All Forum Posts by: Shane Hedeen

@Sunny Dutta, 

If you cannot verify through multiple current users their track record, don't ever get sucked into a company that asks for a full year payment up front. There's a reason companies do that, and it's not because they fill your inbox with so many leads you don't know what to do with them. 

I'm not sure if you are an agent or not, but if you are - paying a huge spend for buyer leads is a very high cost and low return ballgame. Maybe a handful of years ago, some of them were great. Just like anything else, consumers evolve now online and good leads cost a ton relative to their ROI.

There are literally 1000s of products out there, with the year long purchase pitch, and promise/hope they dangle of just one deal paying for itself. 

Not knowing anything about this company, I would bet @Steve Fox has plenty more insight on his experience. Best of luck! 

@Patrick P., 

I will chime in with my two cents here, only having worked with RE/MAX in my career. I would not trade the training, leads, and benefits of being with the top team in MN for anything. Don't get bogged down in thinking you should go somewhere with 100% split. 100% of nothing is nothing. No training puts you in a vulnerable position like @Russell Brazil mentioned. A few thousand bucks isn't enough on that 100% commission to cover a lawsuit. 

Your brokerage and team are very important. Training is very important. Even with your mentioned goals of doing this for yourself as an investor, you need to treat yourself like any other client - with the highest level of fiduciary duty. 

I don't personally know anything about the online brokerage you mentioned. Maybe it's great, maybe not. I think a lot comes down to the particular people within your brokerage you meet and learn from. Seems like that could be tough with this setup to find something like another agent who was an investor to mentor you through some deals. 

If you don't have interest in being an agent at a high level, even for only yourself, I will kindly and bluntly tell you to just hire a great agent, and find better deals on or off market. If the only purpose is for a few thousand you save on commissions for yourself, remember that transactions are two sided. If you don't know what you're doing, you pose a risk to both yourself and the other side. 

Best of luck on the decision if not yet made! 

Congrats @Eric Beise! Thanks for sharing your success story. 

Hi @Sammie Yang! 

Congrats on deciding to get licensed in February, that's exciting! It is a career that can be very rewarding, but takes a lot of hard work. 

It sounds cheesy, but start with your own personal purpose to getting licensed. Then, I would spend some time looking to 2017 and setting some goals for yourself professionally. The first of which would be to get licensed, and get your license hung at a brokerage. If you haven't started interviewing brokers yet, I would do that first while working on your license. Ask them all the question you posed here. You will get varying answers from place to place. Some teams/brokers provide leads to their agents in some fashion, others do not. 

No buyer, seller or investor is frankly going to wait for you to be licensed, if they are truly motivated to act. It's great you are thinking of how to attract and generate business, but don't put the cart before the horse. 

There are hundreds of ways to generate business. I think it's best to first know your purpose and set your goals - then to build your daily goals around those things along with your strengths. Some people love going and knocking on doors in neighborhoods - not at all my thing, but hey, it takes all kinds. Others enjoy paying for internet leads from one of the thousands of sources in doing so from Facebook ads to Zillow. 

For your personal sphere, I would not recommend reaching out to people you know well, or haven't connected to in a while, and asking them for business. It's a quick way out of a friendship. Sadly, it's what a lot of brokerages preach as their main business model. Just find a way to re-connect, be a friend, see if you can add value somewhere in their life, etc. Don't do it for the purpose of generating business, do it because you care about this person, and you want to live a life of giving and adding value. 

I'm no 20 year vet myself, and don't by any stretch have all the answers. For every person, the path is going to be different. 

If you ever want to reach out, I'm always happy to chat and see if I can help in any way. Just send me a DM! Best of luck getting started! 

@Joseph A. - This is all fantastic feedback from people in the area on these two different areas. No need for me to pile on and be repetitive. They are going to attract different types of renters like others mentioned. 

Area aside, it all comes down to the deals themselves to evaluate with this stuff in mind, and the type of property you are looking to hold as an investment in your syndication. 

Best of luck as you move forward! 

@Dan Mason - I would say that depends on your qualifications and background. Every investor I work with in the Twin Cities also has at least 10-15 years of contract work under their belts, and at least 10 years of inspecting homes with many certifications. 

If you are an expert in that area of home construction and systems, then it may be something to consider. 

Without the expertise though, I wouldn't recommend doing this to save $350. You are purchasing a property as an investment, one that you hope nets you a large ROI over the life of your ownership, whether it be a flip or a long term hold.

If a good deal becomes not a good deal by paying a professional inspector ~$350 for several hours of their work and time, then it's simply not a good deal. 

There are thousands of ways to cut spending costs in life and in a professional sense, I'm just not sure I'd recommend inspecting a home yourself without a lifetime of doing it. 

Hey @Dominic Augustine! What's bringing you over to the good side of the Mississippi someday?There are a lot of great local people on BP, and off, who spend time in that realm. If you are ever in the area and want to connect, or connect on phone/email, send me a message. There are plenty of good Realtors in our area, and plenty of bad - like any area. You are doing the right thing looking to network, chat with people and start to get to know the lay of the land! Best of luck, and keep jumping into the local forums here, there are lots of great people to meet. 

@Justin R., beyond what @William Murrell stated - this comes down to your goals and values in your career. Being an agent is a career. Some use it as a way to help supplement their day job, or supplement their investment strategy. That said, there are many costs, liabilities and risk involved in getting your license. 

There is at least one person it seems who posts this exact question daily on these forums. Spend some time, go back and read what others have asked, and what others will say as answers. 

Beyond all the money and time, it's more about your values, purpose and what drives your passion. Take in all the pros and cons for your purpose, and see if it's a good fit. There are thousands who have asked the same question, and lots you can read to give more insight from different perspectives. Best of luck in the decision! 

Welcome @Nathan S.! Many of wonderful local people on here in the forums, and you have the right approach of always looking to grow and learn. 

Like the plan! A plan with purpose is always achievable. Best of luck in your quest as you eye up some land and make purchases.