All Forum Posts by: Tiffany Plovie

@Sam Abe 

Check with your state and county for specific information.

In Washington State, it is illegal to charge more rent based on occupancy alone. It is a violation of the FHA, as it discriminates against those with families. However, if your water/sewer/garbage is not individually metered, an associated cost can be increased based on increased unit usage. Again, that fee schedule would have be standardized across occupancy regardless of age of occupant.

@Vincent Cholewa 

   Which areas are you looking to invest in, and what kind of deals? If you have a good idea of what it is that you are looking for and the kind of service you are willing to provide, perhaps putting together an ad and placing it on the Marketplace section of the site might not be a bad idea. That being said, I know people are always looking for money! ;)

Welcome to BP!

Tiffany

@Nina Gibilaro 

Welcome to BP! 

 I suggest adding the words 'Florida', 'Orlando' and 'Melbourne' to your keywords list, so that you will be automatically notified with any posts that may be of interest to you. It is also a great way to connect with like-minded people in an area close to where you are.

Enjoy the site!

@Caleb Matteis 

I took a quick glance at your profile, and I noticed that what first made you want to get into real estate investing is watching your uncle flip houses. Is he still around and available to help guide you? Most people here have paid big money (either from mistakes they have made themselves or from learning from others) on how to successfully invest in real estate, and you may already have it at your fingertips!

   These are the two most important things to know in real estate investing:

1. Where you are beginning...

   The pre-approval process and understanding the houses/options in your price range is step number one. It looks like the pre-approval process has already been explained to you here:

http://beta.biggerpockets.com/forums/49/topics/131730-getting-a-pre---approval-is-important-prior-to-searching

Before beginning any part of the purchasing process, get a crystal clear picture of the point you are starting from. Get the dreams of grand splendor wiped from your eyes, and focus on the nitty-gritty reality in front of you.

2. Where you are going...

    What is your ultimate goal in real estate investing?

   This may sound like a no-brainer... I am sure you are sitting there thinking to yourself 'To make money!!! Why else would I be here?!!' But I promise you the answer is not as simple as that... Is it to make quick cash? Is it to create passive income? Both? If so, why? How much is enough? Is your ultimate goal financial independence? Being able to work for yourself? F*** you money (that is what I call the money every single person should have in the bank to get away from a situation/relationship/job that makes them unhappy)?  Is to care for your future family? Your parents as they get older?  All of these questions help you clarify how much is enough...

   Now, I know what you are thinking (yes, again... I may not be a mind-reader but I have been around this business a long time)... You are thinking 'Geez, I just want to buy a house and make a little cash ( or some similar version thereof)!' It is good to jump into the deep-end of the pool... Sometimes you just need to get your feet wet! However, whatever your long-term goal is (and it is okay for it to be a little bit vague right now), it will effect the kind of property you buy, the way you (and your agent) approach that property when negotiating and what your exit strategy is... And everyone should have one.

In the meantime, while you are figuring this out, (getting your pre-approval together and envisioning what you desire) get out there. Look at as many houses as you can and get a feel of your market.

Ready. Set. Go!

@Caleb Matteis

Would you feel like you had to buy a car just because the used car salesman told you to buy it? No.

You have absolutely zero obligation to this is agent by viewing this house. In fact, you have an obligation to yourself to do your own due diligence on what it is you do want. As a licensed agent, I want you to look at many, many properties so that when you do see what you what you want, you are ready to act quickly.

When you decide to get serious, get pre-qualified and then search for investor-friendly agents in your area to represent you (a buyer's agent). A seller's agent (like the one holding the open house), is exactly that- working for the seller... Which means they are not interested in getting you the best deal.

@David Pendergraft Welcome to BP! This such a wonderful site and full of information. You have come to the right place!

At last check, the company would have to have a physical location outside of your personal residence. It was several years ago that I looked up this information, so it may no longer be accurate. I also recall that the guidelines regarding record-keeping and storage were pretty strict as well.

Also, for clarification, are you planning on being an agent or a designated broker?

As an agent, you can provide property management services without owning a company, and then you can operate out of your home office (as the designated broker is responsible for providing access to the director of licensing and his representatives). However, you might have a hard time finding a designated broker who is flexible enough to let you hang your license without paying them hefty fees. Additionally, they would have to be property management friendly, as well as be able to provide access to the services (and the associated record-keeping) you need (i.e., trusts, ect.).

Honestly, most of the brokerages that meet this criteria will already have their own property management companies in place. Most likely you will be required to sign on with them and to work as an agent on their behalf (and by their rules).

If you want to own the property management company, that you have to first have to become a designated broker before opening your firm.... And then I do believe you will be required to have a physical location separate from your home address. Again, there are a lot of rules and regulations, along with education requirements.

My final advice is to consult a real estate attorney before making any decisions.

Anything worth doing, is worth doing right.

Keep us posted!

@Pavel S. After a quick look at thee numbers, it doesn't seem like a good deal to me.

The deals that provide good cash flow are going to be hard to find in this market, but not impossible. When buying-and-holding, it is the quality of the deals you make and not the quantity.

I want to applaud @Nii Okai for pointing out creative ways to provide cash-flow.

@Pavel S. I had the same trouble doing the @mention thing... Until I was directed to this post.

Here you go:

@Brandon Turner

As of right now, I am attempting to make it. Hope to see you there!

@Dylan Burnett

I was your age when I started my first business. I remember all too well the rolling of the eyes, and the 'we will get right back to you' comments.

A good agent knows where his or her bread is buttered, so-to-speak. The initial phone call is just the beginning of the screening process. I would follow up with an email regarding details about the property you were inquiring about, ask you a little bit about yourself and request a proof of funds before proceeding any further.

As an agent, I have faced the same problem. I have had amazing, well-qualified buyers ready to purchase NOW, and not had the listing agent call me back. It is incredibly frustrating. Mostly, I feel bad for the sellers... They are cutting a rather large check, and have no idea their agent is ho-humming around home or shopping at Saks, blowing off calls.

Frankly, if they do not respond in a timely manner (24hrs or less) or ask for proof of funds, show them the door. They are not worth your time, let alone your business.