Any Real Estate or Mortgage Guys??

  • Joeyphx444

    Posts: 2382

    May 18, 2013 10:04 AM GMT
    Trying to get into the field, I know there's a lot you can do besides just being an agent. Anyone had exp or do this type of work now?
  • Posted by a hidden member.
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    May 18, 2013 12:19 PM GMT
    I work part-time freelance for a woman who has set up a sourcing business.

    The company has various revenue streams:

    1) SOURCING below market value properties in a chosen city, by establishing good relationships with local real estate agents and proactively seeking good deals. These deals are then sold onto a carefully selected and nurtured group of property investors for a 5% (of the purchase price) sourcing fee. We oversee all the conveyancing.
    2) We can also manage the DEVELOPMENT of the property, should it require work. We have a team of freelance tradesmen who we regularly use to bring the properties up to A1 condition. We charge 10% fee ontop of the final renovation cost.
    3) Should the investor intend to rent the property rather than sell, we can manage the LETTINGS of the property. The fee depends on the type of property, and whether it's let as a whole or room-by-room.
    4) My boss is well-experienced in the property world, and so she runs a MENTORING programme, either as a group or one-to-one. She trains people to run businesses in a similar model to her own in other parts of the country.
    5) My boss has her own property portfolio as well, obviously, and gets involved in lots of joint venture partnerships.

    I work as operations/office manager for the company. We're a small team operating from my bosses home.
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    May 18, 2013 5:01 PM GMT
    "Real estate" is a rather broad term. I'm going to guess that you're talking about being an agent or broker.

    Here's a thought: as an agent or broker, each deal you make yields a percentage--which can be good change, but when the work is done (or not being done if the market is slow) you're out of cash.

    You may want to take on management, which will add to your cash flow, and is directly proportional to the amount of units you manage. The work is continuous (because lease terms extend beyond a single sale).

    Also, look into ownership. If you have a real-estate license, manage some properties on the side to where you have sufficient cash flow and savings, purchase some of your own to flip or rent (I suggest the rental side in this market, then take on more flipping when the market improves). The rental income, while paying your mortgage-taxes-insurance-improvements also can add up as significant cash flow once you've gotten ahead. Then, you have a piece of property that can cover your retirement.
  • HottJoe

    Posts: 21366

    May 18, 2013 5:55 PM GMT
    Image is everything. Also, work on your shmoozing skills.
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    May 19, 2013 1:11 AM GMT

    Yes, there is whole lot more. Im a Real Estate agent, I've been one since I was 18 (my sister got me into it, she's a sales agent also) I didn't really start practicing until two years ago. In a week or so, I should be receiving my Broker licence. But, I also own a Property Preservation/Rehab and Remodeling business (I only perform that kind of work for investors and Banks, mainly on the Foreclosure side of the industry). I also, have my Inspector licence (this is longer and a bit more expensive). I'm a licensed HVAC-R tech, Plumber and Electrician. By the end of the year, I'll start working on a license to become aLoan Officer. All these thing are very much related! The bad side of all these is, I CAN'T represent a Buyer and provide an inspection, contracting services, loan, or anything related to any other service. BUT, that doesn't stop me from recommending my sister as the loan officer or my dad as the contractor/inspector. Or when my sister sells a house, she does the same. Almost 100% of the time it stays within the family.
    Almost my whole family works for me, now. And it's just crazy how I really got started in all these. A broken window is what led me into all these.

    Best recommendations are find a Broker who's has a lot of listings with HUB/foreclosed. Because, if the economy goes down the hill, he'll keep you busy regardless. Most agents are dumb and stay on the "other side". After two years, once you get some knowledge of the business, start looking for investors right away. (I have an investor who bought 150 houses in the Houston area, 4 months ago, sister was the Agent and I'm doing all the remodeling)
    Always have the Buyer's or Seller's best interest in mind. There's so much in this business, just don't be like the majority of Realtors who are Realtors for 50 years and that's all they do. Or never become Brokers. Think outside the box.
    If you know Spanish, get ready for a really good market that will come in the next couple years (there will be a lot of illegal immigrants who will be getting their status fix - more likely. That means a lot of potential buyers)


    Start by reading this book "Less Blah, Blah and More Ah Ha" one of the best books out there! The Author lives in my city, The Woodlands, Tx.

    Also, this website, biggerpokets.com You'll learn a lot from there!

    Best of luck!

    -Franco
  • Posted by a hidden member.
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    May 19, 2013 1:12 AM GMT
    HottJoe saidImage is everything. Also, work on your shmoozing skills.


    Not really!
  • Posted by a hidden member.
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    May 19, 2013 1:13 AM GMT
    Btw, never talk about politics, personal life, etc...
  • turtleneckjoc...

