All Forum Posts by: Cary O.

It is not necessary to have RE license to invest in real estate, but there may be benefits in each scenario. Weigh the costs vs the benefits. 

For buy and hold, you can work with a real estate agent and the seller typically pays the 6% realtor commission fees (3% for seller's agent, 3% for buyer's agent). The buyer typically does not pay those fees. Having a RE license may be beneficial though for access to the MLS, access to "pocket listings" prior to coming onto the MLS, etc. However, would it be worth the time and money to obtain and maintain your RE license?

When it comes to selling / flipping, it will save you 3% seller's agent fees if you are the agent listing and selling the property. So, if you plan to flip many homes, then it may be worth the investment to obtain RE license. 

While the laws may differ in your state, you may not even need the appraisal if you work with a larger national bank as they have a designated department to determine the market value of your home for a HELOC. It will be to your benefit to have the recent appraisal as it will give you a better idea if their valuation of the market value is within an acceptable range or not. If you disagree with their valuation, you can ask for a formal appraisal to be completed.

"If you aim at nothing, you will hit it every time" - Zig Ziglar

Set your goals (and aim high), make a plan, get to work, and stick to it! 

You're among friends on Bigger Pockets as most of us have felt the same anxiety that you described when first getting starting in real estate investing. What helps to mitigate that anxiety is knowledge and experience, and as others have mentioned, building your team. It also helps to understand why you decided to get into real estate investing in the first place. If you have a strong "why", you'll have strong motivation to make it work for you. 

Recommend reading "The 7 Habits of Highly Effective People" by Stephen Covey. It is not real estate specific, but I highly recommend that everyone read it. Great for helping you build self awareness, developing your "why", and managing your time. 

Welcome to Bigger Pockets @Trung Le. Find a real estate agent to help you in your home buying search. A good real estate agent will help you determine your criteria for home buying. For example, what are your must haves or negotiables? Examples would include the following items:  at least 3 bedroom, at least 2 bathrooms, between 1200-1800 sq ft, age of the home, neighborhood, fixer upper or newer home, etc. If you are a first time home buyer, you will probably need to look at several homes to get a sense of what you like/want in a home, and also to learn what you can get for your budget. 

A good realtor should also be able to refer you to a mortgage lender or mortgage broker that can help you with getting pre-approved. If the realtor has experience, they should be very familiar with the type of financing that may suit you best given your financial situation. The realtor should refer you to the right mortgage lender / broker that deals with those type of loans (conventional, FHA, VA, ARMs, etc.). These professionals want to help you find a home and close on it as they do not earn their commission until you complete the home purchase.

If you are on Bigger Pockets, I assume you are also interested in real estate investing down the road. Take the time to pick the right realtor for you as it may be a long-term relationship. We have a 10+ year relationship with our realtor and have learned a lot from her. 

It depends on the class of rental property and the potential pool of tenants you are trying to attract. First impressions do leave an impression. If you have a class A/B property in a nice neighborhood that generally attracts professionals, then you may want to take the time to dress accordingly.  

As other posters have mentioned, you are setting the tone as the landlord from the beginning. So the first meeting to show the property may be your first opportunity to interact with potential tenants. No need to rush after work to show the property. Schedule a time that works for you as well. Set expectations on respecting your time as well as respecting theirs. 

As a buy and hold investor, if you can rent the property to produce positive cash flows acceptable to you, then buy now. Even if the market takes a downturn, you have positive cash flow, and the rental income is building equity for you in that property. If you plan to buy and hold for the long term, home prices will recover eventually and most likely rise above your purchase price. It's not timing the market, but the time IN the market to realize appreciation on your purchase. 

More cost effective to do one paint color - generally neutral colors preferred. If we paint a different color - its generally a small area, like a bathroom (light blue/ gray). Makes the turnover process in between tenants easier for light touchups/ nail hole cover ups. 

Yes, for verification of proof of income. Trust but verify.