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Extra Income for a Stay-at-Home Mom

agent hacking Jul 15, 2022

My wife always dreamed of being a stay-at-home mom. I shared her dream and we’ve always lived on one full-time income.

As the kids started growing up, she was interested in finding a way to make some extra spending money without giving up her dream.

We didn’t need the money, but she thought if she could work for herself a few hours on the side, it would be more like a hobby than a job. And it would give her some extra cash.

Her mom was a real estate agent. She was a full-time teacher but became an agent for extra money on the side. Her mom helped friends and family buy and sell houses and she made some great money doing it.

Her mom always told her she wished she had been able to be a stay-at-home mom. That’s probably part of what influenced by wife’s dream.

My wife has always loved house projects and so watching her mom in real estate inspired her to give it a try herself.

She took an in-person class to get her real estate license while our daughters were...

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Do You Need a Real Estate License to Quick Flip?

Short Answer: No, and it could actually be a disadvantage starting out.

Longer Answer:

Retail real estate and investment real estate are two different businesses.

In retail real estate, you are representing clients who are buying or selling houses.

In investment real estate, you are buying and selling houses for yourself for some investment purpose.

In retail real estate, you need a license because the state regulates the industry to ensure you are a qualified fiduciary for your client.

In investment real estate, since you are working for yourself, your activity isn’t regulated in the same way.

Getting a real estate license is typically for the purposes of engaging in the retail real estate business.

Quick Flipping is buying and selling houses yourself for a profit which is the investment real estate business.

The reason I’m making these distinctions is two-fold:

1. Sellers who are selling you a distressed, off-market property at a discount are usually looking for an...

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The Costs of Getting a Real Estate License

agent hacking Apr 15, 2022

Getting a real estate license is much less costly than you might think. And it’s a great way to get started in real estate.

I’m going to share the approximate costs to get your real estate license in Texas and it’ll likely be similar in your state.

Sales Agent Application = ~$150-200

This is the fee you pay to the state board when you first submit your application for your real estate license.

Real Estate Education = ~$400-600

This is the fee for the online courses you have to take to get your license. There are many course providers out there & I’ve shared more about some of the options in the blog - The Best Places to Get Your Real Estate License. You should also look around for coupons like on Groupon which could further reduce the price of the courses. If you take in-person classes, this will likely be more expensive.

Exam Fee = ~$30-60

This is the fee you pay to take the final exam to get your real estate license.

Fingerprint Fee =...

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Understanding Closing Costs

agent hacking Mar 04, 2022

Whether you are an agent representing a client, a house hacker buying and selling every few years, or a flip hacker flipping houses regularly, closing costs are important to understand.

And the problem is most people don’t understand them very well or know how to minimize them.

These “closing costs” can take a huge chunk out of your profits when you sell a home or cost you extra up front money when you buy a home.

I want to give you a “layman’s guide” to the various closing costs & how you should think about them. *Note: These costs vary between transactions but there are certain costs that you can count on each time.

Also, these costs can be negotiated between buyers & sellers. Even if a seller typically pays a certain closing cost, they could negotiate the transaction where the buyer pays that cost. But for ease of explanation, I’m going to share who typically pays certain costs.

Common closing costs for sellers:

  1. Real Estate...

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$53,806 Extra Income On the Side

agent hacking Jan 28, 2022

At the end of each year, my wife & I generate 1099s (like W-2s but for independent contractors) for the Realtors in our brokerage. These forms contain all of the income they made that year as Realtors.

As I was putting the totals in during our final 2021 payroll cycle, I was amazed once again at the amount of money you can make as a Realtor just doing a few transactions a year.

All of the people working actively in our brokerage who earned income this year were doing it on the side. It was a supplement to their income (or their spouse’s).

I averaged all of their earnings together for 2021 because some did more transactions & some did less.

Guess what the average was?

$53,806

Wow!

Now of course we also have agents that are just starting that haven’t done their first deal yet, but for those who are active in doing deals, they averaged $53,806 in extra income for their families in 2021 just doing it on the side.

None of them were doing this full-time. Some did...

