All Forum Posts by: Jacob Price

After much debate, I decided to get my real estate license. I will admit originally I primarily was motivated to obtain it to use for investment purposes and the various other ways you can utilize such an asset besides sales. However, after diving in to learn more about what selling real estate was all about I found the model incredibly fascinating. From commercial to residential I saw the power in actually using my license as an agent to build my network and funnel for deals. Along with a new career. Prior to this change, I was working in web development and software. 

I want to go all in. I'm freelancing for the transition, but want this to be my new career. So my question for the fantastic BP community is based on my situation. I have just signed with Keller Williams and am waiting for the state to issue my license. I'll be joining a team that is opening a brand new office near me. I feel I have a great opportunity to get started there with the team as they push into this area. Two of the agents in the team are big in the commercial and multifamily space for this market.

Is there a way I could predominantly niche myself into being more investor-oriented? Commercial? REO/Foreclosures?

What are some actionable things I should be doing right now? 

What would you do if you restarted? 

What educational resources would you recommend? 

What question should I have asked that I didn't?

On a side note, I talked with the team lead about working REO/Foreclosure properties. She said that she's been telling people on her team and from the main office that someone should specialize in it, but no one has and they don't work them too much. She thought it could be great for me to really push into that based on what I want to do and my background. I guess my last question is how would I position myself to dominate that market share. I've read about many people that do very well by doing just that.

Thanks!

If your single family would cashflow more than the duplex then yeah move into the duplex. Tax wise, you will be able to write more off regardless since you will have more properties. You'd be able to write off depreciation etc on both properties if you moved. As of now your home isn't an 'income producing property' therefore you don't write off things like maintenance and such. 

However, if you moved, you could write off both!

I say go for it @Michael Williams

If your single family was rented, would it have a positive cash flow? 

If someone dies and leaves a will then it will be required to go through the probate process.  I know it is more difficult to avoid probate in general, as it takes prior planning, but it is possible. 

Now if title was held as joint tenants or by entirety it wouldn't go to probate unless both owners passed away at the same time. 

 It was a while back on the show. I just looked but couldn't find it. Just keep going you'll get to it!

 Yeah I think a lot of people have that fear, when I first started investing I had already been involved with many flips and new the logistics and skills to perform. If you know what you are talking about then people know. While there is always age/experience bias in every industry I feel that this industry is actually pretty welcoming. If you have the knowledge it will be apparent. I haven't had any problems personally. There was a podcast episode where there was a 20 or 21 year old and they were crushing it. They got asked that question and said basically the same thing. 

That's highly depending on your skill level. I've seen to many people try to DIY plumbing and get burned a few weeks later when they forgot to do something like re-wrap the pipes in cold climates... My water authority wanted to charge like 8k or something to get another meter and well, no. I opted to use our one meter and where the water goes to the second unit I installed a flow meter. This way I can check the water and bill each tenant for their due.

 Also wanted to re-iterate something that I have been told and hear a lot. No one will care and put in as much as you for your property. So if their work isn't to the quality that you want. That's probably why. 

Reading this from a hotel in another state before I go to our current rehab project. 11-12 hours a day for the past few days. I feel it is safe to say that a lot people in here know how to get dirty with their hands. Go BP! It's cool reading through these and seeing what everyone is working on! I'll take some pictures today and post them back on here. 

Unless you are planning on 'House Hacking' you won't be able to use the 203k or USDA loan. The easiest way with the bank is probably to refinance one of the properties that you have mortgage free. If it was a property that you fixed up you will probably be able to get all your cash out and just leave the equity you built up from the rehab. The BRRR strategy.

If USDA covers where you want to invest and you want to use a government program I'd check out Housing Direct Loans.

I haven't got to use that program, but want to at some point as it is kind of like a USDA for investors.