All Forum Posts by: John Mendez

Hi @Jacob Theado

The best way to become an investor-friendly realtor is not to become a great realtor, it's becoming an investor yourself. Only 9% of agents own a rental property of their own, yet they claim to be investor-friendly. It's one of those practice what you preach situations. Once you start buying properties and getting experience being an investor you'll be able to put yourself in their shoes and truly understand their needs because you been through the process. Start connecting with local investors and ask them about things like deal structuring, what they look for when doing walkthroughs, calculating repairs, etc. Also, learn another language if you can, it opens you up to an entirely new world of opportunities.

Just to be clear, I am not saying to neglect your agent skills those will come in handy. Also, don't rush into getting your own investment properties just to say you're an investor friendly agent. You won't be able to become a great investor agent until you actually immerse yourself into the world of investing.

Hi @Jake Connell

Here is what I used to study for the test. Your chapters/units may not align with mine because based in CT. But the topics nevertheless, are going to be the same for the general portion of your PSI exam.

Hi @Carlos Perrault

I know you're currently helping her rent an apartment but plant the home buying seed early. Make sure that she understands whether she rents or she buys she will always be paying a mortgage. The question you want to ask her to see if she's motivated is, "Does she want to pay her own mortgage or the landlord." 

Hi @Chris Baek

The best way to create cashflow is to make sure that the cashflow you're looking for is already there prior to your purchase. It's extremely important that you are profitable from day one. Always be conservative with your numbers and try to low ball your projections slightly. Make sure to have an idea as for average nightly rates in the are so you can get an idea as to what you may potentially be able to gross.

Hey @Mike Bloom,

To add on to what @Zachary Cummings was saying, I suggest doing everything he said and then also getting on as many Investor Facebook groups as possible. Start getting connected with your local Real Estate Investor Association (REIA). If they don't have one near you, create one. Lastly, narrow down your criteria and know exactly what you're looking for.

Thank you @J Zev J.

Hey Everyone, 

I am looking to purchase my 1st deal this year. I plan on using a hard money lender to fund the deal and a partner to help me get through the underwriting process. How do I analyze a deal in my current situation? Should I use the rental calculator or the BRRRR calculator. I don't plan on doing major rehab. All advice is welcomed!

There are lenders out there will work with you. I am not lender so always consult with a lender first. But from what I know there are situations where a lender can use 1 year of job history. Also, let's say you're teacher and you bounced around different teaching positions at different schools in the district. You would still be able to qualify since you have 2 years in the same field. There are also situation where they could count your years in college depending on how long ago you graduated. I suggest searching around for a mortgage broker.

Hi Giovanni, this is a great question. So from my personal experience, wholesaling is pretty much frowned upon by most people who aren't investors. This is because they mainly deal with distressed properties and some wholesalers can be very unethical and take advantage of the situations. There's an agent in my office that is very well know wholesaler and is also a licensed agent at my brokerage. You'd have to speak to whoever is the operating principal at the brokerage.

Hi Frankie, welcome to the forum and congrats on starting on this new journey!