J Scott's Starting Out FAQ

123 Replies

I'm curious how many independent investors end up getting their own real estate license and how difficult it is to find a broker to be housed under in such a situation.  Sounds like a huge cost-saver in the long run.

outstanding, good resource.

Great post with excellent link for a beginner like myself. Thank you

Great thread! Thank you @J Scott !! I just got through all 5 pages and I am amazed at how much I already learned. You briefly touched on making personal business plans. I was wondering if you have any threads/articles etc. that talk about creating a business plan and what information is required to create. I am really interested in starting my own. 

hello-

Would it be a good idea to join a real estate investment club before I started investing?

Good starting point. Thanks.

Thank you for posting this! My husband and I are just starting out on the real-estate venture and I'm currently working on getting my RE license. I have often asked myself "is this even necessary?", "am I just wasting time and money?". This just reaffirmed all the effort and gave me a good boost to keep at it :)

thanks for collecting all this info for us. very useful!

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This was an awesome resource. I will now  force myself to study for the real estate licensing test. Anyone in Jax, Fl looking for study partner? Test taking is, "not my thing." Thank you! 

I am looking to take out a Heloc of 20,000 on my primary residence. What are the rules for turning that into a 30 year fixed rate so I can get my Heloc back and prevent the adjustable rate on it. 

Originally posted by @Dustin Sifford :

I am looking to take out a Heloc of 20,000 on my primary residence. What are the rules for turning that into a 30 year fixed rate so I can get my Heloc back and prevent the adjustable rate on it. 

 I don't know of any HELOCs that will roll into a 30-year fixed.  And at that low amount, you're unlikely to find a lender willing to do a 30 year fixed.  On $20K, you should just figure out a way to pay off the loan if rates start to increase...

When starting to invest. Should I figure out all the legal paper work for a wholesaling deal or find a property and buyer? 

What else would you recommend before any of these steps?

Hey my name is Matt Tallent I'm new to the forums but I've been listening since February. I'm looking to buy my first house. I have two deals I'm looking at right now both are 4 bed 1 bath. My intention is to live in the house until I'm thirty and rent the other three bedrooms out. House number 1 is 259,000 fully renovated however one of the bedrooms is small. House number 2 is 229,000 it's in decent shape and has a new kitchen. I would have to replace the bathroom before anyone moved in. The rooms are alot bigger in this house though and I could possibly put in a second bathroom down the road. The backyard is a lot smaller than the other. What house would you go for house number 1 which is move in ready and maybe will rent more or house number 2 which is alot cheaper but needs work. Any insight is appreciated thanks!

I own my house and it’s worth about 420k and I’m looking to invest in real estate and flipping houses. Any advice on how I can use the equity on my home to makes this type of investment?

Great post, great resources! Thank you!

Loved reading this thread! Confirmed I'm on the right track...

Total newb question here - do folks typically get an inspection done for a property being sold as-is and requires a lot of work? Knowing that the seller will not put in any repairs.

Also, is there any added benefit to getting an inspection for a property that’s completely gutted already? Thanks!

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