All Forum Posts by: Stefano Grottoli

Hi! I'm looking to get my RE agent license in NJ, and I know there is a 75 hour education that is mandatory. My question is if I can take those hours online, or if it needs to be in person.

Looking at Kaplan, they're not clear if this course is for the 75 hours or not. (https://www.kapre.com/real-estate-courses/new-jersey/exam-prep/salesperson/)

Also, if it's possible to attend this 75 hours online, do you have any school recommendations? 

Thanks!

Great info to know! I'm also a beginner, and would love to connect with wholesalers in the area! 

Find RE events in your area and attend them regularly. I wouldn't approach them directly asking for money tough. I'm a big believer in building a relationship first, and the deals will show up when the time is right. I would also try to educate myself the most I can (BP is the right place for that), read blog posts, listen to the podcasts, attend the webinars. I think makes much more sense to join these events if you have at least a little bit of knowledge.

I don't think would be wise to approach someone saying: hey, I'm a newbie, have no idea about REI, and am looking for partners to fund my deals.

Do your homework, study, educate yourself, learn the most you can from the forum and blog posts, and then move forward when you feel ready.

This is exactly where I am right now. I'm also a newbie, and I'm studying a lot! Already learned so many things in the past few weeks. The podcast is amazing! They give a lot of tips for newbies like us.

Good luck on your journey!

 Thanks, that explained a lot!

 Sorry for the ignorance, but what is Section 8?

 Fantastic Omid! I'm sure your answer not only helped me, but a lot of other newbies! Thank you so much, and good luck!

@Omid A. fantastic work, and congratulations! As a complete newbie I have some questions for you:

1) All the books I've been reading so far swear by the 70% rule, but you didn't. How did you analyze the deal? Were you able to take the contractor into the property before purchasing to have an accurate rehab budget? I think this is the only way to make sure you would end up having a nice profit after all.

2) I understand you borrowed 100% of the purchase price. Did you borrow the renovation and holding costs as well?

3) Did you have to make monthly payments to the private lender, or you paid everything at the end of the deal only?

4) So your contract with the private lender is basically: you give the money, and your money is secured by the property itself. Is that correct? I'm asking because I'm currently looking for ways to finance my first flip as well.

5) Do you use LLCs, or did you do this on yourself? I'm asking because of the tax impacts. Also I'm assuming that the $45k profit is before taxes. Can you confirm please?

So sorry for so many questions, just trying to learn as much as I can. If you're not comfortable sharing all this information in public, just PM me please. Thanks!

@Account Closed First of all, kudos for looking to learn so young! Most of the guys your age just want to know about video-games and social networking! 

You can find more information on https://labor.ny.gov/youth/14-to-17.shtm regarding the laws and a lot of other helpful tips on how to start.

In your age, I would try to attend some Real Estate events and network with the people there. It is important that you dress and behave accordingly of course, but I am sure that one of them would love to have an extra help.

Good luck on your journey!