All Forum Posts by: Christina Carey

@Jared Vidales We were in the area this evening - here are some additional photos for you:

You may be able to use Chase QuickPay, but not sure if they allow credit cards or not. PayPal may very well be your best bet.

Sean is 100% on point with everything he said above.

As an independent broker operating very much the same as Plum Tree, etc. I would add a few things:

1. Very little of your business activity, if any, will take place at the brokerage office. Unless you need access to the technology and/or want to answer phones for them looking for leads, you can accomplish everything you need to in a modest home office. I can count the number of times I used the brokerage office for anything on one hand.

2. With regard to the larger franchise brokers, your best bet for both training and investor-friendly is Keller Williams. Every broker I ever talked to when I was looking for one several years ago all claimed to be investor-friendly ... when they're trying to woo you into signing with them. When it comes down to walking the walk - like, when you have a potential deal in the works and need advice - it is a VERY select few who can truly help you with through it beyond the "traditional sale" if there is the tiniest thing that's creative about the transaction.

Alas, when you're new, you don't know what you don't know, and often what you think you want/need turns out to be something different after you've been in it for a bit. If I could go back and do it over when I was new, I would have first found all the brokers who actually invested in real estate regardless of what company they were affiliated with, and then asked each of them about training. As it turned out, I really didn't need much training beyond basic procedure and paperwork. 

The Cincy MLS offers a series of training classes for the MLS itself (free as part of your membership), which I found to be more helpful than any brokerage training class ever was.

There are also classes offered at the Dayton Board of Realtors (for CE credit) on the purchase contract, which is the same contract used in Cincinnati. I believe they still come along occasionally in Cincinnati, too. If not, you can still attend in Dayton as a reciprocal member from Cincinnati. The cost might be $10 or $15, but well worth it, in my opinion. For the number of experienced agents that I continue to see who still have no idea how to complete the purchase contract, the class ought to be a requirement to keep their Board/MLS membership ... but that's a topic for another thread.

I am a real estate broker in Ohio, and in the MLS areas of Cincinnati, Dayton, and Columbus. I am also a full-time real estate investor.

For you active investors with a real estate license (or if you're thinking about getting one) and are seeking a TRUE investor-friendly broker, here's how it would work by hanging your license with me:

1. You will not be restricted as to what you can do as an investor/licensee, provided you are ethical and can adhere to license law, and a few very minimal guidelines.

2. It will not cost you a small fortune for your own deals in which you are also the listing agent.

3. Commissions are flexible according to your experience as well as your business model. You need to have done at least a few deals (though not necessarily as a licensee). I am not equipped to train you if you've never done a deal.

That said, I am 100% available for your questions, concerns, etc. You are expected to be proactive when you encounter something in which you are not familiar - in other words, don't try to muddle your way through something you don't understand, only to call me after the fact when something has gone wrong (I won't be a happy camper).

There is no bricks & mortar office, so you need to have access to technology and supplies on your own. All required contracts and forms are available electronically.

Your costs are the same as what you would expect no matter where you hang your license: MLS dues, Board of Realtor dues, E&O insurance, and basic supplies, such as signs, business cards, lockboxes, etc.

Something else worth mentioning: If you are someone who is constantly looking for a way to "get around" things, we are probably not a good fit. There are plenty of ways to make money in real estate without cutting corners.

For additional information, please contact me directly via phone or email to discuss further.

Look up John Hyre. He is also an investor.

@Martin Scherer - you should see how lax Indiana is. Several years ago, they did away with sales people altogether. Now you only need the prelicensing courses and state exam to be a broker (no college education required). Scary to me, but I let my Indiana license go prior to the change, so I'm not sure how that change has affected the business there.

Ohio has a 120 hour pre-licensing requirement for salespersons, but to become a broker requires a 2-year degree that includes a moderate list of business-related classes, at least 40 transaction sides closed (dual agency counts as 2 sides), and a minimum of 2 years full-time. Both must pass a test - the scoring for salespeople is 70% and for a broker is 75%. I have no idea, but I'm guessing Ohio is middle of the road in terms of licensing requirements.

