advice needed

3 Replies

I would like to take a quick moment to thank everyone involved at BP for making this a great place .

I was listening to a podcast and was reminded by Joshua and Brandon not to hesitate to post a question  when you have one regardless of how unworthy you think it is.  

My long term goal and strategy is to aquire rentals. I would like to create enough passive income to be able to do what I love most. ( realestate).

After becoming motivated and after setting high goals for 2014 I've experienced the best year in my realestate investing career .  I've purchased two properties and along the way I have interacted with many homeowners. I have referred 5 properties to a friend who is a real estate broker and I want to achieve more. On top of this, my wife and I have decided to partner together so she is wanting to get her real estate license in order to capitalize in all areas. 

My questions are as follows,

#1 

Will my wife being licensed (texas)  affect me being an investor? In other words will this hinder my investing strategies?

#2

When Analyzing a deal, if it does not meet my criteria could I refer it to her as a potential listing ?

#3

How much should we expect to pay our Broker in order to hold her license?

 And, the hardest issue that I've been dealing with is 

#4

How do I determine whether to sale A property that could potentially be a good cash flowing rental or a good flip?  What factors should I take into consideration?

I'll try to answer some of your questions:

1)  If your wife gets her realtor license then this will only help you as a real estate investor, especially if you don't have your license.  

2)  sure

3)  I don't know

4)  I personally like the monthly cash flow strategy vs. the large $ you can make from doing flips.  But this depends on your situation and your real estate market.  If doing flips is lucrative, then by all means - do them.  Having hard cash is never a bad thing.  But if you want to replace your 9-5 job with a consistent stream of cash flow, then start buying rental properties.  

thank you for you're response Jay. I feel the same way about you in regards to buy and hold strategy and I hope to be there one day. The main reason I'm considering selling is to fund anotger flip that i have on hold . Once I flip the house i plan on reinvesting . 

#1

Will my wife being licensed (texas) affect me being an investor? In other words will this hinder my investing strategies?

No.

#2

When Analyzing a deal, if it does not meet my criteria could I refer it to her as a potential listing ?

Yes. Why not. She most likely cannot "pay" you a fee persay but your married so your own the same team.

#3

How much should we expect to pay our Broker in order to hold her license?

And, the hardest issue that I've been dealing with is

50-80% is a common commission split range for brokerages around here.

#4

How do I determine whether to sale A property that could potentially be a good cash flowing rental or a good flip? What factors should I take into consideration?

This will likely be ever evolving and changing as your situation changes.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

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