All Forum Posts by: Patrick Culleton

 Congratulations @Hillary Fox on passing your exam! As others have suggested, joining a local team is a great way to get started because "You don't know what you don't know."

I started with a local team for my first 2 years and went off on my own under eXp Realty. I believe they are one of the best brokerages in the world and a lot of top agents and teams in my market have been leaving other brokerages to join eXp.

The truth is, most of what you need to learn the first 1-2 years is available for free online via websites such as YouTube, Facebook groups, LinkedIn, etc. For people that need added accountability and guidance, a team or a coaching program will provide those (for a cost). Your choice of brokerage really has to do with your style of business, and what expenses you feel are worth paying for. This is one of the reasons I joined eXp, but there are plenty of good companies out there to consider. 

Best of luck with your new career, congratulations on making the leap!!

 Love it! Great way to look at things. 

Hey BP Agents & Investors!

This is the slow(ish) season for me as a real estate agent. As we all know, a big part of continuing to grow & stay successful in sales is generating new leads & opportunities. I have personally seen success in sending letters (handwritten cards), making cold calls, and knocking on doors. As my time becomes more valuable, I am looking to hire someone to help me with these tasks. My goal is to be efficient with their time and only try to have them do the highest dollar-per-hour tasks in terms of generating opportunities.

My question for you is:

If you were going to hire an hourly assistant to generate you more opportunities, what tasks would you have them focus on? Writing letters, making calls, reaching out to past clients, knocking on doors.. etc

Also wishing you all a happy holiday! Thank you in advance for all of your thoughts. I look forward to the discussion!

@Russell Brazil - Hope some viewers stop and read your comment. Loving the discussion in here. It might give some the opportunity to pause and think about things from different perspectives.

@Adam Mitchell - Yes, approx $25-$30k equity.

Wow! Lots of discussion in 48 hours. To clarify to all those that have asked, the -$200/mo cashflow is total cashflow, not just PITI. The rent is enough to cover PITI. Without factoring management, I would likely be about -$200/mo after considering repairs etc. Thanks all for the great feedback! It is interesting to see how people can look at the same situation and feel completely different about it. It's all about what lenses you are looking through :)

@Dennis M. - Lol! That was a great laugh, thank you.
@John Teachout@John Teachout - I could sell and net a small profit after commissions. I am not relocating, just thinking of moving elsewhere.

@Greg M. - Thanks for the feedback! My current principal reduction is ~$250

@Erik B. - Thanks for the feedback. Here are the numbers you asked for:

Sale price: $157,000

Balance: ~$156,000

Market Value: $180,000-$185,000

Hey BP Nation!

if you could rent out your primary residence, but would negatively cashflow approx $200/mo to do so, would you do it? Is there ever a point where the cashflow loss "makes sense" for you? Specifically, I bought my home 18 months ago with 101% financing. I am in this home for less than $2500 total. I have the opportunity to rent it out for about my PITI payment, but after all said and done I would be about -$200/mo cashflow. The upside is knowing I can confidently pay the difference with my income and move on and purchase another home to live in. This next home would likely be a roommate situation where I can cover the payment as well, or a duplex with a similar outcome. I am considering if the $200 monthly loss is worth it to take a new opportunity.

So, what are your thoughts? In my position, would you allow yourself to negatively cashflow to take on new opportunities?

Congratulations! Looking forward to seeing what opportunity knocks next.

What repairs does the property need?

I think you are looking into great areas! I suggest connecting with realtors that have a network of investors. You may be able to get some neighborhood-specific insight. Good luck in your search.