All Forum Posts by: Shelby Mammano

Thanks so much for your response Russell! I am reading The Millionaire Real Estate Agent by Gary Keller right now and in that book he talks about in every business we run we are actually running two types of businesses. One being the actual function of the business (restaurant, hair salon, boutique, etc). And the other being our lead generation business, because without leads and people needing our services we have NO business. I definitely resonate with that mentality.  

Best,

Shelby M. 

Jake,

Thanks so much for your feedback! I personally tend to overcomplicate things at times. You have quite easily just explained that my daily focus needs to be where I want a majority of my income to come from and that helps a lot. I have to remember WHY I decided to get my real estate license in the first place and ultimately it was because I wanted to grow my INVESTMENT business/portfolio. Do I plan on representing clients that come my way and need help with buying ,selling ,and investing? Absolutely! But that doesn't have to be where I spend hours of my day when that isn't my main source of income. Thanks so much Jake for helping me through that mental blockade that I built for myself.

Best,

Shelby M. 

Hello fellow BP members,

My name is Shelby and I am a fix and flip investor in Champaign, Illinois. I am seeking any insight from investors out there who are also actively working as licensed agents.

A little about myself to explain where my questions are coming from- I have been investing in fix and flip properties since 2016 and am ready to take my business to the next level by buying more than just one property at a time. I recently decided to leave my corporate job and obtain my real estate license. I will be starting with a sponsoring broker in March. My main interest and focus has been my fix and flip business and I would like to utilize my skills and resources as an agent to better that business all while still building a brand for myself as an agent. Now here are the questions that I have:

- Is it effective to market yourself as an investor and an agent together? If so, how have you done that successfully.

- Where have you found the most success in your day-to-day focus? Has it been building your agency database/leads or your investment database/leads, or both?

- Is it appropriate for agents to refer to themselves as an agent or an investor when communicating with prospective sellers of investment properties?

I want to be as transparent with prospective sellers as I possibly can and am not sure the best way to go about that being that I wear multiple hats in the Real Estate Industry. Any insight is greatly appreciated! Thank you!

Best,

Shelby M.

Great post - Thank you!!

@Amanda G. thank you for your response. I appreciate the feedback and will hope for the best!

Good evening BP members! I have a fairly complex scenario and am seeking your help!

I am interested in purchasing a duplex in my area that was donated to the local university in June of 2017. The property was then placed on the market by said university in July of 2017. According to my agent, although the seller of the property is the university, the donor still technically has a say in how much the property sells for. This is because there were tax deductions that the donor benefited from that are based off of the appraisal that was required to be done at the time of donation. Therefore, if the property does not sell for the same amount that the donor valued the contributions to be for, then he/she must pay back any overpayment of deductions benefited.

The property was originally listed for $210,000. The University is listed as the current tax payer and is paying taxes on roughly that same amount. Which I can only assume, is what the appraisal came in at. The property has been on the market for over 200 days and although it was well maintained, it is in much need of updates relating to HVAC and electrical, both being big ticket items. With that being said, my offer came in much less than they were asking at $145,000 in hopes to negotiate to an equally fair price. 

My question to those who have been in this scenario- If the donation has already taken place and the donor validated their tax deduction value with a professional appraisal shouldn't their part in the transaction be complete? Why should they have any tax implications from the amount the university decides to accept from the property? Is it because the donation only occurred last year rather than several years ago?

Help me understand if I am wasting my time trying to negotiate something that may not be negotiable. Thanks guys!!

Thanks so much for the responses I really appreciate it!

Good Afternoon BP!

 My name is Shelby and I am new to the BP community. I hope to learn a great deal from interacting with many current investors out there. I am currently working in the financial industry as a banker and have been for over 8 years now. I fell in love with real estate investing after learning a great deal about it from many of my successful clients. I have already purchased my first property which I am currently "house hacking" and fixing up to flip it in 2018. With that being said, I do want to dive deeper into real estate investing by purchasing multi-families down the road. I am also greatly Interested in getting my RE license. The big problem I am facing is that the company I work for does not allow me to have my RE license as it is a conflict of interest in their eyes. After debating this for a few years now, I have decided that I want to take the leap into the Real Estate industry and leave my current job. My question to you all is what are some jobs that would be worth looking into for part-time/full-time income while obtaining my RE license. I want to work in a job that is relative to real estate and may even help me down the road with  necessary skills, networking, etc. Any suggestions would be greatly appreciated!!