BiggerPockets Daily

There has been a lot of discussion on BiggerPockets about whether it’s worth getting your broker’s license. Still, the question of whether to get your CCIM (Certified Commercial Investment Member) has been left mostly unanswered. I touched on what such a designation offers here, but it certainly isn’t for everyone.What is a CCIM Designation?A CCIM designation recognizes an individual is an expert in commercial real estate investing. Awarded by the CCIM Institute, formerly known as the Commercial Investment Real Estate Institute of the National Association of Realtors, the designation is recognized globally. The CCIM Institute educates CRE professionals.  That is why most people with a CCIM designation are commercial real estate professionals locally and internationally. There are more than 50 CCIM chapters in local markets worldwide. Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most common questions people ask real estate agents is, “What credit score do you need to buy a house?”It’s a great question. Experian reports the average credit score in the U.S. is currently 714 as of 2021—and those numbers are steadily rising year over year. That’s a good credit score to buy a house, although by no means the lowest lenders will accept. With some lenders, you can take out a mortgage with a score as low as 620. But according to BadCredit.org, 16% of Americans have a credit score of less than 580. That means a huge chunk of individuals are unable to obtain a mortgage, thus, making buying a house or real estate investing a difficult task.However, many people don’t know that there are alternative loan options if you don’t meet the minimum credit score requirements. Learn more about your ad choices. Visit megaphone.fm/adchoices

Becoming a successful investor doesn’t happen overnight. It requires patience, hard work, and the ability to reassess following any mistakes. Reflecting on over a decade of investing in real estate, I’ve concluded that five things have been the most influential in my success to date. These five things will also likely continue to be essential during my lifelong career as a real estate investor. In less than 10 years of intentional investing, I was able to acquire an eight-figure investment portfolio that generates a net cash flow of more than $1 million per year. This was accomplished by adhering to these five core concepts below. I hope this helps you reach whatever investment goals you have in less time than you think! Learn more about your ad choices. Visit megaphone.fm/adchoices

The question of whether to trust one’s own gut or to painstakingly analyze any given problem has found different answers amongst different people and in different situations for centuries. On one hand, there is certainly such a thing as “paralysis by analysis.” I myself have seen numerous cases of wannabe real estate investors spend an enormous amount of time (and money) learning, only to never actually buy a property. You can even spot some “seminaraholics” at many events who have been to countless bootcamps and the like but have not locked down a single deal.Furthermore, as the famous saying goes, “time is money.” So even if a detailed analysis would yield a better result, it’s not necessarily the better course of action because the time spent on such analysis might not be worth the cost.But gunslingers who just go with their intuition have been known to make plenty of mistakes, including some very large ones. WeWork’s former CEO and certifiable nutjob Adam Neumann was able to convince SoftBank’s CEO Masayoshi Son to invest $4.4 billion in his wildly over-valued company during a 28-minute car ride to the airport. Needless to say, that gut decision didn’t play out too well. Learn more about your ad choices. Visit megaphone.fm/adchoices

To understand a reverse 1031 exchange, you should first make sure you know the ins and outs of a 1031 exchange. Key differences exist between a standard 1031 exchange and a reverse 1031 exchange, designed to defer taxes while investing in real estate.Read on to learn more about what it is (and how it differs from a 1031 exchange), how to complete one, and how it can benefit you.What Is a Reverse 1031 Exchange?A reverse 1031 exchange is a tax deferment strategy that allows real estate investors to purchase a second investment property before selling their relinquished investment property—and, importantly, defer capital gains taxes and other taxes that you would normally need to pay at the sale of a property. Because a reverse 1031 exchange is more complicated than a standard 1031 exchange, it’s important to understand it fully before proceeding. Learn more about your ad choices. Visit megaphone.fm/adchoices

Escrow is a key part of real estate transactions and mortgage agreements, but many homebuyers and homeowners aren’t familiar with escrow and how it works. Escrow protects homebuyers, sellers, homeowners, and even lenders with real estate-related financing—it supports those parties throughout the homeownership lifecycle.Let’s break down what escrow is, its role in real estate, and how it can be beneficial.  Learn more about your ad choices. Visit megaphone.fm/adchoices

So, the day has come to finally figure out how much your rental property income will affect your child support payment. You won’t be surprised that many states consider that pretty penny a critical component when calculating these payments.As with any financial analysis, it’s essential to understand how to break down the numbers, especially regarding child support. In most cases, parental income is calculated in its entirety. You’re going to have to provide proof of all of your finances. For rental property owners, the court will pay particular attention to the total net income of your rental.So, how is rental income calculated, and how does that play into child support payments? We’ll give you the low-down on figuring out your rental income so that you can prepare yourself somewhat for the road ahead. Learn more about your ad choices. Visit megaphone.fm/adchoices

Custom building a home can take as little as a year to upwards of three years due to project scope, weather delays, labor availability, and permits. The podcast explores the stages of house construction, final inspection, and the significance of obtaining permits. It also discusses the costs associated with building a custom home and the need for planning and budgeting.

Real estate entrepreneur and expert Daniel Gleich discusses the possibilities of buying real estate using your 401(k) or IRA. He explains the concept of a Real Estate IRA, including its tax benefits and different types. The podcast covers topics such as non-recourse financing, investing in Airbnb and Verbo, and considerations for fix and flip properties. Gleich also touches on purchasing land in your IRA, bidding on tax liens, and choosing the right self-directed custodian.

Real estate investor Andrew Syrios discusses the importance of adding contingencies to rehab budgets in real estate investing, highlighting factors that lead to under-budgeting. He emphasizes the significance of budgeting for rehab expenses, analyzing project budgets and expenses, and conducting due diligence to accurately estimate costs.