piece of advice was getting Roto-Rooter to give me a 2nd opinion saved me 15 grand only costing me $600 dollars for a repair.

3. Must know is your cost you want to sell your property for. Dont get greedy. Thats what seperated me from breaking even on my first flip to not making 30K. I said whats the worst that could happen if I price it on the higher end. My worst case was about 20K in holding costs and a cooler market. Also, make sure you get a great real estate agent. Take your time to find the right team. It will pay off in the long run.

4. I learned about real estate much like you. Rich Dad Poor Dad and other books.
 In closing, I had a great experience flipping my first house. I learned so much from it and am excited to do it again. Dont be afraid at all, just be patient, know your market and run your numbers. Also remember, you cant do this alone, you need a good team. Take the time to find the right people. If you have any other questions from a newbie, feel free to reach out.

Good Luck,

Nick

“Or would want to cause trouble for anyone”

@Mike McCarthy I’m hoping they fixed it, I was concerned because they had tenants in it when we had it under contract. I moved on and bought a different property over there. Just seen the listing and was curious if this was something they needed to disclose or fix if it was brought to their attention. I don’t have any ill will towards the owner, or would cause any trouble for anyone.

@Jeff G. I don’t plan on doing or saying anything to anyone . I was just curious if they are legally required to report something like that.

@Jeff G. I had an inspection contingency and backed out because it was a bad deal. I had two contractors tell me to fix the house was over 100K and not worth it. One told me to run and they both said the house should be torn down. It was a nice house on the inside, but there was a small crawl space outside we didn’t notice until the inspector found it. I assumed it was on a slab. Underneath the home was a whole different story.