real estate agent- future wholesaler investor

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real estate agent- future wholesaler investor

William Smith
Real Estate Agent · New Windsor, NY · Member since 2010 · 3 posts · 0 votes

Looking to go into investing and wholesaling residential real estate only in the hudson valley and northern new jersey.

William Smith

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
10y

If you are going to try and get into wholesaling, make sure to check with your broker to see if they allow those activities. Also check with the real estate commission in your state to see if it is legal and acceptable for you as a licensed agent to participate in wholesaling.

On another note....wholesaling takes a marketing budget....why not just apply that same budget and formula to the agent side of your business and get more listings?

[email protected]301-893-4635Podcast Guest on Show #192
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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    If you are going to try and get into wholesaling, make sure to check with your broker to see if they allow those activities. Also check with the real estate commission in your state to see if it is legal and acceptable for you as a licensed agent to participate in wholesaling.

    On another note....wholesaling takes a marketing budget....why not just apply that same budget and formula to the agent side of your business and get more listings?

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
  • Linval T.
    Investor · Bay Shore, NY · Member since 2014 · 1k+ posts · 688 votes
    10y

    @William Smith

    Welcome to the vibrant BP community. Ok, now that you have taken your initial step, below are some quick links to get engaged.

    You indicated a strong interest in wholesaling and as such I added a guide below to get you engaged.

    https://www.biggerpockets.com/renewsblog/2015/01/3...

    https://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)

    https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)

    REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.

    https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/

    REI books suggested by BPers

    https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)

    http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books (books recommended by BPers)

    Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

    Feast on the Podcasts, #askbp Podcasts, blogs and webinars

    Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

    1Reply
  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y
    Originally posted by @William Smith:

    Looking to go into investing and wholesaling residential real estate only in the hudson valley and northern new jersey.

    William Smith

    914-420-1974

    Hello and welcome!  You have to be a good salesman to do that.  I am 59 years old and I found BP about 3 months ago and I am still learning.  I graduated from North Texas State University and I got a broker license in 1980.  Regardless of that I felt more comfortable in the construction business.  I have been in the construction business since I was 17.  If you think I might be able to help you with anything do not hesitate to contact me.  Good luck! 

    0Reply
  • Rob Rice
    Wholesaler · Douglasville, GA · Member since 2014 · 72 posts · 63 votes
    10y

    Great, welcome aboard William.

    If you are going to get into wholesaling as an agent, it is super.  It is legal.  You must disclose the fact that you are an agent, to a seller as soon as the conversation goes toward the business of purchasing their home.  You must decide when that time is.  

    The wholesalers that I know that are licensed agents don't do any of there business using the resources provided by their broker's house. Most of them started as an investor, and just went to get their license simply for MLS access. Go to a REIA in your area and find some wholesalers. Trust me, some of them are licensed agents. Good luck, and go for it, plus ask questions.

    0Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    10y

    Again, the really bad thing about public forums is that people with very little knowledge come across as experts, I guess it's an ego promotional thing. 

    It is not as simple as a disclosure! The lack of basic legal knowledge and the ramifications of investor's in the unknown is par for the course. 

    Don't do anything as to investing without speaking to your broker. Brokers may grant permission, they may not grant forgiveness!

    Some issues a broker may consider to your wholesaling:

    Perception of the public, perception of the property owner.

    Dealing for yourself doesn't relieve you of Laws of Agency, facilitating a sale, are not escaped by saying you are dealing on your own behalf. This has nothing to do with your real estate agency position.

    Look to "net listings" with or without a listing agreement.

    Each state interprets laws differently, someone in one state should not be advising how a RE commission deals with matters unless they have specific knowledge of that commission or state laws.......maybe they are an attorney authorized to practice in your state. 

    There are thousands of agents doing things they should not be doing as investors, CYA, talk to your broker! :)   

    0Reply
  • Mark Nolan
    Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    10y

    @William Smith

    Welcome to Bigger Pockets community. Be sure to check out “Learn” for all kinds of useful resources and free how to guides.

    0Reply
  • William Smith
    OP
    Real Estate Agent · New Windsor, NY · Member since 2010 · 3 posts · 0 votes
    10y

    In New York I have to disclose that I have a NYS RE Salesperson Lic even on my marketing. My broker said if I get any good deals to see if he wants them first.  I have 2 closings coming up in a couple of weeks and I'm going to send our 5,000 we buy houses post cards and do a heavy facebook campaign. if you guys are on facebook please look for hudson valley investors and also fair deal home buyer llc

    thanks,'

       Bill Smith

    0Reply
  • Jean Howard
    Investor · Los Angeles, CA · Member since 2015 · 40 posts · 6 votes
    10y

    Hey william, 

    Can you provide some more details on what type of properties and what kind of investing you want to do. Are you looking for single family homes, or multi-families? 

    0Reply
  • Chaim F.
    Property Manager · Brooklyn, NY · Member since 2015 · 537 posts · 56 votes
    10y

    @William Smith Welcome to the BP community, fellow New Yorker.

    You doing the right thing by jumping in.

    Wishing you lots of success!

    0Reply
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