All Forum Posts by: Matthew Schneider

@John Thedford Yeah I wonder the state to state differences--I'm sure they vary. In Georgia it seems you are a-ok to do it yourself, but you must inform your broker. The least amount of supervision you could have in GA is (from my understanding) to have your own (supervised) trust fund account that you manage to do all of your personal deals. The only requirement between you and your broker in this scenario is that you provide them with a written reconciliation statement every quarter on your personally managed trust fund.

BUT to your point, the broker still has oversight, and if they didn't agree to this, you would have to list through them, or through another broker (given your original broker gave you permission to do so). What does this all look like if you were the broker? Seems like there is a marriage between broker and sales agent where one without the other can't do much of anything? 

Here is another statement I just read @John Thedford : 

"Every associate broker, salesperson, and community association manager is prohibited from advertising under the licensee's own name to buy any property or offering for sale, rent, or lease any property. All advertising by associate brokers, salespersons, and community association managers must be under the direct supervision and in the name of the broker who holds their licenses."

Yes, but it also states that all your monetary transactions need to either be deposited into your brokers trust fund, another brokers trust fund (with agreement from your broker) or your own trust account (oversaw by your broker). 

Correct me if I am wrong, but your broker will oversee all of your business. So in essence, you would be required to tell them of your business... because legally they have to overlook all of your transactions... and quite frankly as your broker they're responsible too. 

*Sorry can't seem to (mention) you... don't know what's up with that... Newbie to these forums! 

@Russell Brazil In the midst of studying for my Real Estate License, and I just got to Unit 5 "Licensee Selling his Own Property." You were right on the Bullseye. I'm posting the GA textbook definition for this topic below, in case anyone desires to know the 'legal definition.' Thanks again Russell. 

--------Straight from RE Express, Unit 5-------

If a person becomes a licensed real estate salesperson, associate broker or broker, he can no longer “act” as an unlicensed person in dealing with any real estate transactions – even the sale, rental, purchase, or lease of his own property!

The Code (of Georgia) states that all real estate licensees – whether active or inactive – must disclose on ALL contracts that they are licensed in real estate. This is for the protection of the general public. In a case such as this, the licensee’s real estate knowledge and experience could put the other party at a disadvantage, if that other party was unaware of the licensee’s true status.

This rule also applies to those licensees who advertise regarding their own property. They must disclose their licensed status.

Licensee as Principal

If a (Georgia) licensee wishes to sell or lease his property, he must do one of the following:

1. List the property with the broker. In this case, any trust deposits made will go into the broker’s account.
2. List the property with a different broker – after first obtaining his own broker’s permission to do so. In this case, any trust deposits would go into that other broker’s account.
3. Handle the transaction himself. This will necessitate the licensee opening a personal trust account, which must be registered with the Georgia Real Estate Commission and set up under the supervision of the licensee’s broker.

Because an active licensee’s broker is considered accountable for all the licensee’s transactions – including personal ones – the broker must be informed in writing and must approve the procedure and any advertising the licensee wishes to do. This is true even with option #2 above, in which the licensee can choose to utilize another firm’s services.

Whenever a licensee offers to purchase a property as a condition to obtaining a new or extending an existing brokerage engagement, he or she must write a contract expressing all the terms and conditions of the purchase prior to or at the time of entering into or extending the brokerage engagement.

Whenever a licensee offers to purchase a property in order to enable a party to purchase, sell, lease, or exchange another property, he or she must write a contract expressing all the terms and conditions of the purchase prior to or at the time of the other party’s entering into a contract for the new property.

@Russell Brazil  That makes sense. I am just caught up on the fact that real estate investors don't need a license, but once you have a license--all deals you do must go through your broker, even personal deals? What if you were acting solely as "an investor," weren't representing anyone but yourself, found a deal, and wanted to invest... I guess you are saying this is no longer a case once you have a license? Is that correct? 

