All Forum Posts by: Preston Dean

Hi @Toby Fellows

The short answer is yes. In order to be an active RE you have to hang you license with a broker SOMEWHERE. This could be a single person who has their brokers license or a larger brokerage like Keller Williams. Think of it like a teacher who has passed their classes to be a teacher. They are not technically a teacher until they can work at a school. And the same goes for you trying to get your RE license. You technically can't preform any RE related actions until your license is with a broker. 

2. You can't act as your own RE because you are not a broker. Any transactions you will do as a realtor you will be doing them on BEHALF of your broker not you as the realtor. 

I would simply hang your license with a transactional brokerage where you only pay per transaction. 

Here to help!

If you have any questions feel free to reach out!

HI @Sufyan Minhas

I can only speak for Texas but I recently had a client try and sell his condo after 19 years and the HOA killed the deal. And he still hasn't bee able to sell it... The HOA doesn't have the 10% minimum in their reserves account (savings account) and Freddie Mac won't lend on it.

So I would just proceed with caution if you are looking to buy a condo with an HOA!

HI @Jake Kazmierski

I would suggest saving a certian % you fee comfortable with and then put the rest into a high yield savings account. A HYSA is a type of savings account that offers higher interest compared to traditional savings accounts!

Your local credit union or bank should be able to help you with that 

HI @Julian Zamora

Congrats on your RE license!

Just like getting your RE license you'll have to complete a specific amount of hours. I'm fairly certain you have to be licensed for a specific number of years before you can be mortgage broker. I would suggest starting as a mortgage loan originator aka MLO. You can probably just Google how many pre-licensing hours and education you need for your state in Georgia but I bet its around 20-30!

Cheers from Fort Worth

Hi @Steven Catudal

There are a few different ways you can structure your partnership. Here are a few I have heard of

1. Equity split - This is more of a straightforward partnership where profits are divided based on the initial capital invested. Meaning if one partner initially contributes 60% & the other contributes 40% then that would naturally give you a 60/40 split

2. Time Commitment - Basically if one of you spend more time on the project than the other they should be compensated for that time. The split obviously can be up to you guys 

3. Promote Structure - This is usually if you guys have 1 person who handles the majority of the business and the day-to-day operations. Obviously this person would naturally have more %

Regardless of what structure you guys decide on make sure it is clearly defined! Even if yall are friends just lay everything out on paper where its clear.

Cheers from Fort Worth!

Hi @Michael Klick

There are several advantages to uses a HELOC. It gives you the flexibility kind of like a credit card that allows you to borrow a certain limit and withdraw funds as needed. You also only pay interest on the amount you use. Also HELOC's typically have lower interest rates than personal loans since it is secured by your home. In some cases interest paid on the HELOC can be tax deductible if the funds are used for home improvements.

Best of luck from Fort Worth! 

Welcome @Sebastian Albors !

One thing to remember when you are getting into RE investing is to have your team of people or as Brandon Turner from the Bigger Pockets Podcast calls it your CORE 4

1. Your contractor

2. Your deal finder (agent/wholesaler)

3. Your property manager

4. Your Lender

If you need a deal finder my suggestion would be to go to the top of this page where it says AGENTS & click on that. There you will be asked your criteria and then after answering a few questions you will be matched with 3-5 agents in your area. My suggestion would be to select someone with the most forum posts or most reviews. That way you know they are active in the BP community!

Best thing is that its free!

Hi @Ivan Ariel Davila

Welcome to BP! 

Sang Miner with Arise Capital Lending 817-705-9296

I'll send you a connection request!

Hi @Steve Fiedler

Welcome to BP!

I'm not sure how experienced you are in the real estate world but one thing to remember when you are getting into RE investing is to have your team of people or as Brandon Turner from the Bigger Pockets Podcast calls it your CORE 4

1. Your contractor

2. Your deal finder (agent/wholesaler)

3. Your property manager

4. Your Lender

My suggestion to find #2 & #4 would be to go to the top of this page and click on FIND AN AGENT & FIND A LENDER. There you will be asked your criteria and then after answering a few questions you will be matched with 3-5 agents or loan officers in your area. My suggestion would be to select someone with the most forum posts or most reviews. That way you know they are active in the BP community!

Cheers from Fort Worth, TX !

Hi @Lolo Druff

With any property that is being sold and is tenant occupied I would always proceed with caution. The worst thing you can do is inherit a bad tenant and then you'll have to go through the eviction process. 

If you can do you property due diligence then I would say go for it

When you are under contract you should receive a copy of the leases. If you go through with the purchase make sure that the security deposits are transferred over to you at closing!