All Forum Posts by: Matt Lefebvre

Hello @Trailson Moore!  First off, welcome to Bigger Pockets. There's a ton of great information here.

Although the laws may vary slightly from state to state, they all follow a general principle.  I'd recommend talking to the instructor of the pre-licensing course you (or your wife) is taking, for the most accurate information in Texas and don't take my word for it.  I'm no legal expert!  Most of my information is based off of New Hampshire, and while the process is probably very similar, the monetary amounts and exact procedures may differ a bit :)

Essentially the way having a real estate salesperson's license works is as follows.  As a salesperson, you are not allowed to practice real estate without working under a broker.  A broker's license is the "step up" from a salesperson's license.  It also requires a few other things specific to your state, but you're not worried about that.  To take the test, you have to send in money (in New Hampshire, its $155) to your state real estate commission.  You have to spend a bit of money for a background check ($25 here), and then if you pass the test, you have to send in money for your license ($90 here).  

From here, you need to sign on with a broker.  If you're planning on solely using your licenses to save a bit of money on your own deals, I'd recommend finding a brokerage that has a higher commission split (how much money you get versus what the office gets per transaction) and working with them.  If you think you're going to work as a real estate agent at all, I'd recommend forgoing a higher commission in lieu of finding an office that has great people and a great education program.  While I can't speak for any other companies, Keller Williams has fantastic training programs, and were recently named the #1 training organization worldwide, across all industries.  

Signing on with an office usually has a fee associated with it... and you might also have to pay a monthly fee depending on which brokerage you sign on with.  The best advice I can give you for finding an office would be to interview a variety of companies, both big and small, national and local, until you find the one that feels right to you.  

I hope I haven't rambled on too much.  Good luck with your endeavors :)

@Ross McKenzie  While I feel that people getting properties at a "steal" might seem bad... from my point of view I see it as a benefit to the current occupant of the home.  For whatever reason that person is in need of selling their home (or apartment complex or whatever it may be).  In the case of short sales, they need to sell their home before the bank forecloses.  For many homeowners, taking an "undervalued" offer is a far better alternative than having to file bankruptcy.  

If they had wanted to, or were able to sell their home for more money, they would do so.  There are plenty of real estate agents they could list with that would tell them the exact value of their home.  I'm sure there are people in the world, and maybe on this site who will trick individuals for selling their home grossly under its market value.  But usually selling your home for a very reduced price is done for a good reason (the buyer is cash and can close quickly, they're saving you from foreclosure, etc.) and the seller knows what they're getting in to.  

@Rich S.  Excellent, hope all goes well.

Another bit of advice though.  If you have goals, write them down and share them with people who will hold you accountable.  I don't know the exact numbers, but I've heard that writing goals down + sharing them with others is the best way to stick to those goals.  The two things that will keep you on track are accountability and a "why" (there's another thread here running about "why" you're investing in real estate).  

Best of luck to you!  

Rich Spiczka, I think you do need to clarify #1 as to what "debt-free" actually means. 

The type of debt that will lead to you making money can be considered "good debt", while the kind that sucks money away can be considered "bad debt".

If you mean unburdened by personal debt like car loans, student loans, loans on your primary residence (bad debt), then that is certainly an achievable goal.  But if you also intend not to take on any debt while investing in real estate (good debt), it is going to be much more difficult.  Although its possible to not put any of your own money in some deals, it certainly limits your options if you're not willing to assume any financial risk. 

So are you looking to have no "bad debt" or to be 100% debt free?  

I'd ask about if they've worked with investors before and if possible, find out how those deals went.  Finding a home for a couple looking to settle down, and finding an income property are two very skill-sets, and while some Reatlors have both, many might not and could be showing you properties that are wasting both of your times.  

Some basic questions you might want to ask in addition to that though include how many transactions they've done, what kind of experience they've had (if any) with working with investors, ask them about how comfortable they are submitting low-ball offers on properties, what services they'll provide for you, etc.  

Hope this helps :)

Welcome to BiggerPockets Monica!

Always great to hear about some local investors.  I hope to see you at an NHREIA meeting in the near future!  Best of luck to you :)

Regards,

Matt Lefebvre

Hi @Arthur Hassan, welcome to BiggerPockets!  

This site is great for learning all about real estate investment; there's heaps and heaps of information around here.  If you're interested in meeting some other investors in New Hampshire however, a New Hampshire Real Estate Investors Association (NHREIA) meeting is coming up next Wednesday (1/14/2015).  Its over at the Best Western in Manchester, you can find some more information on their website.  I highly recommendyou attend as its great to meet other people and learn some things too!  

Anyway, good luck with your investing career :)

-Matt Lefebvre

Welcome to BiggerPockets William!

As @Shaun Reilly mentioned, NHREIA is one of the best ways to meet investors in New Hampshire.  I've been going to the meeting every month and they have some pretty great stuff going on.  The meetings are always the second Wednesday of the month and start at 6:30PM.  You can read a bit more on the website.  

Glad to see another New Hampshire member on here, welcome again :)

To my knowledge, that's not a normal agreement (definitely not a KW requirement).  Although I'm not 100% familiar how most agents write-up agreements with investors, it does sound like he's trying to loop you in to something you shouldn't sign.  Buyer's Agreements are normal, to ensure that you pay him for the transaction he helps you with... but 14 months and exclusivity to all transactions?  That's unreasonable.  

As @Jon Holdman suggested, I'd rewrite the contract to be specific only to your current transaction, and lower the amount of time it should take to find a property.  

I think interviewing the brokerage is a great idea.  Finding the right company to work with is extremely important and I'm sure you'll look more professional by asking them about the company.

A couple questions I might ask is to have them show you a firm market share report (unless you already have access to one) to find out where they rank in regards to number of listings, buyers, and overall share of the market.  I'd personally look for a company that is at the top of the list, or one that is growing month-after-month.  Working with a stagnating or declining office usually wouldn't go well.

A "closing" question I would ask also is: "If I was unable to work with your company for [insert hypothetical reason here] reason, what is the first other firm you would suggest I look into?" - Always a good question to see what people think about their competition and if a lot of people suggest the same place... you might want to consider looking into that one a bit further.

Its always fun when you get to interview companies for your employment, rather than the traditional way.  Good luck with finding the right fit to you!

-Matt Lefebvre