All Forum Posts by: Derek Guyer

mslady22,

I agree with Ohio Realtor in that you need to do some more research and not put too much on the line with a first deal without some more education and a higher credit score with which to work. If you put too much on the line on the first deal, which many times don't go very well, you stand a good chance of not only losing a lot of money, but hating rei.

Take some time to learn. Don't rush. There is always somewhere to buy even if your market isn't in the condition you'd like to buy.

When you're looking at deals, post the numbers on here for everyone to look over and let people pick apart and critique the deals. This will help you to know what to look for and what to avoid.

I applaud your question and hope you'll keep throwing them at us.

Welcome to biggerpockets, chad_bucy. Glad you've got several under your belt already. We look forward to hearing about your progress and hope to see you around more.

Welcome to biggerpockets. I look forward to hearing about your deals and progress!

Well, a lot of that depends on the renters who will be living in them. You said "lower rent", but I'm assuming you don't mean low income tenants. Certain updates might be very helpful for the value the tenants feel they have in their updated hime. Certain others may not care and could make a total disaster of your work and money.

I would highly suggest talking with a property manager in your area who deals with tenants in those types of properties to avoid shooting yourself in the foot.

1. Do you have to go to college, vocational, apprenticeship? Which one is it and how long does it take to get your license?

I've heard that a college degree may start being required for this, but most states currently have a required amount educational and training hours that you must take before you can even take the state licensing exam. After you are finished with those courses, which I took fasttrack in 2 weeks, you can apply to take the test. Check with the state or someone knowledgable around you for more information on this.

2. How much commision do you get off of a sale (what percent) and how much of that goes towards the company you work for (assuming it does)?

That varies from state to state and broker to broker. There are certain norms in one state that are strange in another. You need to check with someone in the state you plan to work in about this as well.

3. How much did you invest in schooling/training/getting your license to become a realtor?

I think I had a little over $3k invested after it was all said and done, but I may be a little off.

4. What do you like BEST about your job as a realtor, and what do you like LEAST about it?

BEST: I love real estate and investing.
LEAST: Ignorant people (especially realtors)
Common Misconception: Taking a real estate course, getting your license, and selling real estate for most of your life allows you to know anything and everything about investment real estate.

You should probably take some time to talk with a broker or someone form the real estate commission in your area for more information, but I hope this helps a little.

LMata,

Great questions. Indianapolis has been very affordable for quite a while. According to the Wall Street Journals Smart Money Magazine, we're 19% undervalued and we're not growing very fast in the area of appreciation, but that's not bad in my opinion.

You can buy multi-unit properties for low here, so that when you rent them out, there's an incredible amount of cash flow to be made. There are plenty of renters because we've had so much mortgage, appraisal and investor fraud. People who shouldn't have been qualified for homes, were anyways, and then they lost them into foreclosure.

So, as a result, we've also got over 1,000 new foreclosures and bankruptcies every MONTH! Our investors are making a great deal of money here because they can get so many renters and we've got a great property management company as well.

There are tons of new jobs being developed that have been announced just recently and it's becoming more and more exciting to have property anywhere in Indy. Some areas are definitely worth your time more than others, but overall it's a great place to be investing right now.

There's my two cents.

What do you mean by getting a real estate license online? and what would you want it for?

I already said that I can't speak for Pinnacle because I'm not investing with them or connected to them, but am saying that I've seen his profits and he's offering to show them to anyone else and has NO connection to Pinnacle other than his investment. You never checked with him.

You said, "the recent posters above this post are clearly posting just to promote Pinnacle" and I know that for one of them it's not true. So, as I said before, don't say something that you don't know is fact. That was the only point I argued and the only one I have any interest in making.

He made money from his investment, plain and simple. As for the rest of it, you may be right.

Wow, calm down, tms. I can't speak for the validity of Pinnacle, other than what mblaff experienced, but he's a good friend, lives down the street from me here in Indianapolis and I've been talking to him the whole way through the process. He even offered to share the docs with anyone who asked for them. He doesn't work for Pinnacle, have any affiliation with them or any of the stuff you're accusing him of other than he paid and got paid. End of story.

Whether the others who are talking on here or not are valid, I have no idea. BUT, he is.

I'm not saying there isn't something screwy going on with them, but am not going to be falsely accused by somebody who has no credibility on this forum. Don't make accusations until you know facts.

Welcome, TN-Apprentice.

I'm happy to hear the first investment has worked out well so far. We look forward to hearing more about your future deals and hope we can help.

Welcome to biggerpockets.