All Forum Posts by: Tony Leighty

We bought our house a couple years ago and was wondering if there was a good time to think about renting your house out? When we bought, we bought with an FHA with 3.5 down. The house was 319,999 and our down payment was 12k. We have a great interest rate, 3.25% bringing our payment to a little under 2k a month, including PMI..God I hate PMI. Rentals in my area go for roughly 2k for marginal houses, however, my kitchen is totally redone, and put beautiful dark hardwood floors in when we moved in. It's an end unit with a great deck and a custom living room.

Should I wait until the PMI is paid off to rent it out? What numbers should I be shooting for to make it profitable and give me some wiggle room?

Thanks!

Hello All,

I'm making my way into the investing part of the real estate world but I was thinking about getting my real estate license to give me some added benefits of accessibility to resources. However, I was under the assumption that you needed to associate yourself with a broker once you got licensed. This is not necessarily something that I want to do, I just want to have my license to gain access to the MLS, be able to show myself properties, be able to absorb commissions on a deal etc. If any agents in Maryland could give me some insight in this, I'd be very appreciative.

Thanks in advance!

@Shaun Reilly  Yea I was trying to convey that to everyone but it seemed like everyone only focused on that part and only that.  You're right though, it's great everyone has best interest in mind.

With that being said, and the confusion seems to be cleared, do you have any advice for the website or a marketing campaign that would be relative to what I mentioned? specifically how to target leads of buyers / rehabbers?

@Shaun Reilly One more thing, what you mentioned in 'A' was sort of what we initially talked about but it turned into me getting compensated for leads so that's why I said it was a mixture.  Just so I'm not leading to more confusion but DEFINITELY nothing to do with 'C' :)

@Shaun Reilly I apologize if I've confused along the way, like I said, I'm still learning the business and I may have mixed up some terminology .  

So basically what I'm trying to do is a mixture of A and B, but since I don't have any of these properties under contract myself I guess I'm serving more as a birdog in this situation.  I shouldn't have put the pooling investor stuff in the initial post because I won't have anything to do with that, whatsoever.  That's going to be only handled by him, and only him.  I copied that text from the email he sent me last night, and turns out it was just something he threw in there to disclose what he planned on doing on his end

Thanks for helping break down what I THOUGHT I was trying to say :)

Ok. Sorry if I'm not making this more clear.  I'm not dealing with anything on his side, just marketing the properties and if buyers contact me putting them in contact with him.  As a new investor, I may not even require him to pay me at all.  I'm doing it for the experience and mentoring for the most part.  The liability isn't falling on me at all.  I feel like the main point of my initial post isn't being considered, I just wanted to know if anyone had any experience coming up with websites or email marketing campaigns for this industry to target potential buyers looking for rehab investments.  

@Joe Fairless  Yea basically that.  His idea is for me to help him market his current properties to potential flippers.  As someone new I've read mentors don't typically take on mentoring someone for nothing, so I figured this would be a way to provide some value to him and get experience in the process.  The investors that show interest in the properties are essentially mine, they'd contact me, and I'd put them onto his properties. I'd get a cut of what he gains from the sale.  I'm trying to iron out the details, I literally spoke to him last night at 10 pm but I wanted to see if anyone has done the same thing or something similar.

@Account Closed Yes that's essentially the gist of it. I understand that there are legal issues that need addressing. But since he owns a good sized Realty Investing LLC I'm assuming he has a legal team versed in SEC law. I wouldn't be dealing with the cash investors, that's what he has lined up. I wouldn't be dealing with the monies at all, that would be dealt with on his end in Florida. I'd be trying to find the people that want to buy his properties in need of rehab and flipping. A type of glorified Craigslist ad, in a sense.

The broker I'm working with is a friend of the family so I'd hope he has my best interest in mind.  He has a legal team that he works with and after speaking with him, he let me know all the legal aspects are legit.  I feel like I'm not conveying it correctly.  Basically it's just a lead generation website. He has properties, wants to market them in an online presence.  He's old school and hasn't made a dollar of anything related to online leads, he's only really done face to face old school methods.  Basically like a glorified craigslist ad, but something to centralize the processes and not look like spam.

Hi all,

I've teamed up with a broker in Florida whom, because my background as a web developer, wants me to take his deals and market them to potential investors that want to flip...either on their own or by teaming up with a group of other Investors. ie: a 300K home will require 6 Investors with 50K each or some variation.  They would be my investors, but for deals in Florida.  Does this sound like middle man wholesaling? My hope is that when it works down there, it will show a track record for myself for deals in my home state of Maryland. 

My question is, how would you guys go about doing this?  My initial thought is to come up with a lead generating website and try to integrate email marketing as well.  The technical side isn't a problem for me, however since I'm rather green in this industry, I don't know the quirks of the industry and not quite sure how to dig in to how to market this.  Does this concept sound familiar to anyone?

Thanks in advance!

Tony

@Sharad M. Thanks you for those points.  I actually brought some up.  He's a friend of a family member so it was rather casual but highly productive.  He taught me a great bit and put me on a great starter path.

@Robert Leonard No worries Robert, your response was full of good information and I didn't think it was too long at all.  We had a very productive conversation.  I didn't quite approach it as a formal request to become a mentor but it  turned into a casual conversation that sort of ended up that way anyway:) He lives in Florida so it's more or a less a resource for me to get professional advice when I need it.  As for your book recommendation, I'm actually reading 'The Millionaire Real Estate Investor' right now.  I think it's a great book so far!  Turns out, my biggest hurdle right now is the finances.  My credit is stellar but don't have much in terms of my own capital right now.  That's what I need to figure out so I can hit the ground running.