All Forum Posts by: William Brown

Carlos Coppin Jr Jay Hinrichs You guys are who I aspire to be. The world needs more cut-throat businessmen. Keep it up!!

Congratulations! Best of luck!

Rick Pozos thank you, that is terrific advice! I'll let you know how it goes.

After reading some books, listening to a dozen podcasts (and counting), and talking with the BP community I have finally brought myself to take the next step in my education--attending a REIA. Im making an hour 10min trip after work(on a school night, God forbid) to go to this REIA. I'm planning on going with a laptop, notepad and pen, and an open mind. Are there any specific questions or things I should say or do besides shaking as many people's hands as I taking notes on all the good points that are said? Thanks, and I'm excited!

In regards to getting your license, consider the following: Pros: 1.) Access to MLS 1a.) You don't need an agent to list your flipped properties on the MLS. 1b.) You don't need an agent to let you into other houses for sale in your neighborhood. For example, if you wanted to gauge your comp's competition from the inside, you could call the listing agent and let yourself in. 1c.) There are great deals that get put up on the MLS that are scooped up quickly, if you don't have access you literally don't have a chance. 2.) Credibility 2a.) Attaining your license will grant you credibility and put you in preference over other free-lance/unlicensed investors. People love to see qualifications. 2b.) You can more actively and comfortably engage with other agents, growing your network and your sphere of influence. 3.) You can act as your own agent in deals! 3a.) In terms of efficiency, this is critical. Most agents (at least the good ones) are always busy and usually you aren't a reason for them to drop what they are doing and come close a deal right away. If you can represent yourself, if you will, you can save a lot of time, and a lot of what can seem like nagging and pressure. Cons: 1.) It costs money 1a.) Getting a license can cost thousands of dollars, BUT this industry is all about your ROI. How much will you save/gain from commissions in the long term if you don't have to take 3% or more out of your profits with every deal? 2.) It takes time 1b.)The class can take 40-80 hours. However, the class will consist of knowledge that is either directly or near relevant to specifically what you plan on going into. Besides being able to check the box and receive your license after you take the test, the class will contain loads of applicable knowledge and skills that you can carry with you and build upon your entire career. These are just my two cents gained from listening to podcasts and reading books and blogs. I have no physical experience with the topic and am not providing any legal advice, simply offering my views on the issue. I would love to hear what others have to say as well.

@Account Closed Now THATS the reason I love BP. Thanks a ton!

So I'm doing my education, learning, and excited to be soon advertising and going into the market to look for deals. I plan on making 500 business cards to start (vistaprint offers 500 for 9.99) and some bandit signs. 

Looking up the laws regarding placing signs on the right-of-way of roads. It states a 100$ fine for each sign that they will remove, should I be worried? I will have my number on the sign so it wouldn't be hard for them to track down who's causing the mischief. How do people go about doing this.

Thanks!

@Chris Seveney - Thank you, that is sound advice. There are a couple pros and cons to having the neighbor doing it, (cheaper, we have known her for 15+ years, stay at home mom, and has managed other properties in the neighborhood.) She's planning on mowing, fixing, and managing, but you brought up a good point—There is the level of professionalism missing. When I tried negotiating with my parents about it, they had this preconception that property managers maybe went over once a month and wouldn't care for it at all, as well as being more pricey. Like I mentioned, they have no real estate experience and if we did our due diligence we could find a fine company. 

Being a newbie, I kind of get the grasp of your second point, but would love to go more in depth about it. I've sent you a colleague request, maybe we can go more in depth with the details over the phone. 

Thanks chris!

So my parents (I'm 17) have bought a charter boat and started a chartering business which, starting in the fall when i go off to college, they will charter people around and make some absurd amount like 20K a week. So their new business is profitable. Here is where I'm looking for some creative ideas.

The house we currently live in they built in 97 on an empty lot in Northern Virginia, and it recently appraised for around 900k. Right now, we have a tenant in a separated carriage house on the property, who pays rent @ 1100 per month.  Recently we refinanced and got a <3% mortgage, which is good for the next 6-7 years, then it will jump up to 8%. At that time they are planning to sell. But in the mean time, they are planning on renting it while they are overseas and our long trusted handy neighbor will be the property manager. 

Neither of them have ever done anything with real estate, and being an entrepreneurial future investor, I would love to hear some ideas or suggestions to share with them, and to learn from as well.

Thanks everyone! 

Wholesaling would be for people who either:

A. Like me, have no money and limited (if not any), experience in the renovation and reselling process

B. Don't have any capital, also me.

IMO flipping is the better way to go, once you know what you are doing and are able to grab the reins. But also, wholesaling offers a quick, low risk method to make a small chunk of cash. (which can then be saved up and put into repairs on a future flip.

Would love to hear more opinions, I'm currently in the education phase of REI and trying to soak up everything I can.