Hey there! New to this in Louisville

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Hey there! New to this in Louisville

David Zachery
Louisville, KY · Member since 2014 · 60 posts · 3 votes

Following the steps here and introducing myself. I'm an audio/visual engineer in Louisville. My wife and I love HGTV and want to flip a house, but since HGTV is NOT reality, I'm trying to educate myself in real world real estate. Thank you to this whole community. It looks like a win win for everyone!

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  • Mya Toohey
    Real Estate Agent · Tampa Florida · Member since 2013 · 630 posts · 303 votes
    12y

    Hi David,

    Welcome to Bigger Pockets! It's a great site for learning and networking in the business! If you need any help, feel free to contact me. I'm an agent here in Louisville. I work with several flippers and buy and hold investor clients and would be happy to help you with any questions you may have!

    Best,

    Mya Neubauer

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  • William R.
    Investor · Louisville, KY · Member since 2013 · 139 posts · 43 votes
    12y

    Welcome to Bigger Pockets. I always love seeing fellow Louisvillians. YOu found a great resource.

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  • Ron Kelley
    Barstow, CA · Member since 2013 · 51 posts · 7 votes
    12y

    Welcome to BP David!

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  • Michael Seeker
    Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
    12y

    Welcome to BP @David Zachery . You'll find a lot of great resources on here. If you have any Louisville specific questions, feel free to reach out to me.

    -Michael

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  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    12y

    Hey @David Zachery welcome to BP! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

    Oh - and don't forget to set up your Keyword Alerts!

    See you around the site!

    Podcast Guest on Show #92
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  • David Zachery
    OP
    Louisville, KY · Member since 2014 · 60 posts · 3 votes
    12y

    Thank you everyone. Louisville peeps, I'll definitely be reaching out. Couple of questions as a newbie:

    1. I see people going after their real estate license. What are a couple of advantages and disadvantages to doing that?

    2. I'm also reading that the relationship between investment buyers and realtors isn't clear cut. However there are "flipper friendly" realtors. What's going on here?

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  • Paul Timmins
    Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    12y

    @David Zachery

    Welcome. Great time to start building the legacy.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

    Consider checking out HUD homes for small multi's owner occupied gets first crack.

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Good Luck

    Paul

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  • Michael Seeker
    Investor · Louisville, KY · Member since 2011 · 1k+ posts · 1k+ votes
    12y
    Originally posted by @David Zachery:
    Thank you everyone. Louisville peeps, I'll definitely be reaching out. Couple of questions as a newbie:

    1. I see people going after their real estate license. What are a couple of advantages and disadvantages to doing that?

    2. I'm also reading that the relationship between investment buyers and realtors isn't clear cut. However there are "flipper friendly" realtors. What's going on here?

    1. I can't speak from experience, but a couple of advantages that are quite easy to pinpoint are access to the MLS, and the ability to earn commissions on transactions (or save them). I don't know that somebody would really be disadvantaged once they have their license, but obviously you'd have to go through all of the steps to get there. If you want to be a RE agent, then it's an obvious must have. If you want to be an RE investor, it's absolutely not necessary...though it couldn't hurt to have.

    2. You can find realtor's that cater more to repeat customers. If they know you'll be coming back with other purchases and/or sales, they're likely to offer you "perks" that they wouldn't extend to a retail buyer. Some examples include reduced commissions, free staging, free consultation (design, tax credit, etc) and free connections. Now they're not really free...you're paying them with commissions. But it can be a lot easier and more lucrative for an agent to work with a repeat investor who knows what they're looking for than a retail buyer who is on the fence and may never even buy anything. It's just like any business relationship - both sides offer something quite appealing and it can be a win-win.

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  • Clay SmithBusiness Member
    Investor · Louisville, KY · Member since 2013 · 419 posts · 244 votes
    12y

    As your own real Estate agent you can

    1. close deals and earn commission as a buyer.
    2. View properties at your leisure
    3. submit offers (even if low balling) without regard to someone else's time.
    4. post your own properties on the mls and earn seller commision.
    5. data mine the mls system historical archives for insights
    6. Create custom alerts using your own parameters
      • "Short sale", "handyman Special", etc....

    how do you get one?

    1. Cannot have a felony
    2. go to the UPS store off Breckinridge Lane and get a FBI fingerprint card....
    3. get a $18 money order...
    4. mail in your money order and finger print card to the FBI
    5. when it returns in 6-8 weeks mail it in to the state commission
    6. sign up for a class with an approved Pre License Provider
    7. sit for exam
    8. if this wont be your full time job then get on with a broker that does not charge for office space (approx $30 a month)
    9. take annual clasess to maintain license requirements.(approx $400 a yr)

    If you do NOT want to invest your time and effort into getting a liscense OR you have a felony conviction then...

    use an agent or wholesaler (cash only) that will bring you deals. If they meet your requirements (cap rate, ARV, etc.) then buy from them. Investor friendly agents know how to get you funding based on your financial scenario.

    LREI Property Management LLC4.6442 Reviews
    WebsiteView Page
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