javipa
Senior Member
Registered: 09/20/06
Posts: 1,680
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CGabhart
Senior Member
Registered: 03/20/05
Posts: 414
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Reply with quote | #32 |
DT,
Yes I am an agent and it has worked out better than I ever intended it to. Originally it was to learn about the commercial market, make cash flow and be able to qualify for a loan with the money I saved up & find deals doing the brokering.
Without my license and in the same situation as you are I bought 3 properties from 99-01. I got my license in 01 and from 02-06 (license days) I bought about 30 more that consisted of some single family homes but primarily apartment buildings totaling close to a couple hundred units here in San Diego (even with low CAP rates!).
I made most of my money on buying properties but I always made a very solid 6 figure income from the brokerage income (largest commission was about $560,000) I also met contacts I would not have otherwise. I also met a lot of people who invested with me that I met from brokering. Remember I was on the phone EVERYDAY talking to the buyers and sellers & bought quite a few from sellers and other agents I got to know.
As of December 1st I am "retiring" & transitioning into the next phase for me which is to be able to focus exclusively on the continued success I have been having lately buying residential REO's which is where I believe the opportunities are for the next 12-24 months.
My focus is going to be
To spend time with my wife and kids traveling and having fun Finding deals (residential until commercial opens up again) finding money for the fund Losing the weight & gaining real estate (I still have the sympathy weight on I gained from when my wife first got pregnant ten years ago except she lost it. No comments Robert!)
Locking - I probably should have used another term. Instead of going out and trying to tie up a property (usually through some sort of deceit of half truth because usually people do not tell the seller they are going to try to assign for a profit) you get an exclusive listing (usually at least 6 months) from the seller. This allows you to market to ANY buyer and not have to worry about either one going around you and if you decide to buy it kick in your commission.
Feel free to give me a call anytime. Hint, you may need to be persistent because I have a bad habit of forgetting to return calls.
Good luck and GO FOR IT this is the friggin best business in the world. Hard work will beat brains any time because brains are for hire.
Curtis Gabhart
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RobertCampbell
Senior Member
Registered: 03/13/05
Posts: 2,650
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Reply with quote | #33 |
Curtis,
Describe the deal that made you a $560,000 real estate commission.
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CGabhart
Senior Member
Registered: 03/20/05
Posts: 414
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Reply with quote | #34 |
I made a 6% commission on a $7,000,000 condo conversion I listed and sold. It was a 22 unit building in Hillcrest that was built as condo's in the 80's and was a great location and really large modern units. We ended up representing the buyer and seller in the transaction.
I actually tried to get the seller to finish the condo conversion himself but it was an estate sale and none of the siblings were talking so it made it impossible to do. The seller could not even buy it from the sibling becuase of the distrust between everyone.
The buyer did a real nice remodel and sold them for about $500,000 each.
Curtis
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RobertCampbell
Senior Member
Registered: 03/13/05
Posts: 2,650
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Reply with quote | #35 |
Thanks Curtis,
Good for you. I can't speak for the buyers of those $500K condos (LOL) , but looks like everyone made money.
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dtan05
Junior Member
Registered: 11/03/09
Posts: 12
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corkhorner
Senior Member
Registered: 05/12/05
Posts: 1,200
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Reply with quote | #37 |
Curtis --come onnnnnn.
Doesn't 'everybody' make 560k commissions at least once a year?
My bet here is that there ain't nobody gonna top that one, here.
I volunteer my own inclusion.
I would be 'retiring too'.....although it looks like you are merely using a figure of speech.
In my book, there is nothing to retire from. As to doing other activities, sure. That's why God made cell phones and laptops.
Haven't you seen the commercials?
For me, I will be doing real estate&construction projects until I occupy 'the final deal'. A deceased Italian uncle during Catholic funerals would always visit his grave site and lay on it to see how it felt. Now, he knows.
Here's my rant on making money: It's easier to make than to keep. End of rant. Been there.
c h
__________________
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Cork Horner & Associates
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RobertCampbell
Senior Member
Registered: 03/13/05
Posts: 2,650
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Reply with quote | #38 |
I think in La Jolla 500k condos aren't uncommon.
Hillcrest isn't in La Jolla.
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CGabhart
Senior Member
Registered: 03/20/05
Posts: 414
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Reply with quote | #39 |
Cork,
Just one commission that size n my career and that is why I chose the commercial side when I got my license. I always like to know it is possible because by knowing it is possible it becomes possible.
Had another friend who now invests in some of my deals who was also a commercial broker made a 7 figure commission.
BTW - I am not "retiring" from everything just the brokerage. It is the right time to transition for me full time into only buying/selling. When I was buying the apartment buildings and conversions I also had a team of agents on the brokerage side etc. so I made a residual income on training them. Many have moved on to bigger and better things like opening there own company etc. and am very happy for them.
At this point I have done as much as I am going to do in the brokerage business & it is not a good use of my time to train more agents etc. Instead I am going to focus on following the real estate opportunities out there I am finding, continue to build my investor base and continue teaching some of the classes I have been teaching and finish some pet project courses. (and learn to write better and not use as many run on sentences and not use and so much!)
In addition I figure Robert Campbell can give me some good advice on losing weight and getting in shape (as I said before Robert no lemonade enemas or under water running with weights on my back) since I plan on getting back in shape or not the shape of an apple.
Curtis Gabhart
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BP111
Member
Registered: 11/05/09
Posts: 3
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Reply with quote | #40 |
Check out Jon Gabriel of the Gabriel Method,
its losign weight without dieting, no deprivation since that always backfires.
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RobertCampbell
Senior Member
Registered: 03/13/05
Posts: 2,650
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Reply with quote | #41 |
In addition I figure Robert Campbell can give me some good advice on losing weight and getting in shape (as I said before Robert no lemonade enemas or under water running with weights on my back) since I plan on getting back in shape or not the shape of an apple.
Curtis, no problema, buddy boy.
Give me a call anytime you're interested in finding out what I do to keep my weight down and my body strong. I love talking about this subject almost as much as I do real estate timing.
858-481-3235.
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CT1984
Junior Member
Registered: 04/10/09
Posts: 16
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Reply with quote | #42 |
CGabhart
Any brokerages you recommend to start off with?. Is best to start off with the bigger ones prudential, etc, Or does that not really matters as long as you get things going. I'm sure some are better than others.
When you start of as an agent, Is the first task cold calling to get listings?.
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CGabhart
Senior Member
Registered: 03/20/05
Posts: 414
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Reply with quote | #43 |
- Find a company that works in the type of real estate you want to sell/buy.
- Don't focus on splits but focus on good training and support. Once you start producing you will get a higher split from them or on your own. Your first 2-5 years in the business is building your foundation and like in sticks and bricks the bigger and better the foundation the bigger the building
- In residential I would stay with a big name but not mandatory. I think Keller Williams is a great company and Gary Keller has a great book you have to read if you are getting into the business called Millionaire Real Estate Agent. It will help lay out your business plan and gives you a realistic path to follow. Another nice thing about getting into the residential side is there is a ton of training and support because it is such a huge business.
- If you want to venture into commercial it may be more difficult to get your foot in the door especially in this market. If I were to start in the business today I would probably focus on working with investors who buy REO's (me) and move them up into larger properties over the next few years.
Good luck and if you need any contacts to talk to let me know.
Curtis Gabhart
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