All Forum Posts by: Brett Campbell

Passed the Real Estate Licensing exam yesterday!! 

I would like to reflect on some of the things I feel benefitted me as an investor taking the class and getting my license. I am aware that this is often a debatable topic for many real estate investors. I personally wanted to get my license to expand my knowledge, work in the business, and gan access to the MLS.

So first off, I went through the JY Monk program here in Fayetteville . After looking at reviews online and talking to agents in the area Jy Monk was highly recommended. I am not going to get too much in depth of how I thought the course was run. Simply put, they gave you all of the material needed and supplied several different platforms to study the material. There is a ton of new material thrown at you in the first couple of weeks, which can be overwhelming for many. I believe we had over 12 people drop from our class. I also found that having my prior knowledge of real estate investing was extremely beneficial to me, but regardless you have to put the time in to study or you will not pass. 

I will say the entire experience was great. One thing that shocked me was, I didn't go in expecting to meet tons of great individuals who share the same passion as I do in real estate. During the 8 weeks I was able to market myself, my real estate ideas, and even learn from many investors in the area. I made friends and even potential future business partners that will benefit me greatly as I continue to build my real estate business. That alone was worth the money and time for me. (And yes I told many of them to join BiggerPockets)

Lastly, I would recommend if you have the time then you should get your license. I understand it does not fit into everyone business plans. I personally feel like I have a much better understanding of real estate business now and I am excited to continue my education and growth in this business. At the end of the day you really have to weigh the benefits of you getting your license. As I stated before it does not fit into everyones business plans. It is definitely something you have to dedicate time out of your week for and that sacrifice may not be worth your time.

On a side note, 

I am still looking at all my options for where to take the next step. This was one of my problems with the process. After passing my test yesterday, I didn't really know what the next step was, are instructor said once we pass we are dangerous. We are dangerous because we have the license to sell, but we have no idea what we are actually doing lol. 

I have got some ideas where I would like to take my license, but I want to make sure I find the best possible fit  for both myself and the company I end up working for. I am looking to work in either the Fayetteville or the Southern Pines market.  I have pretty good knowledge of both markets from an investors perspective. If anyone has any recommendations or tips for a new provisional broker, I would love to hear from you.  

Thank you,

Brett Campbell

That is good business, way to go!

My sister lives in Muskegon and I have visited a few times the last couple of years. This area really excites me. They just bought a single family there for 62k. There is tons of potential in the downtown area. I know they are rebuilding a lot there. A ton of businesses and large apartments going in. I was just there last months and seen a lot of construction going on. I have even heard they are remodeling some of the factories to be apartments and condos. I see a lot of potential and would love to get in on this market before it really catches fire. I feel with Grand Rapids being swamped it is only a matter of time.

Can you please pm me his contact information?

I didn't think of refinancing my loan into a 30 year loan. That would help out my cash flow situation. I will be looking into that as an option. I am going to keep it as a rental for a few years and then see where I am at. After working on it the past 3 months I have a slight attachment to this house. Thanks for all the great information and help. 

Originally posted by @Jason D.:

Be careful with your math. A property that rents for $900 but has a $600 mortgage does not really cash flow $300 per month. You have property taxes, insurance, maintenance, vacancy reserves, and capital expense reserves. If you can't, or don't want, a 30 year mortgage, selling is your best bet. This is a very tight deal as a rental in my opinion.

Thanks for the response Jason. I have the insurance and property taxes escrowed. I will maintain the property myself, so those should be limited considering I have replaced everything in the house. I think it is a tight deal as well, but that is in part because I opted for a 15 year mortgage instead of the 30 year. 

I am nearing the end of my summer project. I have been remodeling a 3 bed 2 bath in Fayetteville, NC. As I am coming to a close, I am faced with the tough decision of flipping or renting. I went into this project with the mindset it was going to be a rental property for 2-5 years and that I would sell later on. Lately I am having a change of heart. I am not sure if its because I am listening to friends, family, and other investors, but as of right now I am at the crossroads of decision making and looking for opinions for my BP friends.  

If I rent:

The property I will be looking at $900/ month , with a 15 year mortgage payment of $600/month..(let me check the math..) okay so that is $300 cash flow a month . 

I will be faced with  replacing the roof within the next couple of years. ( Not really a big deal but it is probably the only long term expenditure I will be faced with.)

If I sell:

My realtor suggested listing the house for $99,900. (I see it more of a $90,000-92000)

I currently have $60,668.45 into this house and I probably have another couple thousand to spend, so to be safe lets round up to $63,000.

Once I pay closing cost and realtor fees, I will be looking in the ball park of  23-25k  profit for my first ever flip. That sounds good to me, but then I also cringe at the thought of paying taxes this year for that income.

Because of Fort Bragg, this is a market and revolves heavily around soldiers coming and going. Like most markets winter makes it tougher to sell homes. I am confident I could list and rent it within the first month. I also have a feeling if I decide to flip it there is a chance it may sit all winter. 

Opinions are welcome.

Thanks for reading, 

Brett Campbell

Hello BP, 

I am looking for a CPA that specializes in Real Estate in the Fayetteville, North Carolin area.  Does anyone have any suggestions or recommendations. I don't want to be relying on Turbo Tax this coming year lol. 

Stephanie Potter the property I would be refinancing is a rental that I am not currently living in and it's owned by my llc.

Stephanie Potter I'm looking for a home equity loan for anything in the 50-60k range. My house is valued at $74,000. 70+% LTV would be ideal. I have a 749 credit score and it would be for one property.