Calista Goff, Personal property investing. (Pending)

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Rainmaker
453,657
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

OK:
Reliable, clean comfortable vehicle. . . . $?
MLS/Association membership, first year. . . . $1200-2500
Business cards, Basic Marketing materials $500 - 1000
Website setup/ domains /IDX $2000
Annual basic life expenses $50,000 (2nd job?)
Advertising $10,000
Continuing education $500
Events, mixers, business lunches $2500
There's more.

Jul 13, 2017 07:25 PM
Ambassador
1,949,877
Debe Maxwell, CRS
www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

12 months of budgeted personal expenses in the bank + everything on Candice A. Donofrio's list!

Jul 13, 2017 09:01 PM
Ambassador
2,826,703
Bob Crane
Woodland Management Service - Stevens Point, WI
Forestland Experts! 715-204-9671

Plan for about $5k plus 6 months living expenses.

Jul 13, 2017 08:08 PM
Rainmaker
1,225,860
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Calista Goff Your potential broker should have given you an itemized list of start up costs. Costs vary.

Jul 13, 2017 07:18 PM
Rainmaker
235,767
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

You have many answers here

Jul 14, 2017 06:21 PM
Rainer
77,058
Theo Shaw
Baird & Warner Residential Real Estate - Evanston, IL
Serving Evanston, IL & Beyond

And the startup costs don't go away.  There are fixed costs to being in this business.  It costs me a minimum of $4K a year just to stay in business, whether I have transactions or not.    You are the first new agent from the Beehive State (and recently we've had many--or perhaps one, using multiple identities) who has been proactive enough to talk to brokers and ask a thoughtful question.  Welcome aboard, Calista.

Jul 14, 2017 07:34 AM
Rainmaker
2,295,014
Tony and Suzanne Marriott, Associate Brokers
Haven Express @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Candice A. Donofrio nailed this one!

Jul 14, 2017 04:54 AM
Rainmaker
469,360
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Welcome to Active Rain Calista Goff It looks like you have received all the answers you need.

Jul 14, 2017 04:29 AM
Rainmaker
1,098,764
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

Depends on your hood expenses. In CA they recommend to have at least 10k on your account since even if you are lucky and get a listing or sale right away, you are not going to pay on average next 30 days and you do need to pay for insurance, training, marketing, stationary, fees, etc.  

Jul 13, 2017 11:54 PM
Ambassador
1,039,132
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Since that was 1989 my memory banks are a bit foggy.

Jul 13, 2017 11:11 PM
Ambassador
3,357,890
Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Calista Goff - little over $1,200 I remember. Though I had saved for at least 6-8 months - as I did not expect to make money immediately.

Jul 13, 2017 09:36 PM
Ambassador
3,072,885
Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

It depends on the state, on the broker and broker requirements with joining a board and what your aspirations are.

Jul 13, 2017 09:20 PM
Rainmaker
717,817
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Better functional vehicle that does not have obvious dents and scratches from OPEN HOUSE SIGNS.

Jul 13, 2017 07:35 PM
Rainmaker
2,319,090
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale - Probate Broker

What Candice A. Donofrio said AND Debe Maxwell, CRS - real estate is NOT the easy money many perceive it to be. 

Jul 15, 2017 09:09 AM
Rainmaker
870,595
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Nice to see an original question out of Utah.

So after the classes there was fingerprinting that cost around $80 and an exam prep crash course that cost around $300 and taught you how to take and pass the exam and everything the exam asks but is never taught in school.

 

Once you have that license in hand, you have the following expenses:

  • Association fees (state, local and national): Varies by time of year and assoication.  Mine was close to $1500
  • MLS fees: Varies again, mine was around $800
  • Supra lock box key: $700
  • Signs & Business cards: Variable, depending on where you go.  My broker bought them for me

Those are the absolute bare minimum items.  Add in marketing, any electronics and your costs can rise considerably.  For me it was close to $3,000 for the basics.

Jul 14, 2017 01:30 PM
Rainmaker
1,236,708
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Area Real Estate

Are you kidding me? I can't believe you would ask for someone's time in posting 'all' the start up costs.

That broker you met with - if he doesn't have a good idea, go work for someone else.

Jul 14, 2017 04:56 AM
Rainmaker
3,107,337
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

After the schooling, I spent about $4000 the first 3 months

Jul 13, 2017 08:44 PM
Rainmaker
2,947,883
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I want to say it cost me between $3-5,000 and then it was 3 months before I had my first closing.  Cannot remember how it broke down, it was 21 years ago.

Jul 17, 2017 06:47 AM
Rainmaker
3,017,111
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

I'm with Candice A. Donofrio  and Debe Maxwell, CRS !

Jul 16, 2017 06:41 PM
Rainmaker
1,277,112
Sandy Padula and Norm Padula, JD, GRI NMLS#1483386
Realty One Group - Carlsbad, CA
Presence, Persistence & Perseverance

The long an short of it: Review your monthly expenses to live, multiply by 6 or 12 depending on your personal situation, i.e., single, sole breadwinner, etc. Do not spend what you don't have and don't purchase leads. Be very conservative with where your pennies go.

Jul 15, 2017 07:08 AM
Ambassador
1,711,598
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  Board dues, signs, business cards = $1000+

  Website  $1000 to $2500 plus hosting

  E&O insurance, business automobile insurance, umbrella liability policy... talk to your insurance agent.

  Clean running automobile in excellent mechanical condition (whether you intend to put buyers in it or not).

 6 to 9 months Cash reserves to live on until that first closing (enough to cover your rent/mortgage, auto expenses, food, other costs of living).

Jul 14, 2017 02:46 PM
Rainmaker
3,478,143
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck.

Jul 14, 2017 08:48 AM
Rainmaker
3,678,730
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

my initial costs in 1978 were to join NAR, MAR and GBREB/ MLS....  now you have online marketing costs to setup a website...most important....

Jul 14, 2017 08:46 AM
Rainmaker
3,642,963
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Every state, as well as brokerage, is going to be different.  Though you will need MLS membership and NAR and State and local association membership at the very minimum.

Jul 14, 2017 06:19 AM
Rainmaker
2,142,268
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

As a general rule about 6 months worth of living epenses. But a cushion might be wise, as Bob Crane suggested!

Jul 14, 2017 05:45 AM
Rainmaker
2,071,472
Richard Weeks
Dallas, TX
REALTOR®, Broker

I would estimate $2000-$2500

Jul 14, 2017 05:05 AM
Rainmaker
1,496,808
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

$1,500 +

Jul 14, 2017 04:47 AM
Rainmaker
1,844,724
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Waxhaw/Fort Mill Area Realtor

I started up 25 years ago... (a) don't remember that far back and (b) totally different times. But I would guess you'd better have at least $5,000 behind you and be prepated to have living expenses until you start earning commissions.

Jul 14, 2017 04:39 AM
Ambassador
1,565,278
Harry F. D'Elia
Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

be ready for the ride

Jul 19, 2017 07:01 AM
Rainmaker
1,306,204
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

It is expensive to start in real estate to say the least. As many have stated, the costs vary from state to state and brokerage to brokerage.

Jul 15, 2017 07:17 PM
Rainmaker
2,118,682
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

This is a fair question however the newbie to newbie hotline is what U need

Jul 14, 2017 06:15 AM