Soon to be Investor and RE Agent From Las Vegas!

Soon to be Investor and RE Agent From Las Vegas!

Fort Worth, TX · Member since 2015 · 121 posts · 28 votes

Hello there everyone!

First off, let me say thank you for being a large part of my learning! I have learned a ton in the last couple of months from just reading a lot of the forums, a lot of the blogs, and I absolutely love the podcast! 

I currently am in the process of getting out of the military and getting my RE license here in Nevada, I am planning on staying here in Las Vegas because I enjoy the weather and I really think that I can do well out here in Las Vegas as an agent. I do own a home that's within a 20 minute drive of the Air Force Base and I am trying to buy a house that's a little further west in the valley (closer to my next job location) and my plan is to rent this home out once I can get the second home. I bought this house with a VA loan and I'm trying to get my next house with the "2nd half" of the VA loan that way I don't have to put any money down. The issue I'm running into is that since I am changing jobs here fairly soon and since it is a commission based job no lenders that I've spoken with, except for one, will be able to work with me. The one that might be able to work with me I just learned about tonight and I'm not 100% sure whether they'll be able to help me quite yet, I'll know more probably next week.

I've had my BiggerPockets account for a few weeks now but I've been doing a lot of reading on the forums and blogs for a few months along with reading a lot of Mark Ferguson's blog, his blog was actually how I found BP! So far my plan is to own 10 homes (including my primary residence) in the next 5 years and by that time I should be able to "retire" but more than likely I would be too bored to just sit at home every day so I'll probably end up continuing to sell Real Estate and help people buy their homes and continue to manage my own properties. 

This is probably one of the longer first post/introduction posts that I've seen so thank you if you've read this far and I am excited to make my job switch and attack my RE goals! 

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  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    10y

    Welcome to BiggerPockets, @Joe Ellis. What a great first post!

    I don't know much about Las Vegas real estate, but I am a licensed agent in Colorado, and I will say that the test is filled with stuff you won't ever need after you pass it. So study study study, and then find a great brokerage to work with. If you want to primarily do investments, find a broker who also invests. 

    I can feel your excitement through your post. Make sure your numbers work when you run them. It's really great to buy that next house, but if the numbers don't work, don't force them.

    I'm going to tag @Mark Ferguson so he can see your kind words, too.

    Good luck! And thank you for serving in our military.

  • Lender · Las Vegas, NV · Member since 2015 · 2k+ posts · 1k+ votes
    10y

    Welcome to the best place you could be!  Thank you for your service also!  I'm a Las Vegas resident myself for almost 24 years,  and have been in real estate financing for most of that time. 

    If you need a referral for a local lender that you can talk to about your loan, send me an email and I'll give you the name and number of one. 

    Happy Thanksgiving! 

  • Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    10y

    hey Joe! Glad to here my site has helped you!  

    Are you able to buy that second home before you become an agent? 

  • Fort Worth, TX · Member since 2015 · 121 posts · 28 votes
    10y

    @Mindy Jensen, thank you for the motivation, welcome, and advice. That's what makes this website so great! 

    @Charlie Fitzgerald, thank you for the welcome and I'm excited to get started here in LV! 

    @Mark Ferguson, thank you for the welcome and I appreciate all the work you put into your blog. It really was what started me off wanting to be a buy and hold investor! I don't think i'll be able to buy the next house before I get my license just because we're running into some issues with lenders at the moment and I should be testing for my license here in December. 

  • Bill S.Pro Member
    Moderator
    Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
    10y

    @Joe Ellis not to dampen your hopes but usually the soonest someone will lend you the money for a new home would likely be two years after you have established a income track record. Also, it takes at least 2 years for most agents to get some traction and actually make a living as an agent (4 years total at a minimum). Those are the ones that make a living at it. There are thousands that wash out. You have a tough road ahead. I would say that you need to focus on one business, your agency. After you have that tied down and supporting your living expenses then add the other one. 

    Ideally you would have bought the 2nd property before the whole separation from the military came into play but that is the perfect hind sight.

  • Fort Worth, TX · Member since 2015 · 121 posts · 28 votes
    10y

    @Account Closed, I believe you when you say that it takes some time for agents to get established in their work and able to support themselves financially. And i know you're right about lenders wanting 2 years worth of income history because that's what i've been told numerous times over the last couple of weeks. However, I also believe that I will be able to make my goal of 10 homes in 5 years along with becoming a good RE agent, for me it's a matter of mindset. I think that being an agent will give me a leg up on a lot of the deals that come along, whether it be through networking or clients that are motivated. And yes owning my second home would have been ideal but like you said, hind sight is 20/20! Haha. Thank you for your realistic view, I think too many people don't get told things such as that so they end up not thinking of things that others would have and then are surprised when those things happen. 

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