1st Real Estate Agent Laughed at me

Rolo you went thru that all wrong!! 1st off never tell the agent what your intentions are. Never tell him you want to lock up property to assign to other buyers. They will do as you said and laugh at you. Instead just make the offer with your name,and or assigns, put an inspection period in there for x amount of days,and go find your buyer,and assign your offer to the new investor. Now with Bank owned you cant put and or assigns. You must do a double closing with either the investors funds,or do a double closing with transactional funding. Find another Broker,and start over again. Good luck !!

Rolo don't let your first experience scare you from your goals and dreams. My wife and I have just started our journey in RE and its taken us 6 years of attending different workshops and training's to finally get us to this point. The way is see it the only thing that matters is your WHY? If you your reasons for pursuing this path than just move on and find an agent that is willing to join YOUR TEAM. We look forward to hearing more about your journey. Good Luck,and never DOUBT

To show you that you don't need no stinking Realtor to flip real estate, get some bandit signs out, and deal with FSBO's get off the MLS there are no deals on there for you, Find your own deals by marketing, that is using bandit signs,flyers,classified advs in shoppers, and yellow letters to vacant property owners, knock on doors works also, You dont need no Realtor in this business to find motivate sellers, who will sell you there properties, for a discount, then sell to your buyers list, make money, create a win-win-win for everyone. action get out there and take action put out your bandit signs......John H. PS realtors call me off my bandit signs I dont call them.

Invest is right !! In the begiining i started with the mistake of looking for deals off the MLS. Took me a yr to realize why this damn thing wasnt working for me. No deals come off the MLS. Everyone knows about those properties,and the good properties get scooped up quick as you see them. After a yr i made a change of putting out Bandit signs,and now motivated sellers call me, and my phone rings all day long. Rolo get some bandit signs,and put them out and your phone will start ringing off the hook.

Move on to the next realtor!

Try your local REI club, there are usually lots of realtors there.

good advice

Yes indeed move on to the next one. Obviously, this realtor does not understand investors so go find someone else. It might tske several times until you hit the right agent, but you will find it.

Hey Rolo,

One of my best friends is a realtor and he laughed at me a couple years back about Dean's program and the different ways to do REI. He told me this wouldn't work and that wouldn't work, but guess what?! He now is doing the same thing and talking the lingo. He just couldn't accept it from me, so I guess "more experienced" investors/realtors must of talked him into it now. Now he is putting in lower bids then me! HA HA I bust his tail about it some but he blows it off like it didn't really happen that way, but its all good, we are both moving along and once we leave our main job, we'll do things together. Also, don't listen to anyone saying the MLS is dead, SS and foreclosures are alive and kicking out there. I just lost a foreclosure down the street from me, another investor bought it for $75k, will put $15k max into it and FMV is $135k. My first flip was a SS and scored us $19k, then we got the next through a wholesaler(hope to clear $30k+),and are working on getting a foreclosure now and its profit will be sweet also. There are some real pros out here on this website, pay attention to what they say and READ READ READ the forums. Join the local REIA NOW, call and talk to some HML and also start looking for family and friends who might want to do some PML. Good luck!

http://www.deangraziosi.com/real-estate-forums/buying-foreclosures-reos-...

Are you buying REO's with no money or credit, I dont think so, are you the only one bidding on the property, Again I dont think so, any body can buy an REO thur a Realtor. Go out and create your leads out of thin air, and do it with no money or credit, now thats a thrill. Whats Happens when REO's all dry up, because someday they will, this market wont stay down for ever it will come back. Marketing and networking is key to business, you do not need to buy property thur a realtor to be successful....John H.

Once again i agree with invest. Buying properties unlisted with no money down, is the best feeling in the world. You dont even have to put down a deposit when your dealing with FSBOS, LOL !! Now try that with a realtor?.

see this is where ( and i can see why) many including myself get speed bumped doing 60 to get those deals in 30 , have to get out and ck that evrything is alright. It would seem this is where things contridict and can get hung up. I take it from the many of professional here you would chalk this up to "what works for you" digest the info and build your own sunday.

It just gets very disheartning when your green reading all Dean has to say about getting those realtors, get those realtors!! -- then guess what? we dont need em?

