All Forum Posts by: Sherry McQuage

@Scott Dongjin Lee

Hello,

I read most of the replies... I used to aim for the Dave Ramsey have no debt mindset, too. Then I realized that thoughtful debt (think BRRRing) would over time grow my wealth faster and larger than saving and paying off everything.

You can still minimize debt (credit cards, buying new cars, eating out...), and use real estate to propel your wealth faster.

Yes, NY is a different market than NC.  You are smart to shop around; may you reach your goals.... and please keep sharing your journey!

All the best!

@Morgan Madill

Time will tell... moving around now may be inconvenient for buying investment property. In a year or two, your situation will be different and you will see opportunities that others cannot. Every job you have teaches you something valuable. Just keep learning about real estate and you will find a way to make your current "roadblock" into a "stepping stone". Time will tell!

Safe travels.

@Selena Williams

Yes, you got the best loan terms you could.... will you need those lenders again? They may decide that your business is just too much work with no loyalty from you....

@Jennifer Pauyo

Hello! I'm an agent in NC, and my husband and I just finished a flip. It closes mid-november, and I am looking for the next one.

Glad to meet you!

@Bruce Lynn

Hello,

I have been with Keller Williams for 2.5 years. I have been inactive before that for 17 years.

When I activated my license, I chose KW because two agents I had dealing with were KW and were dang great.

You will have to decide what your finances will allow....my first year was 1-2 deals....I have younger kids, spouse, etc, and spent my first year and a half attending classes at the market center (kw office). My monthly fees were around $113. The fees cover E&I insurance, use of the copiers, and I could reserve a conference room as needed. The classes I attended (usually no separate charge), being able to hang out with experienced agents, just absorbing the good energy at the market center, and being able to ask (or call, text, or email) ANY agent there was beyond valuable.

@Eddie Ward

Congratulations! You are persistent. Glad you didn't get caught up in analysis paralysis.

What 1-3 pieces of advice do you have for others?

In my area (Moore County, NC), many of the home inspectors are also general contractors (or have the GC license).  Call around and ask different home inspectors (or GC) what they would charge for an 4, 8, or other hour day walking through properties with you and giving their opinions on them.

As a realtor, I don't take seriously any offer on my listings until the buyer walks through the property....unless they send $1000 due diligence with the offer, and then do the walk through.  That way, my seller at least gets the $1000 for the possible inconvenience of "taking the property off the market" for a couple of days.  It's up to the seller if it's worth the risk of accepting an offer from a buyer that hasn't been in the property.  

Pictures (on the MLS and other sites), can be misleading....

@Nnamdi Okwerekwu

Depends on how much you want to learn...if you want to learn things the hard, expensive way, then estimate fix-up costs from looking at the MLS pictures.

If you want suggestions on a better plan, make an appointment to go walkthrough the property, and bring/hire a home inspector to go with you. The home inspector or general contractor is not there to make a detailed list of what is in need of fixing, they are there to point out possible expensive repairs.

Please pay the home inspector/general contractor and tell them you want their input... not a detailed written report (unless you do).

Their time and knowledge are valuable, and paying them to come look (and educate you) can potentially save you thousands.

Great responses! I consider myself a "friendly FSBO backup plan". Some sellers are experienced enough to sell the property without an agent. Good for them!

If they have not been able to sell it in 2 weeks, I call/contact them and see how I can help them achieve their goals.

Sometimes, they use me for information, sometimes they list with "a family friend", sometimes they list with me.  Since I know how hard I work to help their goal happen, I am at peace with however they choose.

Whatever energy you put out into the world comes back to you.  I have at least 3 clients in the past year that have told me that they feel like "a higher power" sent me to help and guide them.

As an investor, flipper, realtor, and citizen of my community, I seek to solve other people's real estate problems. If a FSBO is experienced enough to not need my help, then I am happy for them. There's plenty of FSBO sellers that need my help.

Investors perform many jobs... they just need to decide if their time is best spent on marketing and selling the property, or on finding/working on other deals.

Being thrifty and saving a buck is fine... think about paint.  If you buy the cheap paint it's going to cost you in a lot more labor (to paint the walls 3 or more coats).  When you buy the quality paint, you pay more up front yet save in labor and time because it only takes 1-2 coats.

Now, I only buy the quality paint for my flips....I know the quality/coverage of the paint, and don't want to waste time and effort trying to save a few bucks up front.