1st deal; become an agent? - Posted by Eric

Posted by Levi on May 02, 2008 at 06:45:02:

In answer to your question, yes there are many investors/realtors. I am not one of them.

In comment to the first part of your post, I don’t think its wise to be on the “buying” end of a lease/option. Get the deed.

1st deal; become an agent? - Posted by Eric

Posted by Eric on May 02, 2008 at 03:05:15:

Since I started posting here a few days back (I’m the one with the trust), I located a very low lease option townhouse - with no option cost - in a nice neighborhood within 10 minutes of my home. Close to big hi tech employment in Northern Virginia.

The purchase price is about 20% below present comps in the neighborhood. It needs paint and carpet (about 10K estimates), and I look to net, conservatively, about $330/mo before any vacancies, and surprises. I plan to take the lease option contract to an attorney, and to a seasoned investor friend for their review.

And get the deal done today.


Coincidentally, I was recruited pretty hard yesterday by another acquaintance, the broker at an investor oriented real estate firm in the area. Sounds intriguing, BUT, I wonder if anyone here is also an RE agent AND investor.

My dumb question is: are there conflicts between the two pursuits.

Thanks,

Eric

Re: 1st deal; become an agent? - Posted by Natalie-VA

Posted by Natalie-VA on May 07, 2008 at 19:01:50:

I have a RE Broker’s license, but my main line of work is being an investor. In fact, I no longer take on clients.

First issue, when you are trying to buy someone’s house, you should disclose that you’re licensed.

Second, don’t mix up being an agent and being an investor. If you’re going to meet with a seller, you are one or the other. To do anything else is looking for trouble.

Lastly, I found that my time was better spent making deals than being an agent. I choose to keep my license for the MLS access.

–Natalie

Re: 1st deal; become an agent? - Posted by srec

Posted by srec on May 02, 2008 at 13:32:55:

We work with many investors who are also agents - there are advantages and disadvantages. We recommend that each office have at least one person who is an agent. For instance, if you have a mom and pop business, only one person should be an agent.

There’s no reason to get the deed . . . land trusts as a method to quick turn deals is dead for a variety of reasons. Look into the option method.

Re: 1st deal; become an agent? - Posted by Bill Jacobsen

Posted by Bill Jacobsen on May 02, 2008 at 09:57:22:

M wife is an agent. I only buy properties that have been rejected by others. We let her investor clients know that.

Bill