Real Estate 101 For The Young Enthusiasts

[neil11]

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cirext..r u a real estate broker?

[cirext]

cirext..r u a real estate broker?

i started real estate when im 24 years old after a frustrating 2 years of employment.
..became a real estate broker after 6 months of experience in the field.
..then created a start-up company (under the aid of a developer).
..after my company gained 1 year & 7 months experience, we eventually decided to set foot on our own

..became REALTOR last year, under the rights granted to PAREB-CEREB.
..member of Committee on Education - Cebu REALTORS Board (CEREB)

But im still a student on real estate.
3 years is still an infant to the industry.
Because it's a continuous learning, as what 1 of my mentor told me.

[Tazl]

ganahan ko mag real estate broker, but how?

[neil11]

cirext..can we meet for coffe?i want to learn from you regarding this busines..

[DEVELOPER]

nice thread sir cirext....my sister and i are into this business..very rewarding everytime maka close ug deal.. money kay 2nd lang na sa fullfilment and thrill nga imong ma feel... indeed you need to have a license...FYI, im 22 yrs old. , sis REALSTATE is just 18 yrs young...

[cirext]

ganahan ko mag real estate broker, but how?

Simple! Join our Comprehensive Real Estate Review this October. I'll be posting a thread at RE Section by the time. If you pass, you'll become a broker.

Note: Examinees should be w/ at least 144 units in college, or 72 units in college + 4 yr. experience as licensed salesperson.

But im encouraging you to experience as a salesperson first before becoming a broker.
While its not wrong to jump at the highest leap, a good start would always keep you on the move.

The board will just give you the credentials but not the skills.
And how can u become a broker, when u urself doesn't know how to sell.

That's why many brokers don't come up with practice after passing.
They just die out. Because the passion is not in them.

Many are what is called independent brokers because they don't know how to lead.
These are things you can learn if you start right.
Besides, if you have the field experience, the exam would come out very easy.

How easy? When i reviewed i never study during the review period. I have no time. I just studied a day before the review, and that is only 1 hour.. i got 85% on the result. How did i get it? Experience is still the best teacher.

[cirext]

nice thread sir cirext....my sister and i are into this business..very rewarding everytime maka close ug deal.. money kay 2nd lang na sa fullfilment and thrill nga imong ma feel... indeed you need to have a license...FYI, im 22 yrs old. , sis REALSTATE is just 18 yrs young...

Woow! im happy ur in the thread. Post your experience sis. This is a thread for you.
My gf is with me in real estate as well. She started at 17 yrs young.
Shes now 20, im 27 now.
Im the CEO in our small company, shes the Accounts Management Officer.

Actually i came in RE by accident. I am a licensed ECE, graduated at USC-TC. Got employed after the board in a well-known American firm w/ 3 buildings in CBP and a mfg plant in MEPZ2 . I guess you know it. Employment was really frustrating. I even took up CISCO to climb the ladder, took up Masteral in CompE.
Ug wala kay kapit, wala pud jud kay padulngan.

But i believe everything is God's plan, if i got the ranks there, I might not be here in RE - the world for me.

Nobody introduces me in real estate. I came with zero knowledge. Nobody in my family is in RE, nobody among my friends knows anything about this. And my connotation with is that its not for the educated...but everything changes when im here.

To those youngsters in RE, share your experiences...

[cirext]

cirext..can we meet for coffe?i want to learn from you regarding this busines..

yes bro maybe sometime because im real stuffed up with my time.
As of the moment, let's use this thread to come up w/ Q&As, comments and experiences.

[neil11]

thnak you cirext..

i rili wana mit and talk to people like you...

can you also discuss to me about taxation in real estate?
i wana learn and i wana start as soon as i already have the Financing..

[cirext]

thnak you cirext..

i rili wana mit and talk to people like you...

can you also discuss to me about taxation in real estate?
i wana learn and i wana start as soon as i already have the Financing..

With regards to business taxation i guess vincedn is the perfect man for this.
i got him as my accountant because i myself is not familiar w/ it.

with regards to real estate taxes.. i could give some hints on it:

Taxes Paid to Real Estate:
Typical Transaction Costs - Purchases from Individuals
a. Capital gains tax - 6% of actual sale price. This is paid by the seller but in some cases it might be expected that the buyer pays.
This percentage could differ if the property assessed is being used by a business or is a title- owned by a corporation, in this case the percentage is 7.5%
b. Document stamp tax - 1.5% of the actual sale price. This is paid by the seller but in some cases it might be expected that the buyer pays.
c. Transfer tax - 0.5% of the actual sale price.
d. Registration fee - 0.25% of the actual sale price.
e. Realty Tax / Real Estate Tax - will be paid by the buyer to the government himself when the property is already transfered to his/her name.

For the period of purchase, the real estate tax should be updated by the seller/owner.

VATABLE Real Estate Properties:
1. House & Lots reaching 2.5M
2. Lots Only reaching 1.5M
Rate: 12% of the selling price