All Forum Posts by: Joey Dwyer

Hey BP  Real Estate Agents !  

 I'm closing on my first buyer side sale as a Realtor. I'm just curious if you have any cool ideas for closing gifts and how much I should  spend on it. Listed price was 519,000 and I got it for 430,000. It's a family with four children ages 7 thru 16. So I'd like to get something everyone could use.

Thanks

@Brian Tracy I agree with @Chris Farrugia  Yes, I do recommend getting your license. I've been a buy and hold investor for 15 years and I got my license last year. I joined a team who specialize in working with investors. Mainly rehabbers. I haven't used it to get my own deals yet but I'm learning a lot on what our big players are focusing on, and the whole process. If you do get your license I recommend you find an agent or team who work with investors to partner up with.  Your commission split might be lower but what you learn will pay off in the long run. 

Good Luck

@Michael White 

I agree. Lawndale has gotten better but it's the school district that's holding it back. Densely populated with duplexes , apartments, narrow streets and bad parking situation. But I think it's great for starter homes or triplexes or duplexes.@Matt R. North Redondo was a little sketchy. I still see some parts here in need of a clean up. Builders are buying up lots for 700k , building 2 homes and selling each one for a million each. No signs of slowing down.

Hey James, Welcome!! I'd start with Rich Dad Poor Dad. Not a lot of instruction but it goes over why you should buy assets and not liabilities.Fast and motivational read .You have to start with that one and then you can get into more instructional books. Like the one you can download free here on BP.AWESOME!! 

Good Luck!, Joey

@Shane W. My brother and I just drove out to the Palmdale/Lancaster area two weeks ago looking for the same thing you are. We found  a few in Lancaster that were really nice homes (rent ready) in the 170k range that would rent for $1400.The agent that we were working with said she is buying in California City for the cash flow for herself. I haven't checked that out yet but she said the numbers were good. Palmdale is one of the fastest growing cities in California and if the high speed rail gets approved it will go right through that area.Just a thought.

Good Luck, Joey

@Joshua McGinnis I too had a similar experience in Cleveland from a BP member.The numbers looked great, and in a decent neighborhood. He said it only needed a little work to get rent ready. Some outside siding and paint and carpet.And some minor stuff.

We got our own inspector and we had no problems getting in and everything went smooth.The agent was great and very professional.

When the inspector got back to us, he just said "RUN". It was in such bad shape that there were joists not even connecting. Bad leaks, Knob  and tube wiring, and many more.He did say it could be rehabbed but it would cost more than the price of the house.And it would be right at market value.(No longer a great deal).

We had no problem with getting the ernest $ back,and we backed out of the deal with only a $350 loss from the inspection report. Just the cost of doing business.

My advice to anyone buying a house .... Get your own inspector. Good Luck!

Congrats!!! Good Luck @Kenneth Littrell 

@John Marion Sounds like you're in a good spot there.I do want to get with one of the big guys for just that reason...the credibility.I was trying to wholesale a deal where I was going to flip to a builder but the couple decided to list because they wanted "retail" price.They still want to deal with me and said they would wait for me to get my license if I can get it this summer.So I can see the advantages of having more than one way to help someone once you get your foot in the door.I have a decent marketing budget and a pretty good lead source but I'd like to partner with a full time agent so I can offer my clients with "full time" service. Thanks for helping  out.

@Brie Schmidt Giving 20% seems fair across the board. That seems like a good setup for you because it sounds like you know what you're doing. But I won't mind giving a little more in  the beginning in return for a good training program. Especially if they are willing to help an investor/ agent. Thank you so much for the info!!

Thanks  guys for the great advice. I like hearing from the agent as well as the brokers perspective. You gave me a good idea what to expect from a broker as well as what I can  possibly negotiate when  I interview a broker. 

@Jeremy Davis Thanks for the advice I'll look into that.I heard about the desk fees , but I didn't realize they could be that high.

@Brady Halse I love that you can get a free commission for personal property.I will definitely try and get that thrown in as I am in the market right now for my personal residence.Thanks

@Joel Owens Thanks for the brokers insight.I can understand the hassle it might be to hire an investor as an agent, and I do know the low success rate.Especially for a part timer like myself. But I'd like to think I've got a leg up on the other part timers because I've got Bigger Pockets in my corner :)

@Paul Timmins I just joined my first REIA last week here in my area and I love it.Thanks for the help.

Thanks guys for the help and answering my stupid question.I'm sure I'll have more stupid questions later!

Thats why Bigger Pockets Rock. 

I just joined LA south REIA last week. I like what I see so far. I attended meeting last monday at Double Tree in Torrance where Bruce Norris was the guest speaker.Great insight on the California market. Next meeting is July 14 @ the Double Tree in Torrance 21333 Hawthorne Blvd. Good Luck