All Forum Posts by: Jay Thomas

Hi Alex! 

My initial question is are you a RE Agent yourself? if not, then I would research your state's requirements for a brokerage firm. I believe that you have to be a broker yourself in order to open a brokerage firm. That requires a license 1st, and then a few years of experience and knowledge and then a brokerage license exam. I could be wrong for the state of Tennessee. 

Opening your own Brokerage firm can have many benefits. Like you said, you would be able to keep the deals more in house and it would save some of the fees for you. Your agents need to still be paid commission and pay fees for the office. There is a lot of work that goes into the firm though. In order to attract agents to come to your brokerage, you have to set in place training, resources, connections, lead generation, and organized team skills. 

Maybe go to a local brokerage and speak to the owner of the brokerage and pick their brain a little. That may help!

Good Luck!

Hi James! 1st off, Welcome to the Real Estate Investing World! 

This is a predicament and I can see why you're unhappy with it. The only thing I can think of, is possibly looking around somewhere else? Or asking them if they have another option with no membership fee? 

Maybe ask other lenders if they accept payment after the loan is paid off because then hopefully, you'll have extra funds from a profit that will pay for it. 

Good luck! If you do find another solution, I would love to hear what and how you did it!

Mohammad! Congrats on diving into the REI world! It is going to be fun, fun, fun! A true journey indeed!

House hacking will require a few moving parts at once. Deciding expenses that need to be expected for the future should be added into your rental price. Maintenance of appliances will need to figured out. Having a vendor list to choose from would be smart! Your realtor that you use might have a great one! 

I would also recommend speaking with other house hackers in the area or just in this community to ask for tips and such. 

I would like to continue to see this journey of yours unfold. 

Good luck!

Hi Matthew. I too am a Realtor and I just wanted to say first, congrats on the RE License! 

Initially, I think about what you have already stated, having both can be looked at as a conflict of interest.  Even if you are not inspecting a house intentionally, it can be used against you if something goes wrong. I would personally see getting an appraisal license goes more hand in hand with a realtor license. That is not what you asked though, so I do apologize if my opinion is not welcomed and please disregard if you please. 

Inspectors usually charge any where from  $300-800 depending on the size of the property and what is included with the package chosen. With you starting, I would recommend a lower fee initially or to join company that will train you and add more credibility to your name. Though, if you joining a company there will most likely be a fee  or split of profits. With those fees, you can probably expect anywhere from $20,000-$30,000 your 1st few years as an inspector and of course with real estate, probably just about the same amount as well. so with both, I would say somewhere within the ball park of $30k-60k within your 1st few years.

I hope to hear more about your journey into both. Good Luck!

Hi Joey! For me, I wouldn't ask WHERE is the best place, since the market is crazy EVERYWHERE... I would definitely recommend House Hacking for beginning investors. It is a great way to start investing and help you live Mortgage Free! Good luck with everything and I hope that we get to connect one way!

Congrats! Man, I LOVE House Hacking! I am glad and always excited to see and connect with people who are getting into it! 

Keep it up and I am excited to hopefully hear more!

Hi Sean! 

I actually love this post and question! To be as "specific" as I can... I met my partners through here! On Bigger Pockets! Posting and interacting a bunch has helped my team and me partner up with some amazing people across the country. Finding a partner that meshes well with your "vibe" is a big thing n this market and industry. There are so many strategies and tips and tricks to use, that my team and  I have to make sure we are well versed in as much as we can! Being an expert in your field truly makes a difference. 

I come from the realtor aspect as well as an individual investor. Formal/ Informal depends on how well you know the other person/people initially! I worked with a brother duo that were always fun and informative but kept it professional in front of clients. 

I would say for beginning / "Newbie" investors is to show your strengths, and find someone whose strengths are your weaknesses. Depend on each other and kick butt!

Hey Ben! Welcome to the world of investing!

I'm from Houston, so we are practically neighbors! Great step in finding a mentor and like minded individuals  to help you go further in this market. I recommend researching which investing strategy will work best for you and find mentors that will help with that specific strategy. It can get real easy to get overwhelmed or try and do everything when starting out. Don't make that mistake! Look into the blogs and see which strategy works best for your situation! 

Good Luck!

Hi Glen, 

This is a tough situation. I would say maybe hiring a property manager? Having someone take care of the venue and such. It is just an idea. I do not know the true extent of the situation. 

My personal opinion is to sell and use the money to buy a family home that is sustainable for his wife and then some. 

Good luck though, and I would love to know what happens. 

Hey Jack! This is what I found about your question... Hope it helps!

https://caretaker.com/learn/te...

Twenty days’ notice is typically required to end a month-to-month lease

In most cases, either party in a month-to-month lease in Washington must give notice to end the agreement at least 20 days before the last day of the rental payment period. The notice must be in writing and include the lease end date. Tenants who don’t move out by the stated end date can be evicted.