All Forum Posts by: Allyssa Compton

Hi @Taylor Johnson 

I'm really sorry to hear that you haven't received the support you need. If you are part time and are getting multiple leads, you are doing a lot better than many new agents who sit back and wait for things to fall in their lap. 

Your broker should definitely be more helpful to you and I would suggest you ask to meet with him/her and have a frank discussion. Tell them that you are in need of guidance and ask where you can get that guidance. Depending on how many people they manage, you may just be overlooked and a discussion can clear things up. 

In the meantime, I would suggest you spend as much time in your office as possible to meet other agents. I was very fortunate when I first started to meet my now-mentor who told me "anything you need, just call." So that is what I did! I called him for everything, asked for help with clients and offered to split my commissions. If your broker isn't being helpful to you, the next best thing is an agent who is willing to help out. 

That being said, don't sell yourself short. No one in this business has it all figured out and most simply fake it until they make it. The fact that you are seeking answers and help automatically puts you ahead of most of the agents in this field. Keep searching for answers. Go on YouTube, look for online seminars or resources that your company or other companies may offer. And at the end of the day, don't be afraid to tell your clients "I don't know. But I will certainly find the answer and get back to you as soon as possible." You're broker is responsible for overseeing you and should be available to you. But if they aren't, do your best to find the next best thing and keep your head up.

I hope this helps!

Hi @Aaron Crow

I work with investors and what we most often end up doing is setting up searches that automatically update them every day (auto drips). When an investor sees something they like, they call me and we go look right away.

I would say the most common criteria for those looking to rent is school district. Location, not so much, but usually investors like to specify certain school district tiers because they can anticipate the quality of tenants they will get. Price has a lot to do with school district, particularly in areas where the school districts represent a large gap in quality. For example, instead of indicating A/B/C level properties as you might with commercial, they tell me they want A/B/C level school districts. I adjust their search accordingly. 

In addition, if someone is looking for a deal on the MLS, days on the market can be very helpful. It is not uncommon, especially with multifamily properties, that days on the market actually equates to days that the tenant is being difficult and won't agree to let buyers see the space. For new investors or those looking to house hack, seeing the space before putting in an offer is very important.

It really depends on your motivations as an investor. Hope this helps!

Hi @Account Closed

I also think this is a really good idea. For $140, I really don't think you can go wrong. If a tenant is scheming and tries to accuse you of something, just the mention of the fact that you have your entire visit on camera will probably deter them from pursuing it. 

I will say, though, to first do some digging online as to the legality of this. You could also make a quick phone call to your lawyer. I'm sure it varies by state, but I would imagine that this may be illegal in some states since the law says that tenants have a "reasonable expectation to privacy." I'm not sure how a judge would interpret this in your state, but video taping someone else's home without their consent could get you in trouble. 

Hope this helps!

Hi @Jairmiya St. Hilaire! I would agree with @Timothy Tooker in saying to speak with the Market Center Coordinator and ask those questions. I know when I joined KW, they encouraged me to attend sales meetings and trainings even prior to becoming licensed. You probably won't be able to do open houses as those are prime opportunities for licensed agents, but you should definitely be able to sit down and speak with some top agents. 

Hope this helps!

Hi @Riquelmy S. and welcome to BP!

I think it's awesome and very noble of you to combine your financial goals and the betterment of communities. Don't put your experience down! All knowledge is helpful in this world and you will be very surprised at what comes in handy down the road. 

You said you are interested in house hacking. Does that mean you are going to commute or is your job flexible? If you are going to commute, that actually aligns perfectly with your goals for house hacking. I am a realtor in Rockland County just over the TZ bridge and can attest to the fact that multifamily properties in commuter friendly areas rent in no time. 

Best of luck to you in the learning process! If you need any help from an agent, please don't hesitate to reach out. I work primarily with investors and love being able to help those looking to start!

Hi @David Gonzalez congrats on getting your license!

It's interesting that your friend felt Keller Williams didn't offer enough training. KW has won awards for their training and my office personally offers training seminars almost every day of the week. There is a ton of online training as well. In addition, every new agent is assigned a "Launching Coach" who is your mentor for your first 7 transactions. After that, you can sign up for additional coaching. 

I chose Keller Williams specifically because of their training opportunities and mentorship programs. But, as @Alex Deacon said, if you already have someone who is willing to take you under their wing and you trust, that will be your best bet. At the end of the day, if you give it your all, you will make the money you need. My best advice would be to interview at least 4-6 brokerages and ask specific questions about what they offer to new agents. 

Hope this helps!

Hi @Chris McGowan welcome to BP!

I would definitely agree with the other responses that you do indeed need a fair amount of capital to get started. But keep in mind that the 20-25% mentioned is not always the case. 1-4 family properties are not considered commercial and can therefore be purchased with FHA loans which, in most cases, only require 3.5% down. If you have the 20-30% you will get a loan much easier and can jump on deals much faster but you don't have to go that route if you are just getting started.

Also, the 203k loan (renovation loan) may be a good option for you to buy a cheaper property and fix it up with borrowed money. I usually don't advocate for this loan since in many markets it is a nightmare, but I just had a conversation with a mortgage banker in my area who was touting the great benefit is has been for many of his clients. 

I would suggest speaking to a mortgage banker who can explain things to you in better detail. You may qualify for certain programs or assistance based on your area or your financial situation. Don't give up just because you don't have a spare 30k sitting around!

Hope this helps!

Hi @Anthony Joyner

I would definitely second what @David Stafford said. There are a ton of threads on this topic if you want to search those out. 

As for my two cents, a lot of people don't realize just how expensive it is to maintain your license. It isn't just the initial cost, but also continuing education which can be pricey, fees charged by your broker, insurance cost, etc. Unless you are planning to do RE full time, or plan to purchase/sell enough to offset the cost, it may not be worth it. 

Also, many agents specialize in working with investors and can be valuable assets to you in terms of creative financing options, networking, etc. If you find the right agent, they will be willing to work with you and basically do the dirty work of putting together the contracts and dealing with the annoying admin side of things. They can act as a second set of eyes on deals as well. 

At the end of the day, though, if you can't find an agent you trust and who is an asset to you, then become your own agent! As the saying goes, if you want something done right, you have to do it yourself. It's all about weighing the pros and cons. 

Hope this helps!

Hi @Christopher Muench welcome to BP!

Congrats on getting your license - it will definitely come in handy once you start investing. Do your best to network with other investors in your area as NYC is like the Wild West of real estate. You will quickly find that a lot of the "rules" in other parts of the country don't apply in the city. 

Keep learning and reach out to the BP community with any questions you have. Everyone here is extremely helpful. Best of luck!

Hi @Nicholas Aiola welcome to BP!

Glad to have you and see a fellow Rocklander on here! Are you from Suffern originally? I went to RP Connor so my Suffern roots run deep!

Are you planning on investing in Rockland or New York City? The multifamily scene is definitely difficult to snatch a good deal, but it can be done! I have a buddy who works with me who owns 26 MFHs throughout Rockland and is the king when it comes to creative financing. 

Keep us updated on your progress and let me know if you need anything from an agent or if you would just like to connect. Best of luck to you!