All Forum Posts by: Lucas Mills

I think I just tend to worry to much about wasting other people's time. Clearly, I am serious, as evidenced by the fact that I put in an offer on a duplex and was quite ready to pull the trigger. I think he understands where I'm coming from and what I'm doing. I just don't want to be a burden on someone else.

Good advice. I think you're right. I think I just need to find an agent who doesn't mind working with a new investor. I also just need to figure out all of the etiquette and nuances of the realtor/investor relationship so that I don't overstep my bounds.

For example, at some point, won't a realtor get tired of showing me houses which end up going nowhere? The one that I have been working with has shown me several, one of which I made an offer on and almost accepted. But, I ended up backing out because of the fact it was in a flood zone and insurance was too high. I felt kind of bad for having him show me these houses, only for it to end that way. Plus, the properties I was looking were not very expensive, so his incentive and potential commission are low.

Should I feel bad about this, or worry about this kind of thing? Is there some arbitrary number of properties that you can ask a realtor to show you before they get tired of an offer never or rarely being made? That has a lot to do with why I was originally interested in pursuing a license; so I could show myself all the properties I want without worrying about putting anyone out. Especially as I'm new and stil learning a lot; visiting properties and getting a feel for what I do and do not want in one is important for me.

If punching the clock means you have a steady income, as well as greater potential access to loans/financing, while simultaneously being able to pursue REI off the clock, then why not?

Most realtors don't make that much money, from what I've seen. But in terms of flipping, etc., can't you do that alongside a full-time job? Sure, you can't devote your full time to it, but if you're working on one house at a time, you either contract the rehab work out or go over and work yourself when you're not at your full-time job.

I prefer the safety, stability, and steady stream of income from maintaining my full-time job as opposed to the more immediate increase in freedom and autonomy from pursuing real estate full-time; at least, until I feel that I'm making enough from my investments that I can comfortably make the transition. In fact, I would probably fall flat on my face if I attempted that right now. But that's just me. Maybe you absolutely hated your job and so the risk is worth it to you? Maybe you have much more experience than I do and are more suited for this than I currently am.

The thought of spending $2,000+ per year to maintain a license is a tough pill to swallow, for me. I don't feel like I have a large enough network to feel confident in my ability to sell enough houses to even pay for the upkeep of my license fees, what with already having a full-time job, etc. Maybe it is more feasible than I think; I really have no idea. I guess that, worst case scenario, I could try it, and if it doesn't work, I'm only out 1.5k over the course of a year (while also having MLS access and the other perks that come with having a license during that year).

I feel like I am too much of a novice to accurately assess the risk vs. reward of getting my license. If the steep fees weren't associated, I would have no reservations whatsoever.

 Of this I have no idea.

@Alexander Felice

I would love it if my realtor would do the exact same thing that yours does for you. All of the info sent each night, and door codes so I can show myself... That would be fantastic. That's really the primary motivation behind wanting to get my real estate license, so I can let myself into houses and not do it on someone else's time.

Anyone know of a broker in/near Springfield, Missouri that fits this description? Someone that would take my license with no desk fee and let me be a real estate agent part time as desired?

@John Leavelle

Why is it a red flag that the property sold for 51k 8 months ago? Is it because of the price it sold for, or the fact that it was sold within 8 months, or both? 

Based on quick and dirty comps, it seems that, once fixed up, this property would likely appraise for anywhere between 60k and 70k. So, 56k in 2016 doesn't seem to far off the mark, especially assuming that it hadn't had any recent rehab work done.

But it's entirely possible that I'm missing the point and not understanding what exactly the red flag is here. Could you elaborate on that?

@Nicholas Kral -

I didn't consider it's value from the perspective of rehab. I think that could certainly be valuable to me, as I think I will need to pursue properties that need some degree of rehab in order to increase my profit/cash flow margins.

So, do I have to hang my license in an office somewhere in order to sell properties or even to access the MLS? What all does it take to sell properties as a real estate agent? For example, would I have to have office hours somewhere?

I am looking to obtain my first investment property sometime within the next 6 months. I've already been through the process of making an offer, but I ended up backing out because the property was in a flood zone and I could not find insurance for a reasonable price.

During that process, and agent went with me to look at a handful of homes. He was friendly, but I always felt like I was a burden to him. Plus, I had to work with his schedule and wait until he could show me a home to look at it.

As such, I've considered getting my real estate license. So a couple questions:

1. Is it worth it for this purpose alone? For being able to show yourself properties?

2. Let's say that I wanted to actually sell a house here and a house there on the side, for supplemental income. Is this a feasible thing to do while also working a separate, full-time job? Or is being a real estate agent it's own full-time job? I would prefer to sell houses purely at my own discretion; maybe only for friends and whatnot. So can I do this? Or, do you have to actually work for an agency to be able to sell? How does this work?