All Forum Posts by: Damon Armstrong

Ok will do, now that you mention it I do believe I've heard that before. Thank you. @Account Closed 

@Ellis San Jose 

I am considering getting my brokers license and working in real estate while getting my degree but only as an investor, not as a broker. I say this because I do not know exactly what a broker does. Is it commission based? Salary? Hourly pay for a real estate agency? The reason I want my brokers license is because I know they have access to MLS and save thousands of dollars on closing costs.

Also yes, I am planning on taking these courses at Baton Rouge Community College.

If I can get my brokers license as soon as I turn 18, I'll have it by time I start college and will have a solid income if it is not commission based. That would be a great job for me while in college.

I want to graduate college with a concentration in real estate also.

Did you get your agents license or brokers license?

Hello everyone. Going to get right to the point here...

I'm 17 years old, will be a senior in highschool this year, and college is creeping up fast. There's no doubt REI is the path I am taking and several seasoned investors told me a college degree isn't exactly necessary. I know college is good but seems irrelevant. I'm going to get my brokers license once I turn 18. My parents demand (won't take no for an answer, I've tried) that I go to college. My parents don't have the money to put me through college, so I have to pay my own way using whatever J-O-B *tear* that I have. I was planning on using that money to get deeper into REI instead of using it for college. So my question is, is there any "degree" for real estate? Is there any classes I can take to recieve a legit diploma along the lines of real estate? I'm not talking about just classes, courses, guru classes, I'm talking about a legit college completion certificate. If not, what would be my best course of study? What should I major in? Etc...Any advice would be VERY helpful. Thank you.

You think you're looked at crazy?! Try being 17 and telling people that! I've had my fair share of dirty looks and comments from those who matter to me. It's not a great feeling, I know. I was at the point where I was just going to start telling people "I don't know what I want to be when I grow up". In fact I told a few people in my family that after a while. One day after church talking with my girlfriend's dad, a construction company owner, he asked me what's been going on this summer now that school is out what not. I just sort of said, oh you know nothing, working, the usual. I really wanted to tell him about my aspirations and goals but it was so nerve racking. All I could think about is that he would never want his little girl to be with someone who is going to grow up and be a broke failure. I'm not sure where no pulled the courage from, but I came out and said "well actually I joined a reia group and want to start investing in real estate". The WHOLE 3 seconds it took him to respond felt like an eternity. I felt my face heating up and my heart started beating faster as soon as I opened my mouth. He just looked at me and said "yeah, there is a lot of money in real estate". The world was lifted off of my shoulders and from that point on I knew if I could tell HIM, I could tell anyone. And now I do, I could care less if the president or the pope himself asks me what I want to be when I grow up,  my answer will confidently remain the same: a real estate investor. 

@Crystal Williams 

You are also welcomed here in SE LA (:

@Russell Ponce  @Priscilla Z. 

Thank you both for clearing that up. 

Just wondering, are repairs and wholesaling fee the ONLY thing you subtract from 70% ARV? I've read many times that the investors TOTAL investment after ALL expenses should be no more than 70% ARV. With that being said, why would you not account for holding costs (taxes, insurance), closing costs (buying and selling), etc...from what I've read on here what you want to do is make the investors TOTAL expenses 70% ARV, not just get it to them at 70% ARV because of additional expenses. For example:

Contract = 30k

Assignment = 40k

Repairs = 30k

ARV = 100k

40k + 30k = 70k

70k = 70% of ARV (100k)

Now say the investor spent 15k total on expenses that you did not account for. 

Again, from what I've read the investor wants to make 30% ARV profit. In this case, 30k profit. But by you not accounting for that 15k in additional expenses, he will only make 15% ARV profit.

The way you see it

100k - 40k - 30k = 30k profit 

The way I see it

100k - 40k - 30k - 15k = 15k

Now that 15k is a huge difference. By not accounting for those additional expenses the investors profit was cut by 50%. To me that seems like a big difference. I've had an investor tell me just the other day "if there's not atleast a 20k profit, I don't want it". 

So me not accounting for an additional few thousand would throw it off. If my calculation using your formula tells me he will make 21k profit, and off the back spends an additional 3k closing that I did not account for, his profit has already dropped to 18k. 

Maybe 15k was a little high to use in the example, but regardless if he is looking for 30% ARV return, and there ARE additional expenses after the 70% he's already spent, that 30% has now been decreased.

I guess my question is, do you want to assign the contract for 70% ARV, or make the investors total investment 70% ARV?

Very sorry for the length but I've been having that on my mind for a while...

@Bob E. 

Where do you purchase cash buyers lists at? 

Wow! I've never heard of that before, interesting story. 

@Darnell Kramer 

@Brian Burke 

If you would've seen the property before hand, would it have affected your 125k offer?

Do you regret that offer? 

If you would've known the condition was this bad beforehand, what would your offer have been knowing what you know now?