All Forum Posts by: Jibran Najmi

@Ryan Bourgeois

I am newly licensed agent who did all of my classes online.  It worked for my schedule as I was able to login in whenever I wanted and do as much or as little as I was able.  @Greg H. is on point in that GroupOn has the classes from time to time for under $200.  This is compared to some of the local schools like Champions that charge about $1000.  UTA would be solid in understanding some of the financing aspects or taking specialized finance classes as @Cary O. mentioned, but I don't think the benefits justify the tuition simply for a Realtors license.  If you were getting a finance degree or something I would argue UTA is a fantastic place.

Ultimately, I think it simply comes down to the individual.  Can you block specific times off each day and be disciplined about sitting down to learn?  Or do you need someone to hold you accountable through a traditional classroom?

Good Luck to you!

Jibran Najmi

@Will Coleman

Let me know when you are hosting this meeting, I'd love to attend.

Howdy @Will Coleman!

Congrats on the close.  Arlington is a great place to live and invest, and yes its very hard to find a deal.

Let me know when you're having your meet up as I'd love to attend!

Jibran Najmi

Marcos,

Have you had a Realtor check for you to see if the listing is an expired listing?  What about tax records?

I'd be happy to search it for you if you direct message me with the address.

Jibran Najmi

@Saul Guerrero

I am currently interested in doing the same thing.  Unfortunately, inventory is very slim right now, but there are ways to find off market deals.  If you're interested give me a call.  I am DM you my contact information.

-Jibran Najmi

Yvette,

I would say that while @Jim Cummings has actionable steps for you, you will continue to feel lost unless you educate yourself.

1)  I would say a fantastic starting point is a list of books compiled by BP.  Check it out at Top 20 books every Investor should read.  While many of them are related to Real Estate, others are related to mindset, habits and other aspects essential to being a successful investor.

2)  I would say acorns is a great start, but as mentioned before you need substantial capital.  It doesn't have to be $1 million, but it can't be $30.  I use Acorns as well, so I would sit down and write down a number you want to have cash in hand by the end of the year.  Lets say $5000.  To do that that means you have to save $416.67/month or $105/week.  Put Acorns on a recurring investment withdrawal of $10/week, say on Monday, and then manually invest another $1 the second week, $2 the third and so on raising it $1/week.  By the end of your first year you will have $1908 + whatever meager return (usually <1%) you earn.  This allows you to start saving without it breaking you, and if you can increase your rate of saving to your target of $5000/year you'll be well on your way.

3) I would say you should look up @Mike Evans who is in the Midland area and check out some of the stuff he is doing.  He is well on his way to being a very successful investor, and thats someone I know in your area.

I look forward to hearing from you in the near future!

Jibran Najmi

@Eric Geyer

Is this wholesaler a Realtor?  What kind of contract did you enter into? Was this an exclusive agency or exclusive right to sell contract?  When does the contract expire?

Depending on the answers above determines your options.  Some general principles:

1) Realtors/Brokers have a responsibility to the client.  I don't know how ohio works, but in TX, its defined as 'loyalty'.  

2) Exclusive agency contracts allow the broker/realtor/wholesaler to sell the property but also allows you to sell the property without owing a commission

3) Exclusive right to sell contracts allows the realtor/broker/wholesaler to collect a commission as long as the property sells during the listing period.

4) In TX, to sell or buy real estate outside of a FSBO transaction, you must have a license. If you are not a broker yourself, you definitely report to one. I would contact the broker and see whats going on. Is the agent in the hospital/vacation/jail?

5) Depending on the circumstances you can possibly back out, but it may be simpler to just let the listing period expire

6) Have you consulted your attorney?

Hope this helps somewhat...

@Saul Arredondo

All of the above suggestions are solid.  I would recommend checking out Top 20 Books for Investors - a free list published by BP.

Good Luck to you!

The truth is like a lion, you don't have to defend it.  Simply cut it loose and it defends itself.

Plus if you lie, then you expose yourself to becoming caught in the lie.  What's the upside of lying in this case?

@Thomas S. has sage advice: their your customers, so treat them that way.  You want them to enjoy living there and feel as if its their home, but you're not their to be their friend.  The fact that you live a stones throw away simply means you can cater to their needs efficiently and have the ability to keep an eye on your investment at all times.  This doesn't mean you're available 24/7, but it does mean that within the structure you define, you can provide value they won't find anywhere else.

I'm not saying you shouldn't be cordial or anti social, you just need to have a well defined business relationship, and make sure you know which hat you're wearing when boundaries get tested.

@Account Closed said, to qualify for an FHA loan you absolutely must occupy the property. I'm also assuming that the reason you're considering the FHA loan is because of the attractive down payment (3.5%). There are other ways of financing a property with relatively low down payments.

For example, most lenders will lend at 80% LTV (loan to value) as their max. But there are instances that I have come across where you are able to seller finance another 10-15% depending on the deal and the first lender. Another option is to seek out a CLTV loan. This stands for combined loan to value. Essentially you find a lender that is comfortable lending 80% of the value, but also comfortable with another lender financing a second mortgage subordinate to theirs. You then seek out the second lender who will generally lend another 10% (total 90% combined LTV) and you put down only 10% of the purchase price.

Is there any specific area of DFW that you are looking in? What are your criterion for this duplex/SFH?

Regards,

Jibran Najmi

Realtor, Century 21 Judge Fite, DFW