All Forum Posts by: Hannah Costello

@Joe Splitrock Great insight. Thanks Joe! 

@Joe Splitrock @Joe Splitrock Hi Joe. We are partnering on a rental property. Looking at getting a duplex, so the profit would hopefully be paying the mortgage.

@James Mc Ree good point, thanks!

@Robin Krieb agreed! Thanks 😊

What is a fair percentage to give to a partner taking on the mortgage but not putting in money for a down payment? Would profits be 50/50? Or less on the partner's end providing the mortgage? 

If that same partner decides to provide half of the down payment AND mortgage would this be worth more than 50/50? If so, and in your opinion by how much? I was thinking 60/40 .. 55/45 ? \

Opinions are much appreciated, thanks!

@David M. Thank you David, I will take that into consideration as well. Don't be surprised if you get a message from me to pick your brain again! lol. Have a great weekend.

Hi @David M. and @Bruce Lynn

Thank you both for the great advice. I did meet with the broker offering the administrative position yesterday to weigh my options. They didn't give me a salary # yet, I made $45k in my last position and told them that. I honestly can't see them offering more than that for an admin role anyway. They told me they would be fine with me transitioning into an agent in 6 months, but I will wonder if it would actually happen in that time frame. 

I met with another broker that same day and felt pretty good about that one.

If they come back with $45k or higher, I would consider. But even then I believe that I could make more and gain greater/quicker experience diving headfirst into a full-time agent right away. My whole plan was to have the cleaning company for constant income, which I succeeded in doing and then the real estate as a full time income. I don't want to get distracted by what seems like the "right thing to do", when I could be making much more and building my career in real estate faster. I know it will take hard work but I believe in myself. 

I think I am going to stick to my plan and just hustle, hustle, hustle! 

Thank you both, your advice definitely made me think. 

I have a two topics I could use some advice on: 

1) I will be taking my real estate exam in August and have made a connection with a broker to sell under them once I pass. I reached out to them because they seem like a great team and are in a wealthy area. My hope was to learn from a good team that is experienced in selling more expensive homes. The area is 30 mins from me, but I would be willing to move there. They told me they want me on their team, but are giving me a 3 month probationary period. They want me to sell one house within those 3 months. I spoke to a successful real estate agent I know and she said she has never heard of that and also thinks that it might be hard for me to start selling houses in a wealthier (she thinks stuck up) area. She advised that I meet with 3 other brokers before I sign, which I will do. But I wanted to get more opinions on this.

2) This same broker recently asked me if I would be interested in filling their administrative assistant position which is salaried, and they say it could be a good way to learn the real estate agent role from the inside out. However, I started a cleaning business and it is doing really well. My goal is to have this constant income coming in from the cleaning and then have my real estate on top of that. 

But I also think it could be good to get experience from the inside out, especially from a knowledgeable team. I am just worried I would get stuck in this position longer than I want when I could be spending time growing my cleaning and real estate business. I also am becoming an agent to work for myself and feel like this would be going against my goals especially when the cleaning is going so well. 

One more thing is that I want to get an investment property but do not have the 2 years yet for self employment to qualify for a mortgage, this salaried position could help. But I was thinking I could get started with being an agent, network, learn, and find other ways to finance instead of a traditional mortgage. 

Sorry this was a lot! Please give me any thoughts/advice you may have.

Thank you!

@Steve K. Hi Steve. Thank you for the great advice. I like your relationship building idea with the lender, I am going to work on that ASAP. Thank you very much for your help!

@Rinee John de Leon thank you for your help!