    Posts: 4685

    May 19, 2013 2:46 AM GMT
    may11 said
    Yes, there is whole lot more. Im a Real Estate agent, I've been one since I was 18 (my sister got me into it, she's a sales agent also) I didn't really start practicing until two years ago. In a week or so, I should be receiving my Broker licence. But, I also own a Property Preservation/Rehab and Remodeling business (I only perform that kind of work for investors and Banks, mainly on the Foreclosure side of the industry). I also, have my Inspector licence (this is longer and a bit more expensive). I'm a licensed HVAC-R tech, Plumber and Electrician. By the end of the year, I'll start working on a license to become aLoan Officer. All these thing are very much related! The bad side of all these is, I CAN'T represent a Buyer and provide an inspection, contracting services, loan, or anything related to any other service. BUT, that doesn't stop me from recommending my sister as the loan officer or my dad as the contractor/inspector. Or when my sister sells a house, she does the same. Almost 100% of the time it stays within the family.
    Almost my whole family works for me, now. And it's just crazy how I really got started in all these. A broken window is what led me into all these.

    Best recommendations are find a Broker who's has a lot of listings with HUB/foreclosed. Because, if the economy goes down the hill, he'll keep you busy regardless. Most agents are dumb and stay on the "other side". After two years, once you get some knowledge of the business, start looking for investors right away. (I have an investor who bought 150 houses in the Houston area, 4 months ago, sister was the Agent and I'm doing all the remodeling)
    Always have the Buyer's or Seller's best interest in mind. There's so much in this business, just don't be like the majority of Realtors who are Realtors for 50 years and that's all they do. Or never become Brokers. Think outside the box.
    If you know Spanish, get ready for a really good market that will come in the next couple years (there will be a lot of illegal immigrants who will be getting their status fix - more likely. That means a lot of potential buyers)


    Start by reading this book "Less Blah, Blah and More Ah Ha" one of the best books out there! The Author lives in my city, The Woodlands, Tx.

    Also, this website, biggerpokets.com You'll learn a lot from there!

    Best of luck!

    -Franco


    Thanks for your insight. Like the OP, I want to break into the business too (but don't want to kick the day job to the curb). I believe one can be a part-time agent and since I have some REO knowledge already, I would help there...also like the idea above about property management as I can specialize there too.

  • HottJoe

    Posts: 21366

    May 19, 2013 2:49 AM GMT
    may11 said
    HottJoe saidImage is everything. Also, work on your shmoozing skills.


    Not really!


    Oh yeah and wear a tie!icon_smile.gif
  • Posted by a hidden member.
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    May 19, 2013 4:08 AM GMT
    turtleneckjock said
    may11 said
    Yes, there is whole lot more. Im a Real Estate agent, I've been one since I was 18 (my sister got me into it, she's a sales agent also) I didn't really start practicing until two years ago. In a week or so, I should be receiving my Broker licence. But, I also own a Property Preservation/Rehab and Remodeling business (I only perform that kind of work for investors and Banks, mainly on the Foreclosure side of the industry). I also, have my Inspector licence (this is longer and a bit more expensive). I'm a licensed HVAC-R tech, Plumber and Electrician. By the end of the year, I'll start working on a license to become aLoan Officer. All these thing are very much related! The bad side of all these is, I CAN'T represent a Buyer and provide an inspection, contracting services, loan, or anything related to any other service. BUT, that doesn't stop me from recommending my sister as the loan officer or my dad as the contractor/inspector. Or when my sister sells a house, she does the same. Almost 100% of the time it stays within the family.
    Almost my whole family works for me, now. And it's just crazy how I really got started in all these. A broken window is what led me into all these.

    Best recommendations are find a Broker who's has a lot of listings with HUB/foreclosed. Because, if the economy goes down the hill, he'll keep you busy regardless. Most agents are dumb and stay on the "other side". After two years, once you get some knowledge of the business, start looking for investors right away. (I have an investor who bought 150 houses in the Houston area, 4 months ago, sister was the Agent and I'm doing all the remodeling)
    Always have the Buyer's or Seller's best interest in mind. There's so much in this business, just don't be like the majority of Realtors who are Realtors for 50 years and that's all they do. Or never become Brokers. Think outside the box.
    If you know Spanish, get ready for a really good market that will come in the next couple years (there will be a lot of illegal immigrants who will be getting their status fix - more likely. That means a lot of potential buyers)


    Start by reading this book "Less Blah, Blah and More Ah Ha" one of the best books out there! The Author lives in my city, The Woodlands, Tx.

    Also, this website, biggerpokets.com You'll learn a lot from there!

    Best of luck!

    -Franco


    Thanks for your insight. Like the OP, I want to break into the business too (but don't want to kick the day job to the curb). I believe one can be a part-time agent and since I have some REO knowledge already, I would help there...also like the idea above about property management as I can specialize there too.




    The REO knowledge will always help. If you live in a growing city, think about Real Estate relocation. That's hot in the Houston area, lots of ppl from Cali, Florida and NY.
    When you first start, it will be slow, so you'll have the time for your fulltime job. The property management has been hijacked by large companies! Last year I was managing over 3000 properties from Orange Tx to College Station, Tx and I lost almost all because of this Jewish Company (Safeguard) it took over the entire market in every state. They cut the prices in almost half. Lots of comapnies went under water because of them bastards!
    I wouldn't recommend it. At least if you are planning on continuing with your fulltime job.
  • Posted by a hidden member.
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    May 19, 2013 4:10 AM GMT
    HottJoe said
    may11 said
    HottJoe saidImage is everything. Also, work on your shmoozing skills.


