All Forum Posts by: James Wise

I like it.

I had about 12k in the bank when I did my 1st deal.

Ive got some good guys. P.m. with details on what you need done.

@John Rooster were are you getting your numbers from? A license in Colorado can be completed in under a month. (168 credit hours)

1.5years to make a dime as an agent? Sell a house and you will make money. It should not take anywhere near a year if you are working hard. IMO If it takes you over 1 year to sell a house you are not cut out to be an agent.

@Account Closed get licensed. & go work for a broker. Being an agent is like running your own business. They do not pay you. All your income is from commission & you pay them. So getting a broker to "hire" you is not like a regular job interview. As long as you have a good head on your shoulders you should be able to find several brokers who want you to hang your license with them.

Most likely a "discount listing" Owner pays realtor a small amount upfront to add it to the MLS. Owner does everything else from that point on.

For the 2% rule its rent from both units. Ex: A 50k duplex that gets 1k in rent hits the 2% number. Anything over 1k in rent or under 50k in acquisition cost is butter on the bread. (Assuming your not in the ghetto, being over 2% is a good deal)

@Joseph Montes An agent charging you a commission on the buyer side is very rare. Now that you have a better understanding of the process and hopefully the market you will be able to know what is & is not a good deal. So you wont need as much experience & advice from your agent. I'd work with a different agent the next time. Newer agents are always available & would be happy to get paid the seller provided commission (guessing it was around 1k on your deal)

fire your p.m.

He's either trying to take advantage of you or a complete idiot.

your going to have to wait. No bank or private lender will touch you right now. For the bank commission based jobs/self employed you will need 2yrs tax returns (minimum) to count your income. the car payments wont help as it was not in your name. Open up a couple credit cards asap. Use them every month and pay in full to avoid interest. If you cannot get a cc open one up where you pay an upfront deposit (250-500ish) The cards will give you a solidpayment history for when your ready to get a loan.

nice. Gesture. Dont see much of an upside for you other then feeling good for doing something nice But seeing as this is america your prolly gonna get some crazy tenant claiming religious discrimination.