All Forum Posts by: John Dudas

Hi Pat, Welcome to BiggerPockets. Have you ever looked at anything outside of Monroe, say Lenawee county? I would be interested in hearing more about your story.

If a similar but better conditioned property just sold for less I would start there and deduct for repairs or amenities. So less than $100k. What was the $ per square foot of the one that sold? Any additional comps to use? What kind of equity did you want?

Welcome to BP Jason.  Read the forums and listen to the podcasts. I have almost caught up to the newest ones and they have all taught me something. Let me know if there is anything I can help you with.  

I do not pay additional for Supra. It must be included in my MLS fees or we do not use it. Not sure of which.

Welcome to BP.  You will find all the information you need to learn about flipping or anything else investor related here. It's helped me out a ton. 

Good luck!

The interior drain tile is the only effective way to remedy this. I had similar issues in an older house that had water seeping in from the floor. No big cracks, just seeping in from the corners of the foundation. This is usually due to a lot of water in the area around the house. This creates a tile system to catch all the water and route it to the sump pump and away from the house. It's not common or required for most new built homes to have drainage tiles installed around the perimeter and under the foundation. If i didn't have it at my house now, my basement would always be wet. 

check out Holloways real estate courses. I took the online course and passed the test on the first attempt.

Hi David, 

Welcome to BP.  I will try to list some of the expenses. 

Real Estate Class $289.? $389.  Optional study books or exam prep tests $65.

License Fees $80, Testing Fee $60. Those are from memory. The State of Michigan LARA site will have all the fees listed.

Depending on your Broker and requirements for joining an MLS, (Some require you to join, others do not) it could be around $600 - $1,000 a year to keep your license and be a part of the MLS. There is also the Registered Realtor trademark included in that.

Then add in Advertising and promotions to get your name out there. Sites like Zillow have Premier Agent status for lead generating but there is no guarantee it will equal sales. 

Any training classes to keep your education time are in addition. The costs vary by class. 

Don't forget to consider the benefits though. One or two sales and all your expenses are covered. At least your annual expenses to keep your license should be covered with the minimum sales commission, not counting advertising expenses. The benefits seem to far out-weigh the expenses.  I know it has helped me tremendously and I recommend it to anyone considering their options. 

I hope this helps. 

There are plenty of Brokers that will agree to letting you work for just your own deals. Just interview a few and ask. Start with the smaller local Brokers who already have people working for them. You will be helping them as they get their cut from your sales and you save on the rest or it goes back to you. You can also gain some contacts and knowledge of the area by going to the office or just talking to other Realtors at meetings etc..

It's working for me so far. I also recommend doing some kind of specialized marketing to potential clients instead of just working on your own. You might even find some new opportunities and contacts that will help you in the future.

Why not pay cash for a few smaller places and build up? It reduces your risk and less leverage. Or a few with leverage in a better area to build cash flow and experience? Just curious from an inexperienced guy like me.