Any one here a real estate agent?

[DaRooster]

Thinking of taking the class and doing it part time...market will rebound eventually.
Any info would be appreciated if you have experience in this field.

[marilyn]

I just went back to work for a builder, I prefer new construction over general real estate, but everyone's different....I really like to sell homes starting from the ground up, but completed homes means faster closings, which means quick money....in general real estate you set your own hours....its easy to relax a little too much, if you dont have your time management and business plan in place. You also drive your clients around and may not close the deal.
You can take a week class, or longer if you wish. Financing knowledge is extremely important now.
The market is changing......I just sold a model home from home this morning.
I worked with my customer yesterday and they signing their agreement Saturday to close in two weeks, yeah!. So, here in FL, if the price is right, it will sell.

[Designbuilt]

My brother has one of the biggest real estate firms in our part of Chicago and he's the top seller for about 10 years in a row.

But he's very good at it. I guess that it takes a certain type of personality, you have to be a likeable person, easy to talk to people, negotiate, etc.

My nephew on the other hand, passed the test and didn't do a damn thing with it, because nobody likes him, he's just an annoying little shit.
I know a few people like that, another is an extremely attractive Lithuanian girl, who I knew from City hall, she also took the test, started work with my brother, but she said that it just wasn't for her.

It has a lot to do with Charisma and getting along with people and being able to gain their trust. I went off the subject, business is very bad for them right now. But hopefully it will pick up.

It's tough here in Chicago Especially, because eventhough nothing is selling, the building inspectors seem to be ticket happy especially the illegal conversion task force.
This means that all of the "extra" units in basements and attics are being removed, with mandatory, drawings, permits, and occupancy certifications before Zoning Certs are issued, which means that all of this needs to be done before closings.

Anyway, my business is busier than ever, but not a lot of buildings are selling and this task force is causing even fewer to sell, especially if one is looking to buy in order to supplement income with rental properties.

This year, I know of two of the wealthiest property developers in the City filing for bankruptcy, one North one South.
The North Sider is enormous, we're talking well into 8 figures.

I do, because of my line of work however, get to see trends and I get a peek of things before they happen.

What I am seeing is a lot of developers trying to buy as low as possible in certain areas and probably have plans to develop
in about two years or so, but most of it is commercial property, very little residential.

If I were to give advice about this, it's to know your area, prospective buyers and know your shit!

Remember that no matter how bad the economy gets you will never run out of work, if you're the best at what you do.

[Mammot]

I am Real Estate Investor Quite good as well.

24 Single Family Home and 12 Mobile Homes. I also run the mobile Home Focus Group in my city. 2009 I am learning Commercial investing and will soon own a mobile home park.

[gassy]

Originally Posted by Mammot

I am Real Estate Investor Quite good as well.

24 Single Family Home and 12 Mobile Homes. I also run the mobile Home Focus Group in my city. 2009 I am learning Commercial investing and will soon own a mobile home park.

I have 3 single family homes that I rent out. But I'm at a standstill; how do you keep getting the down payments and banks to approve you for mortgages? In other words, I don't have any more money to put down and now that I have 4 mortgages(including my own home) the bank wants more and more % down even though I'm very positive on my 3 rentals. Thank you.

[Thor]

Originally Posted by gassy

I have 3 single family homes that I rent out. But I'm at a standstill; how do you keep getting the down payments and banks to approve you for mortgages? In other words, I don't have any more money to put down and now that I have 4 mortgages(including my own home) the bank wants more and more % down even though I'm very positive on my 3 rentals. Thank you.

I think Mammot has been doing this for years so maybe he knows this.

[Mammot]

Seriously I would not waste my time, I am not impressed with RE agents. As An Investor I can prove I own 27 single family homes and 12 mobile homes. I bought every single family with out an money, in fact the owners of the mortgage paid me to buy their home.

So lets recap they own a mortgage, I own the deed. It s refered to as buying subject 2 the existing loan.

RE agents don't have a clue, they want you to think the do know what is going on but they don't. Why because they don't have the commitment, they don't have the pressure, as they are not making the PITI. Payments Interest Taxes and Insurance on the homes they are trying to sell. They also only know 1 or 2 ways to sell a home. I know about 12. The fact is that over 70% of all Real Estate in this county is owned by investors.

Find you local Real Estate Investment club in your city and join up.