    Not really!


    Oh yeah and wear a tie!icon_smile.gif


    Still nope...toooo much Million Dollar Listings, for you my friend.
  • turtleneckjoc...

    Posts: 4685

    May 19, 2013 7:36 PM GMT
    may11 said
    turtleneckjock said
    may11 said
    Yes, there is whole lot more. Im a Real Estate agent, I've been one since I was 18 (my sister got me into it, she's a sales agent also) I didn't really start practicing until two years ago. In a week or so, I should be receiving my Broker licence. But, I also own a Property Preservation/Rehab and Remodeling business (I only perform that kind of work for investors and Banks, mainly on the Foreclosure side of the industry). I also, have my Inspector licence (this is longer and a bit more expensive). I'm a licensed HVAC-R tech, Plumber and Electrician. By the end of the year, I'll start working on a license to become aLoan Officer. All these thing are very much related! The bad side of all these is, I CAN'T represent a Buyer and provide an inspection, contracting services, loan, or anything related to any other service. BUT, that doesn't stop me from recommending my sister as the loan officer or my dad as the contractor/inspector. Or when my sister sells a house, she does the same. Almost 100% of the time it stays within the family.
    Almost my whole family works for me, now. And it's just crazy how I really got started in all these. A broken window is what led me into all these.

    Best recommendations are find a Broker who's has a lot of listings with HUB/foreclosed. Because, if the economy goes down the hill, he'll keep you busy regardless. Most agents are dumb and stay on the "other side". After two years, once you get some knowledge of the business, start looking for investors right away. (I have an investor who bought 150 houses in the Houston area, 4 months ago, sister was the Agent and I'm doing all the remodeling)
    Always have the Buyer's or Seller's best interest in mind. There's so much in this business, just don't be like the majority of Realtors who are Realtors for 50 years and that's all they do. Or never become Brokers. Think outside the box.
    If you know Spanish, get ready for a really good market that will come in the next couple years (there will be a lot of illegal immigrants who will be getting their status fix - more likely. That means a lot of potential buyers)


    Start by reading this book "Less Blah, Blah and More Ah Ha" one of the best books out there! The Author lives in my city, The Woodlands, Tx.

    Also, this website, biggerpokets.com You'll learn a lot from there!

    Best of luck!

    -Franco


    Thanks for your insight. Like the OP, I want to break into the business too (but don't want to kick the day job to the curb). I believe one can be a part-time agent and since I have some REO knowledge already, I would help there...also like the idea above about property management as I can specialize there too.




    The REO knowledge will always help. If you live in a growing city, think about Real Estate relocation. That's hot in the Houston area, lots of ppl from Cali, Florida and NY.
    When you first start, it will be slow, so you'll have the time for your fulltime job. The property management has been hijacked by large companies! Last year I was managing over 3000 properties from Orange Tx to College Station, Tx and I lost almost all because of this Jewish Company (Safeguard) it took over the entire market in every state. They cut the prices in almost half. Lots of comapnies went under water because of them bastards!
    I wouldn't recommend it. At least if you are planning on continuing with your fulltime job.


    Thank you for your insight and being here in Orlando we have all the good and bad in the industry: Our foreclosure rate is still quite high (lots of REO and bank-owned properties), but it is a good market for renters (hence the property management angle). On the other hand, property values are moving up (a condo I had my eye on in 2009 for $74,000 is now listed at $120,000).

  • Posted by a hidden member.
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    May 19, 2013 7:51 PM GMT
    Just like any profession, know your stuff! When you're talking to someone about a mortgage of on average $150/250K, be able to break down the things Mortgage people talk about; on an average workday. Escrow, how much will it factor in the monthly payment. Also, how it can cause payment to go up, if there's an increase in tax or insurance? PMI "Private mortgage insurance" gotta have it, if the down payment is less than 10% How often should the client request an amortization schedule? Does the person want an FHA, Freddie/Fannie, Bank invested loan?
  • HottJoe

    Posts: 21366

    May 19, 2013 8:03 PM GMT
    may11 said
    HottJoe said
    may11 said
    HottJoe saidImage is everything. Also, work on your shmoozing skills.


    Not really!


    Oh yeah and wear a tie!icon_smile.gif


    Still nope...toooo much Million Dollar Listings, for you my friend.


    Please tell me it's all about showing up in a BMW!!!icon_eek.gif
  • turtleneckjoc...

    Posts: 4685

    May 19, 2013 8:08 PM GMT
    HottJoe said
    may11 said
    HottJoe said
    may11 said
    HottJoe saidImage is everything. Also, work on your shmoozing skills.


    Not really!


    Oh yeah and wear a tie!icon_smile.gif


    Still nope...toooo much Million Dollar Listings, for you my friend.


    Please tell me it's all about showing up in a BMW!!!icon_eek.gif


    I know......That may be part of the appeal, right???