Wholesaling/Investing & Being a Realtor as Techies!...

14 Replies

Greetings BP!!!

I am new to the forum. I am a seasoned IT professional (UI/UX & Multimedia Design). Concentrated on interior architecture and communications arts/design in college and have an interest in investing and building equity through wholesaling then I plan to invest in flips, buy & hold and timeshares.

This has been addressed multiple times. I have read most of the articles. I have a few questions. Some may be loaded.. Any advice and networking will be appreciated!

1. As a wholesaler/investor I went through the process of studying the courses and passing the state and nation real estate exam. I wanted to get a better knowledge of the real estate industry so I could eventually use that knowledge to become a better investor/realtor.

I've been told to become active with an investor friendly broker and I think I have found one. What disclosures would I have to use and would the broker get a percentage of my commissions if it was found outside of his firm or since it is done under another company and I am going to be a realtor under my own fictitious name (LLC/S Corp) do disclosures about the brokerage have to be made? or just that I am a licensed realtor? I have interest in the property not acting as a agent. Does agency coupled with interest apply in any instances? OR should that just be avoided?

2. The brokerage I am thinking of joining is very tech minded and I am a seasoned IT professional. They allow flexibility and certain freedoms as well as access to multiple online tools as well as having access to MLS. I am basing this decision on my experience in IT (Web design, UI/UX, Social Media & SEO) and how it can lend to generating leads, branding and marketing. Are there any suggestions on firms that lend themselves to technology. I have spoken with a broker from EXP Realty and have friends that work with them that enjoy it and we will be forming and branding a team. Just doing my 'due diligence'. I came across and app for realtors called REAL. Anyone heard of this company/app? What is the best tech minded firm that allows flexibility and is investor friendly?

GOAL: Investor Friendly Realtor/Investor

Hi, not sure about REAL, but I'm with eXp and it is awesome! They are very tech savvy and always keeping up with the new lead gen platforms. Let me know if you have any questions. Thanks!

Terra

Originally posted by @Terra Spino :

Hi, not sure about REAL, but I'm with eXp and it is awesome! They are very tech savvy and always keeping up with the new lead gen platforms. Let me know if you have any questions. Thanks!

Terra

Thanks! I have two friends who are with EXP and they enjoy it. Made the most sense for me as a techie! 

Derrick, that's great, I don't think you will be disappointed, everyone is so helpful and awesome!!!

Terra

Derrick,

As it pertains to disclosures as a Realtor you will have to disclose not only that you are a Realtor but you will need to use all your states disclosures like: mold disclosure, agency disclosures, inspection and others. I am a licensed agent as well and these disclosure do not and should not hinder your progression as a wholesaler. Again I am wholesaler who is licensed.

As far as the commissions you broker will get part of your commission that all depends on the commission structure agreement you have with your brokerage. These fees are to cover you insurance cost (E&O). I discuss more on topics like these at equityrealestateblog.com

Hope I was helpful

Originally posted by @Marcus Maloney :

Derrick,

As it pertains to disclosures as a Realtor you will have to disclose not only that you are a Realtor but you will need to use all your states disclosures like: mold disclosure, agency disclosures, inspection and others. I am a licensed agent as well and these disclosure do not and should not hinder your progression as a wholesaler. Again I am wholesaler who is licensed.

As far as the commissions you broker will get part of your commission that all depends on the commission structure agreement you have with your brokerage. These fees are to cover you insurance cost (E&O). I discuss more on topics like these at equityrealestateblog.com

Hope I was helpful

 Definitely was helpful. Just trying to absorb as much as possible so it can translate to sales and being legit as an investor and realtor. Thanks a lot!

Hey thanks for posting this. I live in central VA and I'm looking to get into this realm myself (agent & wholesaler). Thanks again for posting as I will be watching and adding any information I come across!

Originally posted by @Cesar Rebolledo :

Hey thanks for posting this. I live in central VA and I'm looking to get into this realm myself (agent & wholesaler). Thanks again for posting as I will be watching and adding any information I come across!

I am going to be concentrating on the Central VA area from Petersburg to Stafford then working my way north. Let's network!

I invest in  Stafford and Fredericksburg and I just got my license to primarily help with my own investing.  I do know that you now have to disclose that you're a licensed agent with EVERY transaction.

I've hooked up with Fathom realty.  They have a program that takes a very small portion of the commission and only charges $25/mo to be an agent with them.  Others will take as much as 60% of your commissions. There are minimum fees for one of your own transactions that are just a few hundred dollars if I recall correctly.

If any of you budding wholesalers find a deal, I'm looking for my next BRRRR.

Originally posted by @Eddy Dumire :

I invest in  Stafford and Fredericksburg and I just got my license to primarily help with my own investing.  I do know that you now have to disclose that you're a licensed agent with EVERY transaction.

I've hooked up with Fathom realty.  They have a program that takes a very small portion of the commission and only charges $25/mo to be an agent with them.  Others will take as much as 60% of your commissions. There are minimum fees for one of your own transactions that are just a few hundred dollars if I recall correctly.

If any of you budding wholesalers find a deal, I'm looking for my next BRRRR.

Maybe I'm a little green. Lol. What is BRRRR?

Derrick.... at this point I STRONGLY recommend you listen to every single podcast.  You can't begin to imagine how much you will learn.

BRRRR = Buy, Rehab, Rent, Refinance, Repeat. It's a strategy to acquire rental properties and continually churn the cash required into the next property. Here's a sample BRRRR:

1.  Buy a run down $50k house

2.  Spend $25k in rehab (After repair value = $100k). 

3.  Rent it out. 

4.  Simmer gently for 6 months (seasoning time in lender speak)

5.  Refinance pulling out 70-75% (=70k-75k of 100k value). 

6.  Pay back lender or repay your heloc or repay your 401k loan. 

7.  Find another deal to do while collecting cashflow from the rental.

Awesome Advice Eddy! Thanks a lot! The process above seems pretty solid!

@Derrick H., I'm actively looking for buy-and-hold and fix-and-flip deals in the Fredericksburg area. If you have anything, let me know. Thanks. 

Welcome Derrick! reach out if there is anything I can do to help.

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