All Forum Posts by: Tchaka Owen

Then even easier!

Per your question, looks like your best bet is to hang your license with a brokerage in CT.

Can you study the requirements for the CT real estate license and pass the exam? If so, there's your answer.

@Connor Cushman - I can't speak for a well inspection, however I do recommend you get a septic one. Most S. Florida homes were on sewer so it wasn't common to have run across septic. The few who did got inspections and often nothing more than perhaps emptying or treating it. Here's the kicker: last week I had a conversation with my ex (who is also an agent) and we're in C. Florida where septic is much more prevalent. Her client was ok not getting it inspected, she strongly encouraged him to do so. The inspection revealed that a tree's deep roots had caused all sorts of issues. The tank needs to be removed/replaced, piping redone and probably best that the tree be removed. Estimated cost is $20k-25k. The seller is an investor and she believes he didn't know about it (likely skipped a septic test as well). IMO, get a septic test. Good luck!

@Kourtney Harris - @Mike Cumbie has it right....I've gone through different needs as I've gained knowledge over time as well as shifted focus. Being a part-time agent often won't get you very far, however it does afford you the opportunity to learn the business prior to transitioning out of govt. work. I'd focus on a place without monthly fees (or with very low ones) that does provide ample training. Spend your time learning as you ramp up. 

As far as EXP goes, they're a fine company and they fit the needs of many agents. They cannot compete with my current brokerage, but that's ok...we all have different needs. Btw, the "traditional business model" you reference has been out the window for many of us for years now. My commute did not change a single inch due to Covid. :-)

Lastly, I'm from Arlington and have a number of friends in real estate throughout Northern VA; I'm sure a few would be willing to chat with you (with the understanding that you merely seek info and not looking to be recruited). Just let me know.

993! You can't let that go!!!!!

Almost picked one up 18 years ago, now prices are higher. 

@Pedro Small - 2 things:

1. If it's Country Club Drive, there's a very good chance that's Aventura (yes, we refer to the whole area as "Miami" but it's legally a Aventura). Nice area on the north right where Miami-Dade County borders Broward County.

2. Do note that the supply of condos in Miami had been rising prior to Covid concerns. In lower segments you were looking at close to a year, in luxury I believe it was over 2 years. Covid only adds a layer on that. Point being, if I were in your shoes, I'd be careful not to pay a premium at this point as there is likely to be downward pressure for the next year or so. Good luck!

@Mark White - to restate your question in the form of a question: you're willing to squash your real estate dream because the possibility exists that you might end up with a mediocre property manager?

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The big space I left is to give you time to reflect on this. Great. Now go buy that house.

Less than 2 decades ago, Logan Circle wasn't flourishing despite its proximity to downtown (it's really part of downtown). By 2003, the change started. This is a great story! It's highly unlikely that it will lose value long term.....walking distance to so much. Well done. And this is straight up DC....VA and MD don't get credit. Lol.

@Madison Axmacher - lots of things to unpack here. Let me hit on a few.

1. What is the price you place on happiness? (we'll come back to that)

2. Do you need to supplement your income if you take lower paying jobs? If you have enough disposable income to put 20% down on an investment property each year, chances are that you two are doing alright for yourselves. How big a drop in income if you find jobs in sectors that appreciate you more?

3. At what age do you intend to slow down and enjoy life?

You're stuck in the grind that so many other Americans are caught in, the difference is that you're in a position to get out of it easier than many. You have 401ks, you have savings put away....yet you're fearful of diversifying deeply into real estate. When you wrote that putting money down on a new rental each year is too fast, most readers here are probably scratching their heads. Doing that each month might be too fast (for some that's still too slow). That said, you are new here and don't know much about REI yet, so here's the best advice I can give: spend the next 6 months (give or take) and read various topics and blogs here. Listen to the podcasts. I tend to do so on the highway and find them much more exciting than radio. Some topics are boring to me, others are awesome. Some of the stories are inspiring. One of my favorites is woman in Detroit who owned around 10 doors and was managing a bunch of properties for other investors. She wasn't yet a millionaire, but that's not the story. The story is that she had nothing...literally nothing, yet started her empire. Get your husband to listen to them as well. Once you two have a better understanding, your hesitation will lessen. Hell, an understanding of BRRRR alone will do wonders with your 20%.

4. Numbers are very important, however don't live your REI life only by spreadsheets and calculators. You'll suffer from paralysis by analysis and your inaction will result in other investors grabbing the great deals you discover.

5. What is the price you place on happiness? (told you we'd be back) How long do you want to feel that daily gut punch? You don't have to much longer...the choice is yours. Another awesome part of this community is that people are willing to share their views and give advice when you seek it. And everyone shares. You might be new today but after a deal or two, you'll be passing your knowledge to the next. On the flip side, I've done a decent number of deals, yet I come here regularly to learn because there are many here who have much more experience than I do. Hope this helps.

 

@Ryan Greene - several things:

1. How are you going to buy an investment property with approximately 3.5% down?

2. Closing costs should be higher.

3. Vacancy and CapEx at 5% is very low. At the very least, Vacancy should be moved to 8% (10% is better).

4. Maintenance/Repairs at 4% isn't realistic. Double that number.

5. Are you going to manage the property yourself? If so, fine. If not, add 8-10%.

Remember to allow a place to qualify on its own. If you massage numbers to make it work, you're setting up for failure.