Hi! I'm new to BiggerPockets can't wait to see the possibilities

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Hi! I'm new to BiggerPockets can't wait to see the possibilities

Laura Perry
Real Estate Agent · Birmingham, AL · Member since 2016 · 8 posts · 4 votes

I'm a real estate agent in Birmingham, AL. Does anyone have any advice for someone new joining this site? 

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  • Michael Lee
    Investor · Coppell, TX · Member since 2008 · 2k+ posts · 646 votes
    10y

    Hello and welcome to BP! You are at a great site. You can learn a bunch and ask questions to people that might have allready dine it. One of the thins you have got to do is get a pre-approval loan letter that says how long you need for closing the loan and a maximum amount you are eligible for. Another thing you ought to do is practice on figuring loans (estimates) out. Another thing that you should know is your financial condition and advice on forming some type of corporation or LLC. Get advice from an Attorney and/or a CPA. It is important that you know what you want to do before starting.

    Also, look at using the BP calculators to help you.  Be creative and patient at what you decide on.  You should also have an office location that has less distractions.  Find/Get a Team put together that has experience on what you are doing, are local, and return your phone calls promptly.    Select your niche and market location and it's best locations.  Just do what you like.  Do what is normal for that neighberhood. Before you start making an offer know where you can get money.

    I am 60 years old and have plenty to say.  I found BP about a year ago and I am still deciding what to do.  I also went to college, not that it is mandatory, and I got a business degree that emphasized real estate.  Since I was in Texas and planned on staying there,  I found out that I was qualified to take a teat and get a real estate brokerage license, so I took the test and got a license even though I never did that full time.  Regardless of what I had I felt more comfortable in the construction business. 

    Always remember to do the math analysis on your prospective property and try to look at it or have a clause in the sales contract that allows you the time (usually about 15 days) to do a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.  I am sorry I am saying too much.  I have been in the construction business since I was 17 including those college years.  I kept that broker license active for about 30 years (since 1980).

    My father has been in the buying and selling of real estate deals (mostly commercial) and he has taught me a little bit.  Do not cut any corners to make things look better.  Inventory right now is kind of low right now, so it is a seller's martket and so there is no hurry to get into investing in real estate..  That does not mean there are not deals out there and cash buyers are getting priority because they can typically close quickly.  They are harder to compete with so just try to sound like you know what you are doing.  Gain on your relationship with the seller.

    Good luck to you!

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  • Steve Smith
    Beverly Hills, FL · Member since 2013 · 388 posts · 62 votes
    10y

    @Laura Perry

    Welcome to BiggerPockets, the site I consider to be Best for Real Estate on the web. You will find a lot of great information along with good and knowledgeable people that are willing to answer any of your questions.

    Check out the“Learn tab above” and download a free copy of “The Ultimate Beginners Guide to Real Estate Investing”. You can listen and follow the “BiggerPockets and the #AskBP podcast, and the forum and blog. Be sure to sign up for the weekly webinar they contain plenty of information for both the newand experienced real estate investor

    Make it Happen

    Steve

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  • Laura Perry
    OP
    Real Estate Agent · Birmingham, AL · Member since 2016 · 8 posts · 4 votes
    10y

    Thank you Guys!!! I'm on the other end of investing-now as an agent. I've dealt with investment properties before & wanted to try helping investors find perfect properties without all the headaches I've been through. Investments are something I would love to get back into one day. 

    2Reply
  • Jonna WeberPro Member
    Moderator
    Investor · Boise, ID · Member since 2011 · 1k+ posts · 736 votes
    10y

    Hi @Laura Perry - Welcome!  The relationships you form on BP as an agent can be wonderful.  Contribute and add value, and relationships will follow. You may find this article interesting: 

     https://www.biggerpockets.com/renewsblog/2015/08/2...

    As with every type of client,  prequalifying the the investor client is critical.  I wasted a LOT of time when I got started.  I am always happy to work with a new investor, but if they have no means by which to purchase, I just cannot afford the time.  

    If there are not meet ups in your area - I would definitely recommend taking the lead and starting one!   

    I would also encourage you to position yourself as someone that can help an investor with all of their real estate needs, not just their investments.  Investors and their friends have the need to sell and buy their primary homes as well!  

    All the best to you!

    Jonna 

    208-608-4884Podcast Guest on Show #80
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  • Michael McDevitt
    full-time CPA & part-time RE Investor · Colorado Springs, CO · Member since 2016 · 102 posts · 46 votes
    10y
    My advice is to read this website. There is tons of great information and real experts who can answer any questions you have. It is a very friendly place to share information and learn. Reach out to people, connect with them and be willing to share information you know as a realtor. Do that, and success in this business will follow. Good luck!
    0Reply
  • Laura Perry
    OP
    Real Estate Agent · Birmingham, AL · Member since 2016 · 8 posts · 4 votes
    10y

    Thank you all!

    0Reply
  • John Patton
    Investor · Birmingham, AL · Member since 2016 · 315 posts · 206 votes
    10y

    Welcome Laura. I am in the Birmingham area also. Just old school guy learning new ways. There are a couple of real estate groups in the area. The AIA meeting every 4th Monday in Homewood at 6 . I have been with them about 10 years, good folks. There is also several folks on this site that meet at Birmingham Real estate investors on meet up group. Both are good.

    Good luck. JP

    0Reply
  • Laura Perry
    OP
    Real Estate Agent · Birmingham, AL · Member since 2016 · 8 posts · 4 votes
    10y

    Thank you, John Patton! I'll have to check it out next Monday

    0Reply
  • Tiffani Baggett
    Rental Property Investor · Birmingham, AL · Member since 2016 · 97 posts · 51 votes
    10y
    Hi Laura Perry I'm a new investor and also taking my real estate course this month to possibly get my license. Welcome! Hopefully we can connect at a local meeting. I haven't been to one yet.
    0Reply
  • Laura Perry
    OP
    Real Estate Agent · Birmingham, AL · Member since 2016 · 8 posts · 4 votes
    10y

    Yes-for sure

    0Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    10y

    Being a successful broker or agent will make you a nice living with a career but investing the right way as an investor can make you wealthy.

    You do not want to do the next transaction because you have to for income. You want investments throwing off that passive income so that you do the next transaction out of pure joy and only working with clients you want to.

    Having that freedom can be the ultimate satisfaction.

    You said 50 transactions is your goal in a year. You need to break it down further. If you sell houses to investors for them to rehab the purchase price might be under 100k. 50 houses at 100k is 5,000,000 at 3% commission or 150,000 GCI before the brokerage split,business costs,taxes,etc.

    Investors that buy to rent out versus rehab and sell you can generally find more properties as they tend to pay a higher price. I only do commercial.

    If you are getting a lot of regular sales in your market you might be able to do more velocity with that along with a higher sales price. Research might tell you an investor house is 100k locally and a retail house is 250k.      

    Podcast Guest on Show #47
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