All Forum Posts by: Madison Wilson

Welcome Blake! That is awesome that you have a plan set out ahead of you. As crazy as of a time as it is, my mentor spoke a very powerful quote to me about investing in uncertain times. "Everyone looks like a winner when things are good, and when things are bad, those who take a chance will come out even more successful when its harder to look like a winner." Also, no time like the present. My advice would be to find an awesome agent who specializes in working with investors, and a rockstar loan officer if you are using conventional financing. Also, consider what type of property you will want to start with. Also, will it be long term tenants, short term rental, house hacking, or fix and flip? Your agent should be able to help you out with finding a property and gathering rental comps, and your loan officer with running numbers on what your mortgage payment will be, compared to estimated rent value. Also note that if you do not house hack (owner occupy), investment properties will require a 20% down payment, so just a tip to note. Starting a conversation with awesome professionals will guarantee your success, all you need to do is leap! 

Congratulations on getting your license!! I would say first of all, awesome that you have an idea of what kind of real estate you want to do business in. That will help you immensely with your next steps. Next, I would say if you need income in the mean time, starting in an assistant position, or on a team in general is awesome. You get hands on experience, versus just pining away at getting clients. It is not a bad thing to start solo, but there is immense benefit to starting off gaining experience, with someone who will also allow for growth if you get your own deals along the way. You will do great by just reaching out to brokerages you want to be a part, of and gaining more insight on what you can offer their teams. Never hurts to ask or try. You could write down a list of questions you want to ask, and gain insight by putting in a few calls and making initial connections. Best of luck, you will do awesome!

 I agree with this. if it comes down to not being able to buy down the rate and the deal needs saving, they can save for a rate buydown later when its time to refi, assuming the market doesn't see lower rates in the future than we are seeing now. 

Great question! I myself rented a tiny home with stacked washers and dryer - my landlord built the home himself and he engineered a sort of shelf that helped keep them stabilized. He advised not to do extremely heavy loads at a time so it didn't rattle around quite so much. I would check into the installation itself to make sure they do not shake too much, to prevent potential damage. Also, I liked having them. It saves space, and it wasn't the least bit strenuous as it can be to bend over and load front loading washers when they are waist level. 

I agree with Chris, you can include AC and heat, but if you do not get proper permits if you decide to sell/rent it still may not include the basement as square footage. This happens commonly in Texas with garages that are enclosed. I recently showed a property that enclosed a large two car garage, and it looked great, but it did not add to the value because of lack of permits. 

Welcome to BP Cody! That is awesome that you are considering investing for your future. Bigger Pockets is such a great resource. I would suggest strongly starting to investigate what areas you will want to invest in, types of properties, and lenders, real estate agents, property management versus self-management, etc. You will do great with highly recommended professionals helping you along. If you ever consider investing in Texas, my team and I work with investors from all over the U.S. We are central to Austin, TX which is a rapidly growing area. Best of luck, you will do great building your portfolio!

Hi Michael! Great question. In terms of investors buying multiple properties, do note that rental income cannot be counted as a source income until the property has been owned and collected rent for 1-2 years, or until it is shown on the Schedule E portion of your tax returns. I would chat with your lender and see what the underwriter on the file suggests. Ultimately, it may turn into needing to lower the purchase price if income is limited. 

Very nice. Beautifully said! I will 100% heed that advice to expand the resources I follow. Thank you!!

My team and I are always open to working with referral partners if you ever explore the Austin area trends, we are happy to be a sounding board for opportunities with clients of yours, and vice versa. My mentor/ team lead Bryan Noth is a top BP forum producer for Austin, and is heavy in investment clientele here in Austin as well as out of state. It has been awesome to connect with a likeminded and experienced individual! Thank you so much again for your input and advice! 

In general, I have a rockstar mentor, team, and goals set in place. I would love to hear from experienced agents on how you got started, and what unique strategies got your business jump started. Open to hearing all stories and points of views! 

I 100% agree with that! I think that can also come from working with an agent who knows a strong investment, versus someone just interested in a paycheck. All great points! Since you specialize in multi-family, I know you are no stranger to the rain in that aspect. If you haven't already considered buying in Austin, the rental market is very hot due to extreme lack of inventory. I haven't checked into Dallas as much, but I know from family members living there that is has been just as crazy as it is here. I've heard tidbits on Atlanta and Denver as well, but I have only just begun to scratch the surface on nationwide market trends. How do you find yourself able to keep up with the larger scale trends? (Websites, social media, newsletters, other agents, etc.).