All Forum Posts by: Marc Winter

You can also install a 'self-closer' that makes it impossible to slam the door.  

For noise--it should be in your lease or agreement that you follow local codes about noise--keep it quiet between 10 pm and 7 am.  When we get a noise complaint, we send an email/text to all tenants reminding them of the noise restrictions.

We also tell the complainer to keep a log of the date and time of the loud noises in case you need it later.  If the noise keeps up, we send a violation of lease, and it that doesn't do the job, we post NTQ.

All of the above is conditioned on the complainer being truthful and the loud noises are really loud.  You never know if someone is being overly sensitive to noises.  And ask the tenant on the 2nd floor what they think.

Congrats on finding real estate as your calling!

About 40+ years ago, I started out as a contractor.  I too thought real estate was for me.  Turned out that it was/is!  Now for your questions:

I would recommend taking an in-person class.  Yes, you can do it online, but the people you meet in that class and the 'extra info' you can receive from the presenter are very valuable.

Work with a team to start, or work with an experienced partner.  Why reinvent the wheel?  

There's a lot to be said for the smaller mom/pop offices, but for training, motivation, and support, I'd definitely go with a larger office.  

The excitement of walking into a large, productive office is electric!  Seeing deals getting done, listening to the more experienced agents discuss the details of a deal is priceless.

Best of luck to you!

Yes, if she owns it less than a full year, the profit will be seen as short term capital gains, meaning it will be taxed like ordinary income.  Over 1 year she will pay capital gains.  

Only way out is to speak with your accountand and 1031 expert to see if there is a work-around.

Sean,

Somewhere along the line, it's been my experience that the worker/contractor/partner thinks: "I'm bustin my *** and all he does is walk the job and complain"  

That resentment causes cut corners and papered-over problems.  I just won't do it.

That is a non-starter for me.  

Unless of course the 
GC is a silent partner only putting up money, not doing any work on the subject unit.

I like smooth, not sticky deals.

Good luck.

Cons: you'll be doing the stuff the owners don't want to deal with.  In this business people are seldom ever happy-- tenants want concierge service, owners want work done for free.

Pros: job security, opportunity to expand, and become very profitable!

Not sure what state you are in, but in most states, you would need a real estate salesperson's license to work under a broker for the purposes you state.  Then, once you have the time/experience to pass the broker's exam, you would be free to open your own shop.

If you want to take the client list with you, make sure that is all spelled out in detail before going into the 'partnership' with the broker.  Example:  if the broker refers a client to you because of their relationship with that client, what happens if you want to leave and take that client with you?

Having done just that many times at the beginning of my career, it is possible to do and may be profitable for you depending on the actual deal.  You'll need to refi out of it or pay interest through the nose.

One important thing to keep in mind:  leverage is a two-edged sword.  Words to the wise--real estate will continue to appreciate...  until it doesn't.

Yes, you should open and cultivate your listing lead base.  You can do it best by following your own statement: How do I approach this in a legal, ethical, and transparent way?  By doing exactly those things.  

BTW, attorneys in many states are automatically deemed to be real estate licensees, and if that is the case in your state, you may legally offer a referral fee.

I like trusts, but you could accomplish the same thing with an LLC.