All Forum Posts by: Trent Begay

Hello, 

I have a coworker who completed the real estate sales courses in  2013. She did it just for the credits towards a business associates degree; but now she wants the license. Is there any kind of time limitation? 

What I would do is throw out an offer. Would not go below a 10% cap rate especially starting out. Although I live in Phoenix and the market may be a little more geared to make that work. However the primary rule about any market is: things are only worth what people will pay for them [regardless of what they want].

Realistic,

But you should take in travel considerations.

You probably wont be able to show the property to tenants yourself and carry out on-site management duties.

Also if an eviction ever become necessary the principal will have to physically go to court for that process in most states. Although you can hire a lawyer or have somebody with some kind of power of attorney handle that too.

Those are Just a couple things I would consider though. Good luck!

Well I'm definitely hoping for an Android app. I would think Android users would take the majority statistically. Reason I don't like the iPhone is it's really one size fits all kind of device, and doesn't really offer much to entice me to join the Apple religion. Kind of reminds me of Ford back in the 1920's - Henry Ford once stated "You can have any color you want a long as it's black". Kind of goes against every philosophy I hold business wise. Sorry for the rant, but I just think an Android app would be awesome. I'm using the browser on mine right now to post.

I would have to agree with Mark as being an assistant or getting that internship as your best chance.

In my state without a real estate license you can only manage one property for somebody else and cant get paid any commission off rent or new tenants as that would be practicing real estate without a license. So I would also check out some of the laws pertaining to that in your area as it may limit your opportunities as well. [However there are still options if that is the case like managing for a out of state investor that needs a local manager].

I do recommend some real estate education when you do get the time though! I'm sure you will agree with me when you finish that it is worth it!

Most of the positions I mentioned above require an average 6 months of education at most with spread out curriculum [I had my classes twice a week for a semester]. Here in AZ you can actually get you license in 2 weeks but at the cost of grueling 10 hour days for those 2 weeks. [I wouldn't recommend]

But if you need any advice you know where to find me!

I'm in pretty much the same boat you are Justin.

I just ended up taking courses to get my real estate license and I think that route was awesome as I had a commercial broker and investor as my instructor, taught me tons! Gave me specific knowledge i needed, plus an overview of the real estate business as a whole.

However if that route is a little too rough or time consuming I think any job in real estate will leave you with something! Property management is a great route to go.

The only real obstacle i think is education, a lot of real estate opportunities require specific knowledge or powers that require licensure. However many of those requirements don't take too long and a great way of starting in investing is to invest in yourself.

I took my real estate education toward my college degrees elective requirements and basically the license was just a bonus.

I would try
-Real estate agent
-Property manager
-Appraiser
-Agent/broker assistant
-Financial planner
-Mortgage broker or assistant
-Working with your state real estate department/Assessor's office

Sounds good to me! Even if you have to wait a little while it will still pay off in the future one way or another!

I know some people who run their rentals straight out of pocket, and if something breaks they just go out and pay for it. However, they have the money to do so [usually], I myself like to have tight control of my numbers and don't like random expenses to attack my personal finances.

It probably is the performance to value for Mustangs.

I just think it's really fun to drive and I got a really sweet deal on it when I bought it in early 2009. They seem to hold their value better than most other cars, right now I could probably sell it for more than I bought it for and it would probably sell within a week.

Best buy I could have made looking back, car is 10 years old and still turns heads, plus it's a really quick and nimble car, and also really easy to work on. The advantages go on and on! One disadvantage though is lack of storage space, but it's not too inconvenient.

I would get an LLC just on the fact if an injury occurs on my rental [which God forbid I hope never happens] and i'm taken to court, I want my personal property protected and limited to the LLC. I've seen people fake injury and sue for 'easy' money here in Phoenix. So naturally I want to have a few layers of protection.

It really doesn't cost much, couple hundred bucks maybe.

That's basically the argument that sold me on the idea.

Well. . .My plan is to build a solid contingency fund in an interest bearing account for the first 6 months before I tap into my profit. Say 15,000$, maintain that minimum....Then after that 6 months i'll still devote a small monthly amount to that fund.

Even If I never need it when I cash out to buy a better investment it will be the sprinkles to my icecream.