All Forum Posts by: Karin Crompton

P.S. It looks like that first link isn't doing what I wanted it to. When you get to the page, choose "RCE" under License Number and click search. That'll give you the list of schools.

Hi, Mike Rubin - I just got my CT r.e. license a little over a year ago so this is fairly fresh to me. I do remember it being a royal pain to find out how and where to take classes and what the requirements were!

You'd start off getting your salesperson license (i.e. agent), which entails 60 hours of course work called "Principles and Practices." The CT state Department of Consumer Protection is the licensing agency. After you complete the classwork, you'd qualify to sit for the salesperson exam. If I remember correctly, it takes a couple of hours; I think they give you up to 3 hours to complete it. There are 2 parts, federal and state. You need to pass both parts to get your license.

Classes are offered pretty much all the time, w/various options. I was lucky to be able to take a quick 6-week course during which I attended class all day Mon and Wed. Most are once/week for 12 weeks, and you have choices of daytime, evening and weekend times.

Once you pass your exam, you are required to "hang your license" with a broker - which basically means you need to join an office - before you can officially become registered w/the state and practice real estate. You can't just pass your exam and then be a lone ranger as a salesperson. In CT, a broker is someone who has had their salesperson license for 2 years or more and has taken extra coursework and passed the corresponding exam. You can also look at becoming an appraiser, though personally I'm not sure that's worth it for investment purposes; you learn enough in the field. And if you ever become a broker, appraisal is part of that coursework.

Prep materials are up to you. I found that the books they gave us in class were more than enough and the teachers were well qualified. I also took a practice exam online prior to the actual exam.

Here are a few websites that should help out:

Real estate schools, which you can search by town: https://www.elicense.ct.gov/Lookup/LicenseLookup.aspx

A chart that tells you where to find classes (you want pre-licensing; also, it's quite confusing but hopefully the above link just took you right there): http://www.ct.gov/dcp/lib/dcp/pdf/realestate_licensing_forms/directions_to_find_schools_and_or_courses.pdf

This is one that includes a chart of various licenses: http://www.theconnecticutrealestateinstitute.com/licensing.html

A good FAQ: http://www.theconnecticutrealestateinstitute.com/FAQ_answers.html

Hope that helps, and good luck!!

Hi James! I'm in SECT and am currently focused on single-family rehabs w/an eye toward mixing in multifamilies by the end of this year, primarily as I get better at raising capital.

This website is a tremendous source of information w/people who have real-world experience.

I'd also recommend you check out CTREIA (CT Real Estate Investment Association). The group meets once a month and is a great place to network. Here's their website: http://www.ctreia.com/. It's a bit guru-heavy w/the monthly speakers, but there are a lot of members and a ton of people out there doing what you want to do. It's made all the difference for me in getting started.

Best of luck!

Thanks for the quick replies, as usual! So Jon Holdman, no real expectation of much dusting, even if they created it? This job included tons of sanding (new sheetrock, painting, hardwood floor refinishing).

And K. Marie Poe, do you mean the contractors cannot use existing dumpsters or trash cans on the property? That makes sense to me. Glad you pointed it out b/c I wouldn't have thought of it ahead of time!

Fortunately, I have a contract with 35% of the payment coming at the end ... so if there's a lot of trash or debris, that last check isn't being cut until the garbage is outta there!

Hi all - thanks in advance for your input. I'm coming to the end of my first flip and am on to punch-list items. I'm wondering what expectations I should have for the condition of the house when the contractor is finished w/the job.

I do plan to have someone in to clean the house/shine it up before showing it (cobwebs, wash windows, that kind of thing). So how much cleaning do I expect of the contractor and how much winds up going to the Service Master/Merry Maids crew?

Thanks!
Karin

Welcome, Orest Omeliach! I'm from SECT. Check out the website and group that Raymond B. referred you to - it's a great place to network (and Ray's the one who referred me to this site, so there are some smart people there!). I belong to CTREIA as well and have met a lot of great people during their networking sessions, plus found some funding for our current rehab project. Good stuff!

Karin

Welcome, Dustin! I'm in CT as well (southeastern CT) and am always psyched to find other investors here. Have you checked out CTREIA? It's the state's real estate investment association and is a great place to network. They have a website that will fill you in on upcoming events.

Welcome, Geoffrey Murray! We own a vacation rental in North Conway and have found it to be a great location for that model. Like you said, it's a year-round tourist town. I say go for it! Oh, and I live 4 hours away in CT. So the out-of-state thing can work. :)

Please feel to message me here or email me to talk more. I'm also planning to head up there next month for some spring cleaning/assessment (we had seasonal renters in there all winter), so perhaps we could even meet in person! I'd love to give you the nickel tour of our place.

Good luck!

Karin

Count me in as well, great idea! I like the suggestion of slides. If you're talking about analyzing a property, this could include pix, for example - what an experienced investor sees when walking through rooms. What tips you off to a bad furnace, a bad roof, what should you look for on the electrical panel, what are all those wires hanging from the basement ceiling, etc etc etc. Before and after's could be pretty informative as well.

I'm always interested in topics related to raising money, also. An overview of some of the most well-used scenarios would be great, as well as an explanation of terminology - what is an equity partnership, say, versus an arrangement where money is pooled together, a la Reg D (and what in the world is Reg D? haha).

And I agree that archived versions would be great for those who can't make it live.

The possibilities are endless. Go for it!

Hello from the other end of the I-95 corridor! I'm in southeastern CT.

If you haven't already, check out CTREIA. There are monthly meetings and It's a great place to network. There are lots of members who have had much success investing in SWCT and they're great to talk to.

Best of luck!