All Forum Posts by: Steve C.

Some very good points to consider, thank you Debra.  I especially like the best, not largest one, thank you!

Hello all, this question is aimed at any investors who also hold a real estate license.  So I've been saving money, listening to podcasts, reading a bunch of books, & decided to get my real estate license to help me both understand my market better for my own investments as well as generate extra money to accelerate reaching my downpayment/reserve goals.  What I'm curious about from those of you who do use your license not just for your own purchases & research is what should I look for in a broker as an sales agent just starting out? What helped you get going, or what did you wish you had had that you didn't from your broker? 

As this is probably a bit unique for every agent, let me give you an idea of where I'm at. I am looking to do about 4-6 deals (not my own) each year starting out. I won't be doing this full time initially (I work 35 HR/week at night bartending in Las Vegas). I'm looking to work mostly out of a home office, for clients from my work & personal lives who are ready to start owning their own home. I've already spoken with a few who now 'get it' as far as why they may want to do their first home purchase as a multi-family (house-hack). I want to get people I care about on the path to financial freedom & utilize commissions to accelerate my path as well. Beyond that database, I meet about 8,000 people a year while making a decent living, so calling provided lead lists aren't a concern for me at the moment. Other than commission splits, printing utilities, education/assistance, E&O insurance & desk fees, what other assets & liabilities should I be analyzing while interviewing potential brokers to work with?

Thank you for any insight you can provide to a newbie, I appreciate it. 

Given those numbers though, I don't see any opportunity worth paying PMI for.

Hey Mike, I'm in a situation now, where I'm beginning to look at investment property & looking forward to loosing the PMI on my primary residence. From speaking with my broker I understand that starting in 2013, PMI no longer goes away, it stays on an FHA loan for life of the loan now. For loans originated prior to 2013, at least in Nevada, the loan needs to be paid down to 78% of THE PURCHASE PRICE, not current value of the home. Beyond that I still need to carry PMI until I've hit 5 years since origination, even if I'd paid down the principle below 78% of original purchase price. So either way I'm shelling out $142/ month until December, but doing so for 5 years allowed me the opportunity of buying with only 3.5% down, at the bottom of the market or close to it, with a fixed rate of 3.5% for 30 yrs. once the PMI is gone. All in all in my situation it was a good move, but given the changes in legislation, you have to see if the numbers make sense for you, I.e. Do you only have the FHA low down payment saved, but want to act quickly in a property you can afford the payments for (PMI included) until you can refi out of that loan to something better. I guess it's like trading a low down payment for higher monthly to not miss an opportunity you don't have time to save up more for.