All Forum Posts by: Tony Angelos

@Julio Cruz that makes sense, but if the house is worth 700, they sell it, subtract broker fees and pay off the outstanding debt, like you said, they're left with 450K. Unless the house is worth 700 IF they update it.

Hey @Naresh Maragh I'm not from that area but what holds true for residential buying is true for investor buying. When interviewing agents take note of how punctual they are, if they follow through with the things they say they're going to do, etc. Ultimately, you're the investor and will need to run the numbers, so you want your agent to be an extension of your arm.

Hey @Damein White, best thing you could do is come up with a business plan and treat your investing business actually like a business. Get out there and network, tell everyone what you're doing until you meet someone whose goal aligns with yours and will partner with you. No other way around it than the hard work.

Hi @Alex Keedy, you're definitely making the right move by turning to Bigger Pockets to start your education. There are plenty of resources on this blog to get started like the Ultimate Real Estate Investing Guide and this article about the BRRR method.

You'll want to get a sense of what your motivation for this is; a desire to invest in real estate is a great first step that plenty have, but follow through falls short once people realize they actually need an executable plan. Your best bet is to start with those articles and listen to some podcast episodes from BP.

@Julio Cruz Hard to really tell without some key info: what rehab costs would be, what rental comps are, etc. You can talk to a property manager in the area to get a decent idea of this. Honestly though, I'd say the best option is for them to sell the house, collect the 450K and get a rental. Use that money to to buy about 1.2-1.4MM in investment properties whether it be 3-4 SFH or a MFH (not familiar with the area), and use excess cash for some value add cosmetic work if available. IF YOU'RE LUCKY, they can rinse and repeat again, though unlikely they'll be able to pull all the money out from simple cosmetic updates.

@Marvin Hudson Welcome to the BP community! if you stay active here you're sure to meet some great connections; both in your market and around the country!

@Reggie Turner There are a lot of good books and not all relate to real estate. I would add a few to your list: 

"Atomic Habits" by James Clear, not about RE but a great self development book. 

"The millionaire real estate agent" by Gary Keller; obvious suggestion but can be very helpful.

"Never Split the difference" by Chris Voss is an excellent book on negotiating

Hey @Reggie Turner, best advice you could get is focus on education. What I mean by that is to go well beyond your course and read books, learn some sales skills, learn how attend some REI meetups and meet people, decide how you want to brand yourself and what your specialty will be, etc.

Your prelicensing course is mostly irrelevant information and you'll need to focus on practice tests to pass the exam. I used prep agent and just hammered out dozens of tests the week before my exam and passed. I have heard from many that that's a good strategy, and it worked for me.

Hey @Ryan Sidney Brooks Sr, I'm not a wholesaler so can't really speak to the process. But what I can tell you is that every wholesaler I work with does things differently. I would get on a few different wholesalers mailing lists and get a real sense of how they: present the properties, communicate with their investors, lay out the numbers. As a client of wholesalers, it's easy to spot the difference of someone who *looks* like they know what they're doing and an amateur. @Barry Pekin looks like he gave some very good advice on what you need to do now though. Best of luck, step by step you'll get there.

Hey @Kevin Anderson! BP Community is about as good as it gets. Unfortunately I'm in the Chicago area and cannot comment on what you're looking for, but I have no doubt you'll find it. I do suggest looking for REI Facebook groups in your metro area. There are quite a few Chicago specific ones so I imagine there must be a few for you too. If you're ever in the Windy City, hit me up for that beer 😎

Best of luck!