All Forum Posts by: Nicole Holcomb

What makes you think you need an attorney, are you having a dispute? If you are already in escrow, it sounds like you have handled the purchase contract. Before I was an agent I did a FSBO using an escrow company and did not have a need for an attorney.

Do you have a good relationship with your escrow agent? If so I would ask your escrow agent if they have a recommendation for someone they have worked with in the past.

I have successfully invested with friends before, it is most definitely possible. Can you give some more information to help me guide you?

What kind of deal are you looking to do? (wholesale, fix & Flip, BRRR, Buy & Hold, etc.)

What type of property are you looking to buy? (Single Family, Multi-Family, etc.)

How are you and your friends going to finance it?

How much are you looking to spend?

What is your target market?

Aaron Jones

I wish I could give you an easy answer like, go to www.findaseller.com but even if that is a real domain it's not going to do the job. A quick and easy solution could be to go to wholesalers in your target markets, they have already done the hard work for you. In this situation, you would be wholesaling a deal that was wholesaled to you, the shrinking profit margins make this challenging. Unfortunately if there was a quick and easy way, everyone would be doing it.

To build a pipeline you need to take consistent daily action to grow your database and nurture your leads. Do you already have a CRM and website? If not it's time to get those going.

Start with your SOI (sphere of influence). Call everyone you know and let them know you have buyers and are looking for sellers in your target markets. Jump on all of your social media accounts and post daily about your REI career, goals, etc. Ask your SOI for referrals to anyone they know looking to sell. From here expand into:

• Direct Mail
• Online Resources
• Networking
• Real Estate Agents
• Builders & Contractors
• Wholesalers
• Public Record
• Real Estate Auctions
• Driving For Dollars

Best of luck to you, and be sure to update to we can celebrate when you find a seller!

One thing to consider is the type of training you are looking for. When I first got my license I joined a brokerage that was known for its training. I had high hopes and was willing to pay the $100/mo fee because the broker made the training program sound so amazing. After two months of paying $100 for this brokerage's so called superior training program, I had only been offered 2 in office group lectures about how to write a contract. The broker advertised weekly training but then only held two sessions in a two month period. The lesson was exactly the same both times so I decided to leave.

That being said I learned a couple things, I was looking for "on the job" training, not sit in a dark room and look at an overhead projector training. If possible look into joining a team when you are starting out and don't worry about the commission split. You can always renegotiate the split after you start bringing in business and closing sales.

I also learned how easy it is to change brokers. I recommend asking the broker something along the lines of "If I am not satisfied with the training and support I am receiving from your brokerage, am I free to leave at any time?" 

Best of luck to you!

Welcome Dan Raphael!

I'm in San Diego and recently joined BP as well. I have already learned so much from browsing the forums daily. This is a great resource for people looking to invest out of state and will allow you to connect to investors in your target areas. 

Where are you thinking of investing? 

San Diego is so expensive it almost blows my mind that people can buy houses for $100,000 elsewhere. I want to invest out of state eventually but am currently focusing on a house hack (added a 1000sq ft ADU to my primary residence). I have also retired from my primary career and turned my focus to working full time as an investor specific real estate agent and real estate investor.

Are you going to be taking advantage of VA funding?

I'm not a VA lending expert but know there are amazing opportunities for those who qualify! Also I know there is a gentleman here in the San Diego BP forum community that is an expert on VA loans, hopefully he will see this post and say hi.

Have fun browsing the forums!

I decided to get my RE license to save on commissions in 2012 before I purchased my second property. I'm in California so things may be a bit different in your state but here is what I did.

Take the required courses online - This was easy but time consuming, I was required to be logged in and actively reading, taking quizzes, final exams, etc. on the course website for 135hr. This took about a month of daily dedication. 

With certificates of completion in hand I registered for the state exam. I think my test date was about a month away. The week of the test I bought a crash course book on passing the state exam and spent 2 days cramming and working the practice tests. I passed the state exam no problem.

In California you are required to hang your license with a broker to act as an agent in RE transactions. 

I found a low cost broker, 90/10 commission split that was ok with me waiving my portion of the commission on purchases and sales (He would still collect his 10% so he was fine with it). My broker dealt 100% through email and phone calls, there was no training or lead generation but he did provide transaction coordination services at no charge. The TC services were a huge plus since I wasn't familiar with the contracts and documents needed to execute a transaction. TC services usually run about $350 per file, affordable and extremely worth it if you are a new agent.

I made it known to all of my family and friends that I was available to represent them in RE transactions but did not do any advertising.

In my years as a part time agent I averaged $12,000/yr in commissions from friends and family and have saved about $60,000 on my personal purchases and sales. Annual expenses are less than $1,000 for the Realtor designation and MLS access. I am a DIY sort of person and willing to figure things out myself. My first few transactions involved lots or research on preparing contracts and the necessary documents for a transaction.

I have transitioned into being a full time agent now and love all things real estate.

If you have the time and are willing to put in the effort you can save a lot of money and maybe even make a little money too. 

Best of luck to you!

Thanks for sharing, I appreciate the insight and analysis in that article.  That commentary really got my brain going this morning!

@ Kevin Hill, thank you for your words of caution for new investors. I see a lot of people rushing to buy right now, and it makes me a little nervous.

That being said, I think it is a great time to be a rookie investor in the sense that there is no better time than now to start. People are always looking for a reason not to take action, I want to ask what can I do today to position myself to strike when the iron is hot. Is it the best time to buy for the first time, probably not. It is a great time to learn, research, network (socially distanced) and to start some lead generation. Get your name out there now, so when a seller becomes distressed and needs to sell you can be the one to swoop in and help them out of their bad situation. 

@ Toure Brady

I have never executed a double close or assignment but I am working closely with Lawyers Title (representing a buyer on a purchase) currently. I will speak with my escrow agent and see if this is something she has experience with. I also come from the food service industry; I will send you a DM about getting together.

San Diego is an expensive market so adhering to the 70% rule is extremely difficult. I just read a report yesterday that the median home price is now above $600,000. To keep to the 70% rule you would need to buy below $400,000 to achieve the median ARV of $600,000.

When I am buying a property to flip I choose a target profit dollar amount I am aiming for. By looking for properties to purchase that could net me $50,000, many more options come available. When my husband and I buy, we do a lot of the work ourselves so we are able to save on rehab costs. In addition I am a Realtor so we save money there. My formula for finding a deal looks considerably different from the standard 70% rule.