All Forum Posts by: Keisha Andrew

I agree with Raul on the Core 4.  This is what the BP hosts talk about all the time.

You may or may not need a Realtor depending on if you are comfortable negotiating and finding deals.  If they are experienced working with investors it would be way easier, but they tend to not want to work with you unless you are pre-approved or have funds in the bank. This will show them that you are a serious buyer.

You will definitely need a mortgage broker or lender. I would go with a smaller local lender, they tend to have better deals and most likely keep their loans in house.

If you plan on house hacking you may not need a property manager, but you should build a relationship with one that can help you with local rent rates.  The PM will come in once you can't or don't want to handle managing your properties. They also are the first person who gets notice that a person wants to sell their property, good to pick up deals from. 

Last you would need a handyman or contractor if you don't know construction at all.  There are somethings they can spot right away that a normal person couldn't.  You would also take this person with you when you are looking at properties to buy, they will give you tips and you can use these when you negotiate your purchase price or repairs.

Visiting your local REIA and participating in the meetings is the best way. The real estate industry is all about relationships. The more intentional you are about your meetings the better you can build your list.

Hey Ozzie, I plan on doing this myself with my first home. You can either purchase a single family home or a multi unit property. You are allowed to purchase up to 4 units with this. The banks will look at the rents that are coming in from the other units and use this as your income as well. For a place that needs work you are probably not going to get approved for a conventional loan. Speak with your lender about getting a rehab loan (FHA 203k). This will allow you to be approved for the rehab and the purchase of the property. You can also work with a hard money lender and refinance to a conventional loan after all of the work is done. Typically hard money lenders don't loan on owner occupied homes though. Hope this helps!

Where are you located? Finding your local REIA would help out a bunch. There you can ask lots of questions and hopefully find someone that you can partner up with. Adding something to the deal would help too, such as having knowledge, money, or going out and finding the deal. If you haven't already, you should listen to most of the podcasts. They explain lots of times how you can "add value" and have someone help you out. Hope this helps! Good Luck!

@Aundrea Newbern Honestly I have not.  I don't believe I need permission to purchase a home. If I have another investor that comes along and will give me a better price for the property, I won't wait for my super busy principal broker to take out time to let me know if its ok.  My Real Estate Agent business is separate from my investor business. Some people don't want to put their home on the market and would rather like a quick sale. As agents its our duty to give them all possibilities, which include the chance to sell their home for less and receive cash fairly quickly. Are we suppose to just let them go and say good luck?  I've never had any agency relations with any of my investors so I don't believe it should be any problem.  

You could always double close instead of doing a contract assignment.  Double closing takes out any questions that anyone may have and makes it super legit :) It may cost a bit more, but it gives you piece of mind.

I would pay the fee and keep everything simple. No need to bring in people who don't invest and will just complicate everything.  If something happens later on then address it then.

I'm currently going through the same thing.  I have my license, but I want to wholesale.  I would just use your cash buyers list to wholesale.  Always disclose to all parties that you have a license and let them know there is no commission being collected.  You want to put down EM when you are wholesaling as well so that you will have equitable interest in the property. Wholesaling is always going to be a weird to everyone, until they want to buy a deal from you and agents will always be against it because they want to earn a commission. Hope this helps! 

Hi Kimberly!

If your dream really is to be in real estate then get out of the non-real estate job. What you focus on expands! Working for a builder is an amazing opportunity! This will also open up other opportunities to represent builders and network with so many other people in the real estate industry. Hope this helps! 

@Spencer Cornelia Amazing! Will catch up on your journey. Thank you for sharing!

@Benjamin Sykes Don't wait or hope that change will happen. Make change happen for that area. I would recommend just buying up as much of the area as you can in the next 3-5 years. Pick quality tenants or a quality PM. You will see the transformation and maybe that'll make some other investors want to invest in that area too! I'm always looking at REI as a long term game!

Hi Allan!

I'm with KW in Portland, OR. Here I can run my own business and just pay my small monthly fee, with no pressure to sell. You can join a team if you like, this gives you the opportunity to get help and have a lot of things taken care of. Having my own agent business gives me a chance to have clients when I want, invest, and save commission. I primarily love having my license because of MLS access and to have an "in" with the real estate industry. Tons of educational classes and free lunches :)