All Forum Posts by: Marius G.

Just voted on this. Did something happen?

A good deal is any property you can get that will be cheap enough to make the numbers work. In this context I'm interpreting killer to mean exceedingly rare or difficult to find. Foreclosures could be great deals even if the former owners walk away with everything. It all depends on what you end up paying.

JV is a joint venture with another investor. You would need to agree on how to split the spoils and what would happen if things went wrong. As your partner would have an equity stake, this tends to be the most costly arrangement, but sometimes is the only way to go. Be sure it's someone you can work with and know how to handle disagreements.

The best loan is one that fits your needs. Here are some guidelines:

Conventional loan: Good for people with good credit and cash flow. Takes long to close. Low interest rate. 

Hard Money: High interest rate. High fees. Faster to close. Your credit is less important. Often have a balloon payment around 6 months.

Private Money: You need to know someone with lots of cash. You can negotiate the terms and interest rate. 

No harm in going FSBO for now while you complete you licensing and MLS access. You need to hang your license to activate it. MLS access comes with your brokerage. Some may require you to join NAR but that has nothing to do with NWMLS. Once you sign up with NWMLS you will need to take their matrix and listing classes for them to enable your account. One of your criteria in choosing a firm should be their rules on listing your own properties. Some do not allow you to do that.

A cash-out refinance is one way rising property values can help, provided that you still cash flow with the larger payments. Similarly you can use equity to cover capital expenditures. Finally you can resell the property later for a profit. Some investors buy poorly managed rentals, stabilize and raise rents, and sell a year later for profit.

Don't know about the loan originator license. I was referring to the real estate broker license.

They are at least approved in Washington state which is what matters up here.

I just took my RE exam. Washington posts stats on each school and it's pass rates. Rockwell had the  highest rate so I went with them and was really happy.. I think they also offer a CA class.

You may want to consider working on getting your license. The process will help you build knowledge and you can start in the world of real estate without massive amounts of cash. Being a broker can give you an edge as well as experience and connections that you can use when you invest. Consider it an investment in your upcoming business.