I am happy to announce that I made it though my first year of real estate. I plan on celebrating by reinvesting into my business. It’s been full of experiences, both great and not so great.
I’ve learned so much in my first year and have met so many people in my life that makes this transition worth it.
First of all, I am one of the 30% that made it through. I’ve sold more than the first year average (I sold 9 homes this year and leased and additional 2, average new agent sells 3). I attest a lot of that to my stubbornness, my training, and my support system.
I’ve met some of the most awesome people: my clients. I’ve helped retirees, empty nesters, move ups, relocations, first time homebuyers, single moms, estates, and newlyweds, each with their own stories. I loved learning more about their lives and goals. I enjoyed helping them every step of the way, through their frustrations, stress and doubts. In each way they have made me a better person, teaching me valuable skills along the way.
I was fortunate to have the very best training at Keller Williams. Each morning I showed up for class, took notes, applied what I learned and got organized. Looking back, the Success Academy gave me a great foundation to build my business on. I was able to collaborate with other new agents and formulate a best practice approach to getting my name out there. It also helped me build my confidence and provided me with useful tools.
I also wouldn’t be here without the support of my family, friends, and team leader. My husband was and continues to be my rock. My boys are always on the lookout for a home for sale and don’t complain if I put them to work to mail postcards. My parents have been there every step of the way, covering for me when I needed to run out for a buyer. The rest of my family have supported me without calling me out that I was crazy for quitting a well paying job with two growing boys and taking a huge risk. I’ve met some great friends along the way whom I can share my successes and frustrations, and have bonded with. My team leader has been there for me throughout it all. Provided me with Kleenex and advice when needed, and above all kicked my fears out of my head.
I have aggressive goals for my next year and have every intent to blow them out of the water. I’ve enjoyed every step of the way and look forward to the next one, two, five years and beyond in this crazy business.
Cheers to all those who are thinking of a career in real estate. For all of the others, “How can I help you or someone you know buy, sell or invest in Real Estate?”
Ever thought about buying property to renovate and flip or hold and rent? Don’t know where to start? Starting as a real estate investor can be a daunting task and is completely different than investing in the stock market. Here are 10 tips to start your path as a real estate investor.
1) Know your budget – The price of the investment property is only the beginning of the expense. If financing, talk to a broker that is knowledgeable in investment property. They can give you guidance in costs to obtain the loan and monthly mortgage expenses. Make sure you have an inspection done to know what repairs need to be made and any other hidden gems (mold, insect infestation, structural damages). Do research on tax impacts of real estate investing on both a local, state and federal level.
Determine what carrying costs will be for vacancies (utilities, home owner associations, insurance, maintenance, marketing, management fees, and mortgage costs). Make sure to factor that into the budget.
Do your research to determine what the property would rent for. What return are you looking for? Make sure opportunity costs are factored into that return and get your rental rates priced right to minimize the vacancy costs. Is the neighborhood appreciating or depreciating?
2) Talk to other investors – Get feedback on your questions from other investors. Many cities have investor networks that are looking to collaborate or mastermind with. Look on Facebook, Meetup or other sites to find a meeting. If you have questions, they can be a good place to find guidance.
3) Know the history – If buying property where a tenant is in place. Find out more about it. Payment history, repair requests, damages, background, lease terms. This can affect the terms of the contract and factors into your budget and goals.
4) Know your exit strategy – How long do you want to own and rent this property? What are your 1, 2, 5, and 10 year horizons? Is this a stepping stone to buying other properties? Is this going to help with your retirement plans? What are you going to do when you no longer want to invest?
5) Build your team – Surround yourself with professionals that can help you throughout your journey. Consult a Realtor, financial planner, tax specialist, mortgage broker, property manager, building inspector and attorney, among others. Make sure they are knowledgeable with investment property.
For more information about real estate investing, click here.