All Forum Posts by: Russell Holmes

@Michael K McClafferty I recommend interviewing with several to see what feels to be the best fit.  You should interview with a couple 'big names' as well as smaller local brokerages as well.  I love the cloud based training and local support of EXP.  Keller Williams offers a more intensive in-person training that wasn't a fit for me but I'm sure is quite successful for others.  Local brokerages would be a more niche-focused environment.  You may also want to check into meeting with some team leaders in the area as well.  Joining a team can be a great jump start since you'll pitch in on deals in progress and have chances to do open houses, work with buyers they've found, etc.  

While I really like my brokerage and I am glad I joined, there's no 'one size fits all' and it's best to do some interviews to see what's the best fit for you!  Since you're looking at your own purchase as well, it's worthwhile asking about any waiving of broker fees for personal transactions.  EXP allows three personal transactions per year and I believe most have similar guidelines as well.  

@Michael Noto that's good to hear! In searching them on BP I've seen old posts with some negativity about "why not just put your best offer forward up front". Which I could understand on a $200k offer with $20k escalation, too broad a range. But when I have a client who found a perfect buy and hold say "I really don't want to pay more than $180k, but I'd hate to lose it over $2500" it's perfect. They don't want to blindly offer $182.5k, but would rather pay that if needed than someone else get it for $181k to beat their $180k. Offer $182.5k up front and you may never know if the next best offer was $175k and "highest and best" forced a blind waste of $2500. They could very well be common in higher price points in my market that I'm not as involved in, but they seem like a foreign concept in my experience in the $125-425k range above and below median price.

@Russell Brazil I think your posts about them may have been some of the first I saw awhile back that clued me into their existence. You were also one I had in mind mentioning I know some use them all the time. Somehow they seem to be nearly unknown here which is shocking. I thought it was because I was new at first a year or so ago but I've come to expect that I'll have to explain them to listing agents. It's a pleasant surprise when they know what they are. The legalese is wordy but the concept is quite straightforward.

@Joseph Ghobrial that's great! Out of curiosity did you learn of them from bigger pockets or elsewhere? I don't think I've heard them mentioned in any of the other training or reading I've done outside of BP but have heard several times on podcasts and within posts regarding other topics. Seems like they'd be more widely discussed. Most other sources take the "throw out the best you've got and see what sticks" approach.

@David Bushroe II that sounds great. I'm in the Orlando area and find that the best deals are often at the commuting distance edges of town.  Being between two metro areas sounds to be ideal for options! 

@Account Closed

David Greene's Buy Rehab Rent Refinance Repeat

Building Wealth One House at a Time, John Schaub - It's like the 'tortoise' to David Greene's 'hare', but lays out the power of building a portfolio

Rich Dad Poor Dad

@David Bushroe II welcome to Bigger Pockets!  

Where are you located?  There's tons of great information on the forums and very likely investor meetups happening near you as well.  If you haven't yet, check out the Bigger Pockets Podcasts as well.  It'll feel like drinking from a fire hose at first as you see how broad 'real estate investing' is as a topic, but there are a lot of great people here very knowledgeable on a broad range of topics and experts in nearly every market.  Quite a few great beginners guides and suggested books to get you started as well.

@Myles Taccini welcome to Bigger Pockets!  While I'm not in Illinois, I can tell you that you're in the right place searching for knowledge and professionals on this platform!

Once you make a few connections in the area, I suggest making a trip out there to scope out the area and meet the folks you'll be working with face to face.  I have worked with out of state investors several times buying here in Central FL, many of whom make offers on property without being here at the time the listing pops up.  The ones who have made a trip here to meet me, explore the areas of interest, meet property managers, and get a feel for the 'lay of the land' are far more comfortable pulling the trigger on making an offer when the perfect deal comes up days after they made it back home.  You may not find the perfect deal when you're in town, but having set foot there and seen various neighborhoods goes a long way in interpreting listings and the market when you get back home and communicate with a Realtor by email discussing listings.

Good luck on your investing journey!

@Eric Duran Bigger Pockets is a goldmine of information.  Sticking around here to learn on any topic that interests you is a great start.   I'd also recommend looking for local investor meetups in your area.  Meet people, network, hand out your handyman business cards.  You'll likely get some paid work and build connections.  With handyman experience, offer value to others and that value will come back.  Find successful investors and offer to help them out on deals.

It takes time, money, and skill to invest in real estate. Most people don't have all three of those things.  If you've got time and skill to offer but lack the funding, find someone with money and little time and/or skill to offer that time and skill to.  Maybe do some minor projects for them at material cost to help finish up a project just to earn some time in the properties and around them.

Offering value is always better than asking someone to 'pick their brain'.  Before you know it, you may find a partner to fund deals.  Even if it's for a small profit share or even just fair payment for the work done, it gets your foot in the door.  No need to tackle a full on flip for project number one.  Plenty of successful investors started out shadowing more successful investors and giving value up front not expecting anything immediately in return.  

@Account Closed congrats on your first deal!   You've received some good advice here, so I'll add something separate.  

Don't underestimate your sphere of influence, local investor meetups, and becoming active on bigger pockets.  I've been licensed about 2 years, but having run a service business before and starting as a part time agent, it's only been about 13 months since my first sale, 7 months since I truly went full time.  I've closed 12 sales with three of those in the last 30 days.  Many of my listings and buyers have come from my sphere of influence and networking at local real estate meet ups and my activity on Bigger Pockets.  

It's easy as a new agent to get wrapped up in spending money to get leads. The industry of selling leads and marketing to Realtors is huge.  I'm not saying don't do it, I'm just saying to also keep an eye on the free leads that may already know, like, and trust you all around while you also explore paid lead gen methods.

I ran a mobile car detailing business for 12 years.  I recently sold a $425k house for a client I knew for years from detailing his Porsche.  Never once while cleaning his car did he mention being ready to sell his house, but we built a mutual respect and he knew I was business minded.  Then I called to let him know I was leaving the business to be a full time Realtor and asked if he'd keep me in mind if he ever thinks of selling. It was probably the 50th call like that I had made going through contacts in my phone.  Listing appointment was booked that day, house listed a short time later.

I've got a referral arrangement set up with a friend of mine I've known since Elementary school who's a Realtor/Flipper/Wholesaler. I list some of his off market leads that are better suited to go on the MLS and pay him a cut.

I also do direct mail around recent sales and for targeted off market properties as well as Facebook ads, but my favorite are the leads that don't cost me anything going into them!