All Forum Posts by: Jon Deavers

Hey Chris,

You may want to look into being a buyer's agent for a successful agent in your area. Find one that works with investors or who may have investor lists they need worked. Most buyer agent agreements require you to split your commissions with your agent but they also typically pick up most or all of your business expenses. Doing this for a year could get you some good experience and make some great connections.

Alternatively, you could look at fee for service brokerages. You have to be careful though, because MLS access usually comes with membership to a Realtor's association and certain associations have restrictions around fee for service agents. I would talk to your local Realtors association and see what they say. It varies from state to state and association to association.

Good luck and congrats on making the leap!

Hey Jon,

Something that's popular with developers around here is an agent open house day. You can provide lunch and a couple of $100 gift cards or something as an incentive for the agents to show up. Then do a walk through of a couple models and maybe a walking tour of the development site. 

The way to get the word out would be contacting the office managers of some of the larger firms in the area and asking if they will send your invitation out to their agent contact list.

You could also contact your local association of Realtors and ask about advertising costs to post it on their front-page. The MLS system we use in central VA has a pop up every time you log into MLS with certain special events announcements and such. Depends on which client your local association uses though.

We have about 240 agents in our company and I get agent open invites a couple times per week. Usually a pretty good turnout and it's good point of difference for the agents that show up to be "in the know" on a hot new development.

Good luck with it!

Hey Mark,

You can only open your own firm if you are a broker. Brokers transact all real estate; you would first become an agent of that broker, conducting business in his/her interest. Most states require a period of time as a full time RE agent before you are eligible to take the broker's exam.

So, yes, you will need to work for an agency before you can start your own firm.

Hi Cassie. Welcome to BP! It's a great community and can help you stay motivated and educated as you start your journey. The Richmond REIA is a great group. Every meeting I've attended has been chocked full of value. Look me up in October at the meeting and say hi!

Hey Kyle,

If you are looking for a 1-4 unit building, your residential agent should be able to find and send you potential properties. If you're looking for an apartment building, I would ask her to refer you to a commercial agent. She could send you commercial listings, but the best commercial deals are typically found off the market.

As an investor-focused agent, I understand the financials and try to pre-qualify listings for my clients based on their criteria, even though I don't provide "investing advice." If your current agent treated you well in your last transaction and you feel she's anxious to help, I would definitely work with her. You've already established a level of trust and that's the most important element in a business relationship.

Best of luck in your next deal!

Hi Frank,

I would suggest staying away from any properties in the 10-20k range, especially in the historic districts around VCU. If you don't have the funds to purchase them, you definitely won't have what's needed to fix them to be safe for tenants to live in or to make any money fixing and flipping them. I would suggest looking into the southside, tri-cities, or east end for affordable properties and would also suggest looking into a HELOC, a line of credit, 401k loan to buy in full. Also, creative finance is a good option.

Another great resource would be to attend the local Richmond REIA (you can find them on meetup.com). The meeting last night had a ton of great info about seller financing and creative financing that would be very helpful. If you're interested, it's around $30 per year or if you want to try it out, I would be happy to have you as a guest for October's meeting.

Send me a colleague request and PM if you're interested. Best of luck!

You're certainly welcome. Best of luck!

Bigger pockets forum interaction has been the best way for finding that group of folks for me. Lots of people actively looking for good investment property here. I would get together with some agents in your office too and let them know that's your focus. A lot of established agents will refer clients to you for a commission split, especially investors who are typically shopping for low-price property. You only need to share the commission once though and the repeat business an investor will provide makes it a small price to pay. Plus, most established agents are probably retail focused so your investor mentality makes you a better fit for their business. Congrats and good luck!

What neighborhood is it in? If you're north of the River or in Forest Hill Park, Manchester, etc. chances are you won't have trouble with young professionals moving in. Richmond is a very unique market when it comes to "troubled" areas. Most of those historic neighborhoods are mid-revitalization and reasonably priced rentals are highly desirable by VCU students/young professional urbanites, etc.

@Trevor Ewen There's a lot to like about Richmond. Especially as VCU continues to expand and we're seeing more industrial and office jobs flood in yearly. In addition, the city has a great beer/food/art scene that is redefining the culture and keeping folks interested in renovating and living in the once-neglected historic districts around town. Give me a shout sometime if you'd like and we can discuss the current state of the River City. :)