I've been a struggling Realtor for two years here in the Bentonville area and I've actually had to take up driving for Uber to pay the bills. I'm curious what investing looks like in Arkansas and if there are any local investment Realtors that can shed light on the situation around here.
I live at home so my expenses are quite low while I figure this out, which is good. I really don't know what I'm doing either as an agent or an investor so any advice would be appreciated.
I look forward to providing value back as I learn and am glad to be a part of this community!
@John Dawson the best thing I can recommend is 1.) find a mentor you get a long with who is willing to show you the ropes and just be willing to grind like your life depends on it. 1-3 years of that will set you straight, so long as you're putting your clients first, and doing a good job. Credibility is very important as an agent/investor who attempts to cater to those clients, I highly recommend using your knowledge to get yourself a property once you build yourself back up financially. I wouldn't have a chance in the market I'm in without putting in that work to become credible. Sharing stories/experiences/tips from my work is absolutely what reinforces me as an asset to the team of any investor I work with.
I would set appointments with local investor/agents who are tapping the market you want to serve (just look at closed multi-family listings and see who sold them), and keep doing that until you find a person who stands to mutually benefit from coaching/mentoring you and expect to pay them a split to work alongside them until you're prepared enough to go on your own. Use your license and experience to get yourself a duplex and rent the other side to try and keep your cost of living as low as possible. These are just tips and examples to get you thinking in the direction I took and maybe you'll see a path. Good luck!
@John Dawson the best thing I can recommend is 1.) find a mentor you get a long with who is willing to show you the ropes and just be willing to grind like your life depends on it. 1-3 years of that will set you straight, so long as you're putting your clients first, and doing a good job. Credibility is very important as an agent/investor who attempts to cater to those clients, I highly recommend using your knowledge to get yourself a property once you build yourself back up financially. I wouldn't have a chance in the market I'm in without putting in that work to become credible. Sharing stories/experiences/tips from my work is absolutely what reinforces me as an asset to the team of any investor I work with.
I would set appointments with local investor/agents who are tapping the market you want to serve (just look at closed multi-family listings and see who sold them), and keep doing that until you find a person who stands to mutually benefit from coaching/mentoring you and expect to pay them a split to work alongside them until you're prepared enough to go on your own. Use your license and experience to get yourself a duplex and rent the other side to try and keep your cost of living as low as possible. These are just tips and examples to get you thinking in the direction I took and maybe you'll see a path. Good luck!
That's a good idea using the sold multifamily listings to find the investor agents. I live with my parents right now so I don't need to house hack, if I get a duplex it's getting rented out completely. Thanks for the advice!
There are at least 2 REIAs in NWA. One in Bentonville and one in Fayetteville. Attendance is either free (Fayetteville) or $20 (Bentonville). Either way, its a great place to start networking and learning from other local investors. You can also meet other industry professionals like loan officers and real estate agents that can give you market specific real-world advice.
Welcome to BP! I'm new to REI so I don't have a ton of advice to offer but like @Billy Daniel said, there are a couple different groups that have local meetups. Rei-nwa.com has weekly meetings on various topics and theres a lot of experienced investors/real estate professionals that attend. It's a good way to connect with people who share similar interests. You can pay a membership fee or $20 at the door to get in.
Look at all these tips right off the bat! I found a meetup in Little Rock I was gonna go to but if theres closer groups that would be an easier drive for sure.
Look at all these tips right off the bat! I found a meetup in Little Rock I was gonna go to but if theres closer groups that would be an easier drive for sure.
In addition to the two I mentioned above, there is also:
That's a good idea using the sold multifamily listings to find the investor agents. I live with my parents right now so I don't need to house hack, if I get a duplex it's getting rented out completely. Thanks for the advice!
fair enough, but If you're saying it's hard to pay the bills, and you don't know what you're doing those two things need to change real quick if you want to have a chance.
Owner-occupant loans are a great way to start acquiring property for a low barrier to entry; that is most of the advantage. In my opinion, it's a pretty big deal to me (as an agent) to be able to say I own and don't rent, and not need the commission because my cost of living is low. I'm going to be a bit brutally honest here, but from a client's perspective, they don't want to work with an agent who needs the money because it's an obvious conflict with their interests, and they can easily work with someone who has actually purchased before vs someone who hasn't. These are two things you can change pretty quickly with an owner-occupied property.
I guess that makes sense. I wasn't really thinking from the point of view of a client though, just that I could save money and make more cash flow early on if I rented out both sides for my own portfolio.
I guess that makes sense. I wasn't really thinking from the point of view of a client though, just that I could save money and make more cash flow early on if I rented out both sides for my own portfolio.
Understand, but if you want to be anything other than a struggling agent you must think from the client's perspective. It's the only way you'll learn how to do what's best for them.
My team and I facilitate a local meet up here. Real estate as an agent or investor is hard work, and a lot of him is a mental battle more than anything. Choosing the right action, and being consistent with it. 67% of our business is helping investors, and 6 out of 8 of my agents are investors themselves.
Every second Wednesday of the month, we have a meetup that meets from 6pm-8pm. There myself and other investors/agents helps answer any questions that any investor might have about the market or real estate. You could come there and I am sure one of us will be able to answer the questions.