Disclosure: I'm new to REI.

I recently saw Brent Daniels give a talk and asked him some advice after his show... He literally told me to DO exactly what you are talking about--work for a broker, but also do investing on my own. 

If you spend your off hours finding deals, analyzing investments, building a portfolio, investing your hard earned money, does this really involve your broker @Russell Brazil? 

@William Burnson are you working as an agent for investors or retail cliental? If retail, I really don't even see how there could be any potential for harm... Someone please correct me if I am way off target here! 

@Justin Reyes I think it has already been said...DON'T quit your job! lol...     However... 

What exactly do you do for a living? What career capital do you have? Is there a way to pivot your career to something that might be more fulfilling? 

I am in the midst of literally walking into work one day and saying, "f* this, I'm not putting up with this any longer--I don't like who I am becoming, and this isn't the right fit for me," and I put in a three-week notice. I'm not saying it was the worst decision I've ever made, but it was emotionally-driven and short-sighted. If I didn't have the most amazing partner, I'd be in a lot of trouble right now. 

I too have recently discovered investment real estate and am excited because I feel like it fits me, my goals, etc... maybe this is true for you too? DEFINITELY pursue it... maybe it is exactly what you need, but I recommend doing it more intentionally! 

In the meantime I highly recommend you pick up a book titled So Good They Can't Ignore You by Cal Newport. It gives incredible life advice on the right way to pivot your career, and allows you to understand how to properly do so... such that you keep moving up in the world. 

 I  HIGHLY recommend these life-motivating BiggerPocket Podcasts as well... 

#330 (with Cal Newport--give you some insight if you think his book is worth your time) 

#307 (achieving goals) 

#304 / # 315 / #343 / and #222 (with a man who replied to your own post!)

Best wishes on your journey and feel free to message me anytime--Matthew 

@Eric H. Thank you for that great insight.. Might appear rudimentary, but very helpful to me! Previously I've never been much of a social media or forum users, so really just trying to understand some of the basic etiquette, how to 'forum' relationships, and really utilize it all to learn. So thank you again

@Eric H. Thank you for your feedback. I will definitely get my keyword alerts going. How about following forums? When is this best utilized? For a hot topic, something you posted to and never got a responses, all of the above--Can you follow too many? 

What is the point of connecting with someone vs. following someone? 

Thank you for the advice of getting out there. I went to an REI meetup event in Atlanta with Brent Daniels--who was a fantastic speaker--and I was certainly out of my comfort zone, but just forced myself to meet new people. I was amazed at how friendly everyone was, and even though I only had follow-through with 1-2 people post the event, it feels important to get out there.

@Jay Hinrichs I just recently listened to your podcast #222, and I must admit I've been weary to post a new thread... But following your advice, I've mustered up the courage to post my first question.  

To someone who is completely fresh, changing careers, and just beginning the process of getting their license like you did, but @28 years old, how can I navigate and utilize the BiggerPockets(BP) forum database efficiently and effectively to find the most relevant material that will help educate me in becoming a successful real estate investment agent (wholesaling)? 

Should I just search the thread databases far and wide? Are their specific topics I should be diving into? How do I begin the process of actually breaking into such an established network of people who have way more experience than I do? How do I begin to build my forum capital? Is this even necessary? How do I ensure I'm not beating a dead horse with my questions? I'm mostly curious if active users, and real estate investing genius's like yourself, have any tips or tricks up their sleeves that may help a complete beginner get up to speed on BP Forums. 

Things I am doing: Listening to a podcast daily--chosen near random because I know no one, but everyone has been amazing. Picking up the books recommended by podcast guests. Reaching out to some people on BP when it makes sense, and reading some forums here or there. Sometimes though I feel like BP forum searching can be a huge blackhole in terms of time, and never lead me to productive outcomes... 

Any and All advice appreciated. This questions is not limited to Jay; I was simply inspired by his words and experience. Thank you