All Forum Posts by: Sam Lin

@Dimas Espejo The good news is most experienced brokers by now have heard all sorts of questions, so they should be prepared by the time you ask them these questions. You'll easily weed out the good ones from the bad ones by based on their preparedness.

One thing some brokers do very well is answer your question that isn't quite on point, but with conviction. For example, if you ask about training and they said they have multiple classes each week from experts, they'll show you calendars and example materials. But if you work a full-time job, the only time you have to attend these training classes may be evenings and weekends, then those training classes better be available then (which they sometimes aren't). So be specific and don't let a broker get away with a canned answer.

Good luck!

@Steve Dowdell Welcome to BP and love your plan to tour America!

@Justin Walker Welcome to BP! I was in the IT industry for about the same before moving over to real estate/investing.

@Alec Norman One option to consider is to get a SFH and rent out the lower level to supplement your cash flow. This way you are better protected in both short-term and long-term. One of my friends was in the exact same situation (except it was in Maryland), and he now has multiple cash flows coming in that cover about 75% of the mortgage dues from both the townhouse and SFH.

50/50 partnership only works if you have everything in writing. Even then you'll still run the risk of complication. I've seen other investors do it this way with success: partner up with someone who puts in $ for the acquisition, but you handle the rehab cost and have total rehab decisions. And decide on the profit split ahead of time.

@Brian Orthman Welcome to BP! Baltimore, DC Metro and the surrounding areas offer all levels of risk/reward, depending on your tolerance and financial capability. Hope to catch you at one of the meetups.

@Jerry Limber I'm pretty certain you've covered this, but I'm assuming the mold test was done in the attic and crawl space (if any)? There was a house I was in that had no mold problem (via air quality test), but they didn't take a sample from the attic. Turned out the attic had no ventilation (due to the age of the house) so all the moisture from decades of rain and such covered the attic with mold. After that was mediated and the house aired out for 2 days, there wasn't any coughing or allergy-type symptoms.

@Karen K. I know agents from both well-known and no-name brokerage that keep their license simply for MLS access and partner up with someone in that brokerage. The no-name ones typically have less desk fees but I'm sure you can negotiable that as you meet with different brokers.

As far as training goes, simply shadow that person you're partnering up with in the same brokerage. You don't have to know everything (if you're not doing the actual transactions), but know the basics will better protect you as an investor.

From a safety and liability standpoint, every old house has mold but it depends on whether it's at a dangerous level (air quality test). But if you're planning on selling or renting it out afterwards, you'll want to take care of it all together. 

I'd ask the seller to mediate it with a professional mold company and proven air quality test afterwards, or get a quote and work out a credit.

@Austin Davis I'd start having conversations with brokers while you attend classes, but I have noticed some of the brokers act differently between when you're taking classes vs already pass the class. I enjoyed the conversations much more after I've already passed.

I did my classes online but everyone learn differently - I like having to set my own pace than sitting in classrooms, but you get feedback much quicker when you have an instructor.

Lastly your availability as a part-time agent is not an automatic detriment because it depends on the type of clients you're seeking. Don't let others discourage you as there are plenty of full time agents that are below average.