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Making Money with Referral Fees

agent hacking Dec 03, 2021

Believe it or not, you can make money in real estate without doing any "real estate" at all.

Let's just assume you don't want to Flip Hack, House Hack, or even Agent Hack (represent your family and friends as a real estate agent).

There's still a way you can make extra income from real estate.

Referral Fees.

What you may not know is that when one agent refers a lead to another agent, the referring agent will often be rewarded with a percentage of the commission (often 25%).

You must be a licensed agent to get this referral fee, but you don't actually have to represent any clients to make this extra money. And getting your license is a fairly quick & easy process. See the post entitled, The Best Places to Get Your Real Estate License.

We have a neighbor that does this exact thing. She was an active real estate agent for years, but now that she's older, she really doesn't want to be active in the business anymore. But, of course, she'd still love to make some extra money. The...

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How to Find a Flat Fee Broker

agent hacking Oct 22, 2021

If you get your real estate license, finding a flat fee broker is essential (also called 100% Commission Brokerages).

A flat fee broker keeps a flat fee, rather than a percentage, of each of your commission checks.

This is quite uncommon among brokerages.

Usually a brokerage will charge you a significant percentage of the overall commission - 25% on the lower end and up to 50% on the higher end. In addition to this, the broker will often have monthly fees they charge for office, equipment usage, supplies, etc.

Imagine you make $10,000 in commission on a deal. If the broker takes 25-50% ($2,500-$5,000), that’s a huge chunk of your earnings. Add to that any other monthly fees they charge.

On the other hand, if you find a flat fee broker, they may charge you $500 per transaction regardless of what you make. In the example above, if you made $10,000, they’d take $500 and you’d make $9,500! Wow! Quite a difference.

In this scenario you’d have to do between 2-4x...

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The Key to Passing Your Exam the First Time

agent hacking Sep 10, 2021

The final exam to become a real estate agent is known to be tricky. In fact, many people don’t pass the first time and have to sign up to take it again.

The exam is broken up into 2 parts. A state section and a national section. The national section would be similar for all of us who take the test and the state section would be specific to real estate regulations in your particular state.

You can pass one section, both sections or neither, but if you don’t pass either section, you have to go back to retake the sections you didn’t pass.

The reason many people don’t pass the first time is because the test covers such an extensive amount of information. It’s hard to know what to study and there are a ton of names and dates to memorize that can get a bit overwhelming.

That’s why I always tell people that the key to passing the first time is to buy an exam prep wherever you purchase your licensing courses.

The exam prep is often optional and many...

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How Realtors Make Money

agent hacking Jul 09, 2021

Believe it or not, many people don't fully understand how Realtors make money.

If that's you, I want to explain it in this post.

I think understanding how Realtors make money will show you why I recommend becoming a Realtor (or having your spouse become one) as part of your tentmaking strategy.

Realtors make money, not based on the time they put in, but based on the value of the houses that they sell/buy for their clients. Meaning, in most cases, Realtors are not paid hourly or by salary, but rather as a percentage of the sales price of the house.

What's great about this is that you can make extra money with minimal time investment, which is exactly what many of us in ministry are looking for. For example, I put together a free guide on how you can make an extra $10,000 each year with approximately 10 hours of work using a real estate license. You can download it here.

Let me give a specific example of how Realtors make money using a hypothetical transaction.

The median home price...

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The Best Places to Get Your Real Estate License

agent hacking May 09, 2021

Having a real estate license is a great way to make some extra income on the side! And it's something either you or your spouse can do.

I even know an attorney who got his real estate license to earn extra "vacation money" for his family.

Doing a few transactions each year doesn't require a lot of time, but it can yield a lot of extra money.

If you help someone buy/sell a $300,000 house, and your brokerage makes 3% of the commission (which is customary), that's $9,000 you get to split with your broker. That's $4,500 extra if you split it with your broker 50/50. Quite a bit of extra vacation money or whatever else you might want to use it for!

You can probably find a broker that offers more generous commission splits, or even better, find a broker that does away with commission splits altogether & just charges a flat fee (the BEST & something I recommend here).

The only requirement is you or your spouse need to get your real estate license.

And it's much easier than you...

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