All Forum Posts by: JOAN DICKIE

I showed my clients a 4 plex in decent shape.  Needs some cosmetic updating.  Running the numbers, the property breaks even, which I contend is a no go for purchasing.  The listing agent comes back with "You can raise the rent".  Yes, you could probably raise the rent $25-$50 a month per unit, but not much more than that.

My question - do you run your calculations on what is or what could be?  

Many of the bigger franchises have excellent online training.  Most of the training I've received has been online.  Check YouTube also for training.

Is there an agent in your office that is doing investing? Could you volunteer services for mentoring? You could also work with a residential team part time to learn the ins and outs until you are ready to strike out on your own. I did that with an REO team and learned a lot.

start by talking to a lender and get a good grip on financing.  Like @Bryan O. said, there is a ton of good advice here, along with some excellent publications.  I would stat personally with a long range financing plan that will take you beyond your first purchase.

Absolutely normal to ask for a referral fee.  I've seen from 20% and up.  You can keep it within your franchise or find someone you know can get the transaction closed.  Just make sure you ask for the referral up front.

Depending on the state, and I don't know Colorado, the seller may have to sign a cancellation agreement.  If the seller doesn't sign one, the buyer may have to sue to get the seller to perform or to get the earnest money back.  In the states where I work, without the cancellation agreement, the seller can't sell the property as the purchase agreement is still in force, despite the no show.

If you are only looking to do a few transactions a year and don't need MLS access, the piece of paper may not be worth maintaining to you.

If you are going to be doing many transactions a year, and want access to the MLS, you will more than likely need to have a license. Check with your state laws and MLS laws. You may live in one of those rare locations where you don't need to have a real estate license to have access to the MLS. Minnesota has a special license for people who do a lot of personal transactions don't have to go through the same procedures as a licensed person.

As for a broker, you may want to consider that as you can start your own firm and don't have to pay desk fees or transaction fees.  Just make sure you don't have to be licensed as a salesman for a certain amount of time and/or with a certain amount of transactions.

Good Luck.

I thought the franchise fee was much higher! Don't forget about build out of office space, phones, copiers, computers, office furniture, business licenses and possible MLS fees.

Congratulations!  Do you already have a brokerage picked out?

I have been with KW all my career, but with 4 different offices.  Each one is different, so I'd advisse you to check out your local office, and have a good discussion with the team leader.  Many times the broker is only there for compliance and isn't the person in charge of training.  Find out if the team leader provides training, or if they rely on the online courses for training.  In general, KW pays for none of your expenses, or does any advertising, so take that into your decision making also.

Good luck!

Since laws vary from state to state, you should ask your broker what can be done.  In my state, the broker is responsible for what unlicensed assistants do, even if he doesn't pay them, so it might be best to consult him first.