All Forum Posts by: Chris Stroup

Could you get a HELOC and use that for the down payment on more rental properties? I know they are hard to get right now but not impossible.

Before you make a choice, clearly define your long term goals.  Does this decision fit in with your long term goals? 

 

There is a huge difference in residential agents and investor agents.  Investor agents should have a network of people they can introduce you to.  Property management, contractors, creative lenders, etc.  

Most real estate agents will probably tell you they will work with investors to have a chance at earning a commission but unless they regularly work with investors be careful.  Find someone that knows how to navigate the foreclosures in your area, someone that knows the wholesalers, and how to close on a wholesale deal.  

The agent should also be an investor with knowledge of the strategy you want to use.  

Asking how many investors they work with is a good question.  This will show if they actually work with investors.  You can look up the agent on Zillow and see what types of properties they normally sell also.  

That's awesome!  Airbnb's are great.  I really like that the cleaning crew will have eyes on the property to check for any issues on a regular basis.  

Are you going to use a property manager or self manage?  

Reach out to people involved in the markets you are interested in.  Real estate agents, property managers, investors, people that are actively involved in the market.  They will be able to talk to you about trends.  What strategy works the best and what doesn't work as well.  

You can probably get a head start just by searching the forums.  

I think a great listing agent has to have a great team behind them.  

The listing agent can be great but if there is a strong team in place and processes that are proven, it makes everything so much better.  

So, it is important to ask about their systems and team.  No one is great by themselves; if they are it is not scaleable.  

The BiggerPockets books are really good too.  

Get your personal finances in order and start saving money.  Make friends with everyone involved in real estate that you can.  That relationships are what will make you successful.  

Good luck.  Don't sit on the sidelines forever!! 

It isn't realistic to expect a 150-200k house in good shape for 50k.  If that is the deal you are waiting for you are never going to buy anything.  

If you have 50k to spend I would suggest either finding another market to invest in, finding some partners, or using a loan of some sort.  

It is very unlikely that you are going to find a deal with 75% equity in it.  If you wait enough years you might find it but to what cost?  You could have many cash-flowing properties under your belt long before that.  

A good strategy could be to find an investor minded Realtor in your area and place a ton of low ball offers on high days on market listings.  We have good luck with that here sometimes.  

Foreclosures are a good source of deals also.  

Put 10k in a savings account to help out with living expenses or anything unexpected that comes up.  Then find someone with the exact same goals as you to form a  partnership.  Having someone to do this with is amazing.  You don't have to solve every problem on your own and you don't have to pay every expense on your own.  

I was in a similar position and I found two partners and we jumped in.  We each have an area that we specialize in and we all work well together.  

If you both have 30k to offer, that's enough to use a hard money loan for a BRRRR or two. Or if the deal is low priced you can purchase all in cash.

Good luck!  The hardest part is getting started.  

@Darcy Reynolds I agree about the commission split is worth it.  Being on a time offers so many advantages.  If you find the right team you can go from zero experience to selling all the houses in no time.  

I am pretty sure if I was doing this on my own I would have been sued 7 times and probably had my license taken.  lol.  Having a transaction coordinator to keep you in line is the greatest thing ever.  

Good luck!!  Being a real estate agent is a lot of fun.  

I joined a team right away and I am glad I did.  Expect more of your commission to go towards the team split.  If you join a good team it will be worth it.  Ask if they have training provided, if they have transaction coordinators, and if they provide leads.  

I really enjoy the people that I work with and I have learned so much in a short period of time because of them.