[The Transformer]

Originally Posted by Mammot

Seriously I would not waste my time, I am not impressed with RE agents. As An Investor I can prove I own 27 single family homes and 12 mobile homes. I bought every single family with out an money, in fact the owners of the mortgage paid me to buy their home.

So lets recap they own a mortgage, I own the deed. It s refered to as buying subject 2 the existing loan.

RE agents don't have a clue, they want you to think the do know what is going on but they don't. Why because they don't have the commitment, they don't have the pressure, as they are not making the PITI. Payments Interest Taxes and Insurance on the homes they are trying to sell. They also only know 1 or 2 ways to sell a home. I know about 12. The fact is that over 70% of all Real Estate in this county is owned by investors.

Find you local Real Estate Investment club in your city and join up.

I was thinking of going back to school to get my real estate license this summer or fall, you have very interesting things to say indeed.

[Pekkerwood]

I do own a brokerage though I'm neither an agent or a broker. Like Mammot I have acquired and sold many properties b4 buying the brokerage.

I think the education you get becoming an agent is a good start to a well rounded real estate knowledge. This knowledge is not the most critical to making money, but it certainly comes in handy. Being an agent can in some ways be like being a business attorney. You get to learn about a business or real estate transaction, see how people are making money, without any real financial risk on your part.

You will rarely regret continued education and breadth of knowledge. I have bought and resold as many as three hundred properties a year in the past without being an agent, so it certainly is not necessary but it will often help you understand how to deal with the counterparty in your transactions as they will often have agents, want to use board certified contracts and commonly accepted contingency practices for you area etc. I also allow agents to sell my properties, without a formal listing agreement. Having the knowledge they have, and knowing the legal things they must adhere too is beneficial.

In other words, what could it hurt?

[Pekkerwood]

Originally Posted by gassy

I have 3 single family homes that I rent out. But I'm at a standstill; how do you keep getting the down payments and banks to approve you for mortgages? In other words, I don't have any more money to put down and now that I have 4 mortgages(including my own home) the bank wants more and more % down even though I'm very positive on my 3 rentals. Thank you.

I know this is a little late but I just saw it. There are two problems you are addressing and one hidden one that you may not see.

Problem 1: Since most banks are selling there loans to Fannie Mae or Freddie Mac you are limited to the number of loans from one person they will buy. That used to be four total (maybe five). They have since relaxed this requirement for highly qualified buyers.

Problem 2: You are out of down payment money. This is actually your biggest issue because it leads to:

Problem 3: You are no longer "highly qualified" because your liquid assests are not suffiecient to support more buying as defined by Fannie Mae and Freddie Mac. Also, you may be outstripping your "emergency" fund to deal with evictions, vandalism etc on your properties.

Solutions offered:
1. Many community banks offer "blanket loans" or pooled asset loans where you would deed your properties into an LLC, get a loan in that LLC on all the properties pooled together thus freeing your personal name to get more conventional loans. This may be made more difficult because the typically will take a harder look at appraisals now, limit you to 70% loan to value or less, and we have been in a declining market and you may have 80% loans on the old valuations.

2. Leverage your knowledge by partnering with a "money partner" or credit partner where you do all the work and they put up all the money and you share profits.

[ericraven2003]

I took the classes and passed the exam, but decided to go into new home sales with a builder. For most of the last 8 years I made into the 6 figures. New home sales is usually quicker to start making money. The negative is that you have to work every weekend. I enjoy it. I have done fairly well in a down market. Its all about location. It nots for everybody thought. There is a large fall out in people that get into it.

[The Transformer]

Originally Posted by ericraven2003

I took the classes and passed the exam, but decided to go into new home sales with a builder. For most of the last 8 years I made into the 6 figures. New home sales is usually quicker to start making money. The negative is that you have to work every weekend. I enjoy it. I have done fairly well in a down market. Its all about location. It nots for everybody thought. There is a large fall out in people that get into it.

what do you think some of the specific reasons are for the people who fall out of it?

why every weekend do you work, because thats when potential home buyers have time off to come look at the house?

[ericraven2003]

Originally Posted by The Transformer

what do you think some of the specific reasons are for the people who fall out of it?

why every weekend do you work, because thats when potential home buyers have time off to come look at the house?

Alot of people really dont like sales. They think anyone can do it so why cant I. Most people cant do it. They don't have the personality, patience, or drive to want to put in the long hours. Also, commissions only is tough for some.

Yea working weekends is when you make sales.