All Forum Posts by: Aaron Lovett

Hi @Account Closed, 

Welcome!  As you can imagine, many before you have had the same ideas.  You can find detailed answers to all of these questions by searching the forums.  Briefly: 

1. You aren't required to use an agent, you may represent yourself when buying or selling real estate.  Pros and cons to doing that - consider very carefully.

2. No one can tell you what makes sense for you, including whether or not to get a license.

3. Many people want to do real estate "on the side".  Keep in mind that being licensed is expensive (fees, taxes, etc.), so you'll need to do regular business if you hope to make money.  It's also very time consuming to work for clients, but if you are only doing your own deals, that might not be a big deal.

4. MLS access is only available to real estate professionals, such as agents and appraisers. However, if you work with an agent, they can send you real-time information about anything listed. You definitely want to have the accurate and up-to-date information that the MLS has - don't rely on Zillow. If it's really just MLS info you are after, there are easier and cheaper ways to get it.

Browse and search all over BP - there's a wealth of information here.  All the best to you!

In every case, it's about meeting the needs of the client.  By definition, an agent represents the client's interests.  How do you know their interests without asking questions?  How do you know how to help them without knowing their options?  How can you help them if you are in over your head?  Keep asking questions around the subject of helping your clients, and you'll find every way to go "above and beyond" for them.  My thing is, that's not actually above and beyond - it's the job.

@Corey Zant is absolutely correct on every point.  It seems like the standard formula for success is based around an idealized extroverted salesperson.  It doesn't have to be that way if you're not an extrovert or into "sales".  I'm not saying that if you're a jerk you should continue being a jerk - but you don't have to do things the way everyone else does them.  Just be the best of who you are.

Oh, and never lie, misrepresent, or talk bologna for fear of having to say "I don't know".  Clients want and need the truth, accurate answers, etc.  Even if you have to say "Let me get back to you..."  

1981?  That's not old for a house, even by US standards.  I wouldn't balk at anything built in the last 40 years, as long as it was built well and had a layout that I liked.  If you like it and can get a fair price for it, don't let the build date stop you.

Welcome, @Chris Gerbig, we're glad you are here!

 Exactly!

There are a number of good places to look for multi-family, including here on BP.  It also helps to know a number of investors and agents in the area.  Feel free to reach out if I can help.

Welcome @Elijah Jay Dangerfield!  

There's a lot of information on the forums, so you're in a good place for getting advice.  You'd also benefit from attending a local REIN meeting.

I'm curious to know what local market cycles you've been watching.  You've probably seen the recent UT report on population growth projected out a few decades.  That's a positive, especially for owners of rental property.

@Charlotte Edwards' comments are spot on - you do just have to take the plunge at some point.  Just do so with a solid understanding of the risks and your exit strategy should the unexpected arise - it will.

If you need anything, feel free to reach out.  I'm just down the road.

You bet, happy to help.  Reach out when you have a client moving to TN.

I agree with @Meghan McCallum on every point.  I might add, seriously, don't "cold call" me 90s style - if you are local just hit me up on facebook through a local group or send me a text.  If you call and I can't answer, leave a message.  I will let you buy me a cup of coffee and a doughnut, or not.  We can help each other, so you really don't have anything to worry about as far as that's concerned.  

Here's the deal:  If a person in business displays professionalism and appears to be ethically, legally, and practically aligned with my clients' interests, I'll be inclined to work with them.  If I get a smarmy feeling about someone, I won't be so inclined at all, without exception.

As for working with folks out of state, again - no harm in reaching out.  The Internet connects us all in so many ways.  Do I want to Skype with every out of state lender?  Nope, no time or desire.  It's not necessary for an introduction.  PM me here and tell me that you're a lender that wants whatever, and that you are following up with an immediate e-mail.  Send me an e-mail that describes clearly and concisely what it is that you want and how I benefit.  Invite me to reach out after that.  

None of this has to be adversarial.  With good communication and an understanding of basic business, there's no reason one business person can't reach out to another in a normal, human fashion.

A lot depends on your situation, the house, etc.  Here are some basic things I've learned:

If you are married or have family with you, keep them as priority.  Don't expect them to understand, see the vision, or "get it" in the same way that you do.  Make sure the basic comforts of a home are available to them ASAP - functional kitchen, finished bathroom, finished bedroom.  If the family is reasonably comfortable AND the project is finished 100% very quickly, you just might win them over to do many more.  ;-)

The above point is true for yourself, too.  There's no reason for you to live in a work zone all the time.  Give yourself a place to retreat to when the day is over: finished bedroom and bathroom, usable kitchen.

Buy a shop vac, soft bristle broom, a dustpan, and a big trash can, and sweep your living-area and path at night.  No matter how neat your contractors are, they're going to miss things.  Do you really want to be worried about stepping on staples or screws on a midnight trip to the bathroom?

Designate one room as personal storage, and another (or the garage) as a work space.  Better yet, get a storage unit or shed for personal stuff.  You want a place for cutting, keeping tools, etc. without worrying about stepping over things or getting your personal items dusty.

Hire contractors with good recommendations.  See their previous work beforehand.  Be firm about deadlines and about quality.  

Keep a key in a lockbox for contractors.  Use one that has an easily changeable code.  Change it weekly or after each contractor is finished.  Change the locks when the project is finished.

Enjoy the process, and don't give up!  There are going to be setbacks and unexpected obstacles, but you can enjoy the finished product, if you keep at it.  Let us know how it goes!

Welcome!  We're glad you're here.  =)