All Forum Posts by: Shanel Wiggins
Shanel Wiggins has started 25 posts and replied 165 times.
Post: Auction
- Investor
- New Jersey
- Posts 182
- Votes 38
I'm looking for insight on buying single family homes on Auction.com (both in person & online).
If there's anyone who have purchased property from there before, what's the process and any pointers/advice/tips.
Post: Auction
- Investor
- New Jersey
- Posts 182
- Votes 38
I'm looking for insight on buying single family homes on Auction.com (both in person & online).
If there's anyone who have purchased property from there before, what's the process and any pointers/advice/tips.
Post: First Duplex Purchase with only $3,000 out of Pocket!
- Investor
- New Jersey
- Posts 182
- Votes 38
Originally posted by @Eboni Allen:
Originally posted by @Shanel Wiggins:
@Jenna Estefan Good to know each state operates differently as far as licensure. In NYS, all licenses are not "brokers" for first time agents you will get a "Salesperson License", after 2 years of operating as a Salesperson you can apply to be a broker (I believe you need additional training and must take a state exam). So, the licensed salesperson must hang their license under a licensed broker.
Oh ok that makes sense - Washingtons States calls all of us brokers.
Yes, it was a little confusing for a moment.
Post: First Duplex Purchase with only $3,000 out of Pocket!
- Investor
- New Jersey
- Posts 182
- Votes 38
Originally posted by @Jenna Estefan:
@Shanel Wiggins it is interesting that each state is unique. WA changed to an all broker state, and now we have 3 levels of brokers, Broker, Managing Broker and Designated Broker. After 3 years you are eligible to take an exam to be a Managing Broker. A broker and managing broker must hang their license under a designated broker. Sounds like it pretty much works the same, just with different titles. PS that's funny you're in Mount Vernon, NY because the duplex we are buying is in Mount Vernon, WA.
@Amanda W. It's depends on which state you get licensed in. Each state has specific license requirements, and you have to be licensed in the state you plan to do business, so that might make it difficult if you're going to be moving from state to state frequently and doing deals in different states. Some people get licensed in multiple states, but I'm not sure how difficult that would be. In WA, to get your license, you have to do 90 hours of RE courses that are approved by the DOL and then you have to pass a State and National exam. Then you have to do continuing education. Just depends on your goals/needs if it's worth it to you. Hope that helps!
You should look into if you can get multiple VA/FHA loans. I believe you can get multiple FHA loans if you move away, so that could be a great way to acquire rentals as you move along, just be careful to not over-leverage yourself and that you have enough reserves to cover yourself if there is a disaster at one of your properties.
Yes, I wonder how this will work out once I apply for reciprocity in other states. I am looking for a brokerage to hang my license with, then I will submit my application to NYS for my salesperson license.
Btw, That is funny!!! When I seen that you said you were buying in Mt. Vernon I thought for a quick second that you were pertaining to NY. Then, I realized that there is a Mt. Vernon in other states :)
Post: First Duplex Purchase with only $3,000 out of Pocket!
- Investor
- New Jersey
- Posts 182
- Votes 38
@Jenna Estefan Good to know each state operates differently as far as licensure. In NYS, all licenses are not "brokers" for first time agents you will get a "Salesperson License", after 2 years of operating as a Salesperson you can apply to be a broker (I believe you need additional training and must take a state exam). So, the licensed salesperson must hang their license under a licensed broker.
Post: First Duplex Purchase with only $3,000 out of Pocket!
- Investor
- New Jersey
- Posts 182
- Votes 38
Got ya... You're welcome.
Post: First Duplex Purchase with only $3,000 out of Pocket!
- Investor
- New Jersey
- Posts 182
- Votes 38
Jenna is a Broker, so she doesn't have to pay a commission split. When you're a Real Estate agent (Licensed Salesperson) then you pay a commission split to your broker.
Post: First Duplex Purchase with only $3,000 out of Pocket!
- Investor
- New Jersey
- Posts 182
- Votes 38
Congratulations @Jenna Estefan
@Account Closed FHA loan was used to put down 3.5%. This loan is for individuals with lower income, helping people to become home owners by enabling lower down payments. You must live in the property to qualify for an FHA loan.
Post: First time investor about to close on duplex deal in DFW area
- Investor
- New Jersey
- Posts 182
- Votes 38
@Carol Kohn Kool.... keep posted..
Post: Westchester County, NY Meet-up
- Investor
- New Jersey
- Posts 182
- Votes 38
I may be able to attend. I will send a PM.