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All Forum Posts by: Tom Wagner

Tom Wagner has started 34 posts and replied 324 times.

Post: My first commercial apartment building!

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218

Incredible! Congrats

Post: 2021 Goal: listen to every BP episode including new ones.

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218
Originally posted by @Simcha Davidman:

@Tom Wagner I love this idea! Hard to do if you consume as a "multitask", e.g. while traveling or exercising, but seriously valuable suggestion! Thank you!

Yes definitely tough. What I do is take screenshots of my lock screen at important/noteworthy junctures in the podcast, then come back and listen to the 1-2 minutes at that interval and take my notes.

Post: Closed on a $1,446,000 fourplex with 3.5% down via FHA / 203k!

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218
Originally posted by @Eric June:

This is amazing. Congrats!  Reading your Twitter feed as I write this.

Thanks Eric, really appreciate it! Feel free to reach out on here or on Twitter if you have any questions.

Post: Career Advice Needed

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218

Awesome story and love the hustle. I'm not an agent, but I would proceed cautiously. At 3% commission $4.7mm in sales totals over $100,000 in earnings. I would also guess that your previous clients will soon become referrals, and that your 2021 total should be well in excess of what you did in 2020.

Why take on the risk of switching brokerages when you have a good thing going?

Post: 2021 Goal: listen to every BP episode including new ones.

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218

IMO: Consuming 50 episodes deeply with notes and follow up items >> listening to 300+.

Love the ambition and energy though! Keep us posted.

Post: Online rent collection service for small multi family?

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218

I'm sure others will have lots of good recommendations but I've heard good things about Zumper.

Post: Switching careers to become a real estate agent!?

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218

Alternatively, you could start your own electrician business. You seem like a sharp guy and SMB's are hot in the streets right now. You could start from scratch or buy an existing business with an SBA loan.

See here for more detail:

https://twitter.com/laughridge...

Post: Switching careers to become a real estate agent!?

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218

Why does it have to be either / or? I would suggest getting your license in your spare time, continually posting on here, hustling for your first few deals, then reassessing.

It will be a slog and will take extreme toughness, but I don't think it is worth risking your career as an electrician without first putting your toes in the water.

Post: Multi Family Tear Down-How to Finance

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218

Awesome project, good luck! I'll be doing the same thing long term so would love for you to post updates.

Agree with what others have said, and will add one thing: make sure you carefully check for prepayment penalties on whatever financing you go with, they will kill you given your time horizons.

One question: How do you know the new building will cost $1mm? And could you share more in regards to the research you did on zoning to give you confidence that you can build a bigger building?

Post: FHA vs. 5% Conventioal

Tom WagnerPosted
  • Real Estate Agent
  • Minneapolis
  • Posts 338
  • Votes 218
Originally posted by @Chris Mason:

The question is purely academic and theoretical, in this market the FHA offer will just be thrown in the trash, without even being presented to the seller, no matter your offer, by the listing agent. This isn't 2019...

Overarching statements like this aren't helpful, not everyone is investing in Oakland and there are plenty of people landing properties with FHA-backed offers. I landed one this year in one of the most competitive counties in the country, Hudson County, NJ.