All Forum Posts by: Christopher Phillips

I agree with the previous comments. There are flippers that have their own licenses. But those are mostly people that were in the business and decided to start investing. However, you need at least 2 or more years to become a "broker," and a certain number of points earned. In NY, it's 3500 points. Selling a house earns you 250 points. Doing a rental is like 1 point. So, if you don't have the time to generate business you won't get a broker's license. Ignoring that, it costs money and continuing education to maintain a license. So don't do it if you do not want to buy or sell homes for other people. But, if you really like real estate, it would be a good opportunity to have a sales career while you have an investing career. You would only need a regular salesperson license to do that. You can do whatever you want with a salesperson license. The only difference with a broker's license is if you want to have your own sales office instead of hanging your license at an agency. To be honest, that's just a lot of overhead. You could just hang your license at an office and then go about your business. There are several pure investors that do that at my market center...

Usually the agreement is with the main contractor. The contractor pulls subs in and out depending on what's needed. This is different if you are personally bringing in someone on your own.

Good news. Those seem like minor issues.

Do you have VA entitlement? If you don't, the seller's entitlement would still remain attached to the loan and they won't be able to use it again.

You have to apply and be subject to an inspection. Also, expect to take less than market rents. But the rent is direct deposit. The tenants are supposed to pay some portion out of their own pocket, but most don't. If you have a good tenant that's there for a long time then maybe it's worth it. But if you have a hard time keeping tenants for very long time then it can be difficult.

No. CFA is geared towards securities and related management and analysis. There is some real estate in the training, but in general, it won't have any direct benefit when it comes to a real estate career. Real estate is mostly a sales business.

Actually, if a foreclosure, it doesn't matter which neighborhood it's in. Many that I go into have mold issues and missing pipes. Sometimes previous owners are upset and destroy the place on the way out. Doesn't matter how much the house was worth. So, if the place is shut off, you have to assume the worse. Especially if the listing agent had to do some sort of cleanout before showing it.

You should consult with your CPA. You do want to build up the credit history for the LLC, so it would make sense to operate everything out of there as far as receiving rents and dealing with contractors, etc., but as sole owners of the LLC, you have to avoid mixing personal funds and business funds so you don't lose the protection...

Ignoring closing costs for three transactions versus one, it doesn't really matter. Comes down to running the numbers and what fits within your goals. Those might work for one investor but not another.

Was that you just calling? Haha. Some are and some aren't. Many are traveling for family/vacation. Most homeowners aren't going to be showing over the next few days. So it depends...