With what you've explained about the broker liability in certain states, I now understand why people are so adamant towards "yes" or "no" whenever anyone asks if they should get their license as an investor.

@Martin Scherer - Every state has their own nuances regarding real estate license law, and I have no knowledge of anything outside of Ohio. Here, it is absolutely not illegal to operate as a principal outside of the brokerage. As I mentioned before, full disclosure is key, meaning that at first contact with a seller, you state something to this effect: "Though I am a licensed real estate agent in the state of Ohio, I want to buy your house. I am not offering to represent you as an agent."

Nowhere does it have to be disclosed that you are with 'XYZ Realty' or whoever. The point here has absolutely nothing to do with brokerage affiliation. It is only to disclose the potential conflict (up front) that you, as an agent, may gain extra knowledge about a seller's position under false pretenses. In other words, would that seller have told you, as a buyer, the same things about their motivations to sell that they would have if you were acting as an agent on their behalf?

If someone hanging their license with me is operating illegally and/or unethically, or even hints at cutting corners for their own benefit, I will not hesitate to send their license back to the Division of Real Estate. There is no excuse for anything other than full disclosure; as long as that's happening, there are no issues in Ohio with a licensee having other business dealings outside the brokerage as a principal. How that is interpreted from one brokerage firm to the next varies widely, and it often is related to their E&O insurance (what they will cover or not), and a lack of understanding on behalf of the broker.

On a related note, if you (as an agent) are the seller, it is still not required to state brokerage affiliation, but it is absolutely required that you disclose the fact that you are licensed in any advertising, whether listed or not - no exceptions. The same applies if you are inquiring about a property listed with another brokerage/agent - you must disclose your role/intent as a principal up front. The broker is only liable for what they are aware of - clear company policies/procedures are essential, of course. The bottom line is, a licensee is free to operate other real estate related businesses in Ohio, provided they fully disclose, and otherwise operate according to Ohio Revised Code.

What @Howard Klahr said ^. They should have actually had a formal appraisal done, as opposed to using the tax assessed value. @Mike Smith - if you need attorney referrals in Cincinnati (my not-so-old stomping grounds), feel free to hit me up. Also, I still have Cincy MLS access (more for my agents than myself anymore). Depending on what part of town it is, I can throw out a WAG at FMV to at least give you an idea of whether they are in the right ball park or not. Also, I am a tad curious as to the attorney that is not the sharpest tool in the shed to see if it's someone I've ever dealt with in the past.

As a broker in Ohio who also "wholesales on the side", as well as other investing activities, I have no issues with my agents also investing in real estate, provided the following things happen:

1. Full disclosure - there should never be a doubt in anyone's mind that you have a real estate license. If you are listing a property as their agent, a seller will tell you more about their situation than they might if they were speaking directly to a potential buyer, therefore, it should be known before a seller ever utters anything about their situation that you are a potential buyer, and not an agent looking to list their property for sale. I'm straight up with everyone - if their best option is to list it after they've already approached me as being a potential buyer, then I will pass them on to another agent (whether in my company or not), just to avoid the perception of a conflict of interest. The net listing is a gray area and illegal in many states, for the aforementioned reasons I have just said - too much possibility for the agent to act in their own best interest above their seller's.

2. Operate ethically and legally, always. If it's not a situation where everyone wins, then something is very wrong.

Otherwise, as long as my company name isn't involved in the deal, then more power to you - go forth, be a capitalist, and prosper.

Brokers who balk at the idea of their agents making money in real estate without them are either greedy, or scared because they don't understand anything beyond a "traditional" sale.

In Seattle, I would highly suggest looking into the local REIA - aka REAPS. They have a really good group there; by talking to some people there, they should be able to point you in the right direction.

@Brendan Novisky I maintain my broker's license mainly for the same purpose as what you intend to do with yours, as well as for agents like me to have a place to hang their own license - I operate in a similar fashion as the ones mentioned by @John Horner. Feel free to contact me if you'd like to discuss further.