All Forum Posts by: Scott Beck

Congratulations on getting your license!

I recommend reading the following:

• How much money do you need to save before becoming a real estate agent? (http://investfourmore.com/2014/06/how-much-money-do-you-need-to-save-before-becoming-a-real-estate-agent/ )
• "21 Things I Wish My Broker Had Told Me" by Frank Cook (Dearborn Real Estate Education 2007).

These will all give you different perspectives on what you need to know to be successful.

Good luck!

I agree with @James Wise.

The question is where to find such a broker. Here are some ideas.

• Network within the Bigger Pockets community in your area.
• Visit/join your local REIA or MeetUp.com real estate group. There are bound to be real estate agents and brokers attending these meeting who are investors. More than likely real estate investors are part of their business.
• Look for the agents and brokers who teach real estate investing at your local community college or local real estate school.

Good luck!

Ankit,

Welcome to the Bigger Pockets community. There is a wealth of free information in the Learning area and on the blogs.

Scott

@Christopher Neugent

Welcome to the Bigger Pockets community.

There is lots of good material on the site. Check out the podcasts and the webinars @Brandon Turner does weekly. There are also several BP MeetUp.com groups you can check out.

Hi @Curtis Mitchell,

Welcome to North Texas and Bigger Pockets.

Below are a few links to BP blog postings that you might find interesting.

http://www.biggerpockets.com/renewsblog/2012/10/12/why-people-fail-house-flipping/

http://www.biggerpockets.com/renewsblog/2015/07/21/blindly-70arv-formula-fools/

http://www.biggerpockets.com/renewsblog/2015/01/30/realtor-secrets-sell-fix-and-flip-fast/

There are a bunch of REIAs in the area where you can meet fellow investors and start to develop your team (lenders, wholesalers, contractors, etc.). There are also several BP Meet Up groups in the area.

Congratulation to your wife for deciding to become a real estate agent. She might be interested in the Real Estate Agent Forum here on BP.

Good luck! 

@Jamie Wooley

Any time you repair a foundation you run the risk of breaking plumbing. The fact that your house has cast iron plumbing exacerbates the problem.

Did you get multiple quotes for this repair?

@Jordan Carty

The months inventory is a measure of how much inventory is available, with approximately 6 months being average (or normal). If the inventory number is less that 6 we are in a seller's market. When the inventory is above 6 we are in a buyer's market.

In general I think that the first year agents I have met that have sat in classes and not done their pre-licensure training on-line are better prepared and networked.

@Willie R.

I agree with @Debbie Thomas that title companies in Texas utilize Texas lawyers. You might want to call a local title company and discuss their services and your concerns.

Are you working with a RE brokerage? That is, have you signed a buyer's representation agreement? If so, your agent has a fiduciary responsibility to help you through this process.

If you utilize a real estate agent they will suggest using TREC contract form 20-12 "One to Four Family Residential Contract (Resale)" which contains an option period. If you and the seller agree to the option period contract then you have a period of time to re-evaluate the deal. During this time you can have the home inspected by a licensed inspector (for a fee) and also get contractors to bid on the work (typically free). You can also have your agent do a comparative market analysis for the area around the subject property and also pull lease information from the MLS.

Have you used the Rental Properties Calculator here on Bigger Pockets to determine if this is a good deal?

@Jordan Carty

Regarding your comment about this being the 'slow' season:

When you take your principles classes you will learn about the Real Estate Center at Texas A&M. You don't have to wait for that - their website is http://recenter.tamu.edu/. Here you can find all sorts of data on the Texas real estate market. If you follow the link "Data, Data, & More Data" you will find links to all sorts of economic information. Here is a link for the Fort Worth MLS housing activity for 2013 - 2015 (http://recenter.tamu.edu/data/hs/hs240.asp). This data supports your statement that we are entering the historically 'slow' season. That said, the market in North Texas is not normal. Only time will tell if the sales volume will continue to follow the historical trends.

By the way, I did a mix of on-line study and in-class work for the classes required to take the licensing exam. I found that the in-class experience was better because it allowed me to develop a network with other potential agents, the instructors who were either agents or brokers, and agents taking classes so that they could sit for the broker exam. These contact are invaluable to me, since real estate sales/investing is a networking game.

@Jordan Carty

Being a real estate agent is typically different than having a W2 job. In most cases you are an independent contractor for a broker. So you are essentially running your own business within the structure and rules of a brokerage (and the state). Just like any other business there are a lot of failures along with lots of upside potential. (I recall hearing that the latest data from the National Association of Realtors is that 90% of new agents do not renew their license.) You need to have a good plan and reserve funding as you start up.

Before making a decision I recommend reading the following:

• How much money do you need to save before becoming a real estate agent? (http://investfourmore.com/2014/06/how-much-money-do-you-need-to-save-before-becoming-a-real-estate-agent/ )
• The links at the U.S. Small Business Administration website (https://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business )
• "21 Things I Wish My Broker Had Told Me" by Frank Cook (Dearborn Real Estate Education 2007).

These will all give you different perspectives on what you need to know to be successful.

I also recommend talking to some brokers about their cost structures and expectations. Even in our hot DFW market you will be spending money before you make money. Also talk to the broker about your investment strategy. You will find that many are also investors.

Please send me a PM if you would like to discuss this in more detail.

Good luck!