All Forum Posts by: Jordan Carty

hi everyone! 

I just found an apartment online that is going to auction in 1 week. Starting bid is around 20k. Looks like everything else around it is selling for around 40k.

1. Is there a way to buy a property before it goes to auction? 

2. I understand auctions will need cash within a very quick time frame. Is it unreasonable to be able to bring a down payment, and then use a conventional mortgage to get the property with a pre-approval letter?

3. Im not familiar with how buying an apartment works within a building, i am going to visit later today but what questions should i be asking and who would you recommend i talk to?

4. This  is potentially my first deal and am very nervous. What, if anything am i just completely missing?

I apologize for typos i am on my phone. 

Thank you in advance for your feedback!

@Lance Wakefield

Did you have any luck with this? I am considering this and was curious what you found...

@Scott Beck

Wow, very cool stuff, thank you!! You've provided great info here! Is the 'months inventory' category showing the average length of time a home is sitting on the market before it is sold? 

Also, thank you for reading my mind and answering my other question of online vs. in person!

On the school data chart I think the pass rates are great tools to have but passing doesnt always equate to real-world actionable knowledge. I will be asking the brokers if they find that certain schools prepare agents better than others. In your dealings with people have you found that to be the case?

@Ryan Dossey

please see my reply earlier, i just learned how to tag people...

thank you both for your input! Trevor, I enjoy the work and i do think it becomes a risk vs. reward issue as opposed to a like/ dislike. From what i understand i should make quite a bit more short term with the w2 job than i will as an REA but long term i know there really wont be a substitute for investment income as well as potentially becoming a broker one day. 

As far as the employer goes i actually really do feel valuable and its a great place to be. I am the new guy (hired the last week of May) and happen to be in a sub-par neighborhood. Keep in mind i still sold 4 houses last month its just not steady as the previous 3 months it was only 1 per month. I have colleagues that are doing 3+ every month. 

Scott, thank you so much for the links and book I will get on it right away! I have money saved but again it would be an either/or situation. I have the down payment for a house OR the savings for a start-up as an agent. From what i understand we have just entered the 'slow' season for selling and i am thinking of using this time to take my classes and be ready to take the test and have a license for January of 2016. Which would allow for a bigger nest egg to accumulate. I just hate not putting any of those dollars to work.

I will take your advice and call a few brokers about this as well as getting their recommendations on schooling, maybe they see more competent realtors come from a certain school over others.

Hello everyone!

My short term goal is to house hack a duplex, 3plex. Long term would be to get into apartments and then sometime before death to open a hotel/resort...lol

BUT i am just starting and im already at a crossroads and i am looking for your advice and input as i feel it could dictate my future path.

OPTION 1: I currently have a w2 job for a new home builder so getting a RE license is considered a no-no or i would just do that. The drawback to this is that i am in a sub-par location and my future is not "secure". I have talked to a few lenders and with my current job i should make quite a bit more than a new REagent. I will be able to qualify for a normal loan and get into my first property almost immediately. My plan would be to stay on this path until i have the passive income to cover expenses then get my license.

OPTION 2: Get my license immediately and forgo being able to get an investment property through conventional means for at least 2 years. As well as the loss of income compared to my "safe" job. The reason i am considering this is because the market in DFW is on fire right now and i think it would be a pretty painless entry. I am already selling homes and i know i enjoy the work.

What do you think?

I would say this comes down to what you are trying to do...if your goal is simply to track your spending and set budgeting goals then this will work perfectly.

Thanks @Marlon Wilson,

I appreciate it!

Hi All,

I'll just jump right in here...

I have around $5500 saved. I am looking to get started and looking to buy a duplex, triplex,  or quadraplex in DFW to house hack.

I have a what i feel is a decent grasp on doing the analysis via calculators etc. I will need to get more comfortable but i am confident in the resources at my disposal (Thanks BP!!).

I may be getting ahead of myself but i was hoping to get an idea of the legalities that are involved with renting. When i listen to the podcasts i hear "I worked with my attorney on this" and i have no idea where to get started with that or how much that costs.

Due to my job i cannot get a RE license as it would be considered a conflict of interest because i work for a builder and i was hoping to get opinions on that aspect as well.

I guess in general the more i listen the more i hear how much i dont know, heck i dont even know what i dont know lol. Are there any tips to get over the fear of the unkown??

Thanks everyone in advance! 

Thanks, I am very excited to get started!