I can see the point, but moving foward I would assume we just need to go thu the blueprint for our own learning. Other wise sounds to me like many here have modified the techniques and basically use it when they need to pull a better club from the bag?? Your thoughts

Matt Larson has a good script in there, how to find a realtor. Stick with Remax & Keller Williams agents if you can. Don't tell them you're going to assign off the bat, etc., etc. It shouldn't matter what you do with the property, how you close, etc. But if they scoff at you like that, you don't need 'em and they don't need you. It was probably somebody who got their chips crunched on previous deals.

Stick with it, and find you another realtor! Say, "Next!" and move on to the next one. They are out there, you just have to sift through the weeds to find the flower sometimes.

There are many methods and all are useful and can make you money. Don't limit yourself. Use everything everyone is suggesting here. I echo what others have said most realtors don't know, understand or even want to understand what investors do. They work their job and make commission and most are comfy in their routine. Remember this: the realtor works for you. The house closes they get paid for doing what you asked. This doesn't mean treat them like they are beneath you as most have a lot of very useful information...if they are semi seasoned and have worked with investors. LOUIE INVESTOR you can't use another investors funds any longer for closing and I believe what you are talking about is simultaneous closing not double closing but, either way that isn't allow by most title companies. What your suggesting is still done just in another way and called back-to-back closing (most title companies that work with investors including newbies understand people misunderstand the jargon) where you use transactional funds from AB -> BC. This is the only way currently to work with REO's and if HUD doesn't resign some papers if I understand correctly we wont even be able to do this as all closing will require 90 day seasoning.

Most contracts are assignable unless specified somewhere in the contract it isn't. To be safe just put in special provisions This contract is assignable and make offers with just your name. If your not using a contract that has an option period provision then yes make one saying inspection period for x amount of days (normally 5-15) in the special provisions area.

Also most transactional funding doesn't require upfront money or credit what your thinking of is HML's that need upfront money and even most of those are also based off the property under contract not your credit. You will never touch the funds when using transactional funding, it goes straight to the escrow agent and if the deal doesn't close you don't pay a penny. Invest Des Moines, I think your talking about foreclosure auctions where you bid on a house and I personally don't do those. I prefer per-foreclosures and normal foreclosures where you make an offer and they accept it. I put in my contracts "Seller may not show the property or receive any other back-up offers while there is contract in effect with buyer" to protect my interest that I am selling. As I stated there is no reason to not use every method available heck don't leave probate deals even out of the loop. A lot can be learned from the guide lines Dean has presented in BARM and his other books and if you take the time to learn and use every method you will never be out of leads and/or buyers and money. You do not need a realtor to be successful unless your in a non-disclosure state then it is required. There was a thread on non-disclosure states not to long back saying what ones were and weren't a non-disclosure state or partial. If you are in one you will find most that are not in one will not understand a vast amount of issues you will deal with on finding comparison sold properties. I live in a non-disclosure state (Texas). Either way you should use them as a wholesaler as they are not costing you anything only your end buyer or the seller.

If your agent wants you pre-approved like the one you were speaking of inform them right away these are cash deals and that you might use HML's that is basing its approval on the property not your credit. So unless they are the title company or listing agent this is information that should be irrelevant to them. Keep it simple. Inform them "You are not a retail buyer" and make that point VERY clear to them. You are a real estate investor so you will be making offers that allow you to make a spread on the houses you purchase and if lower then normal purchase offers bother them *good bye wave. When they ask what you are looking for tell them: You will be seeking investment properties that you can buy, fix, and sell for a profit at a listing price of 80-213k (I wouldn't suggest going over this price range as this brings you to 50-150k at 70% of ARV what most end buyers are seeking). This doesn't mean the house isn't worth 250-350k after repairs, this is just the listing price range you will be interested in viewing and considering. Take it from there good luck don't look back and don't listen to the naysayers!

Don't BS anyone

The first, second, third or even twentieth realtor might not want to work with you, but it might take time.

If that's not the route you want to go, so be it.

Most realtors deal with people who are in their best interest to deal with, be it they are experienced or not.

You should be fine. Keep at it.

for everyone who replied and passed along the advice. it is amazing to me that people on this site are so helpful and willing to lend a helping hand. for being a newbie and not knowing what the first steps are, maybe i need to start crawling before i start walking. i will post again soon, and let you know the updates. hopefully i can get a little closer to closing my first deal. no one believes me, and my friends think this is some kind of joke. so i have stopped talking about my intentions, and just going to plow through this and make it happen one way or another. i am NOT going to give up, and i WILL succeed. i know it! thans again everyone!

Everyone of us have people like that, that don't believe we can make it and just want to knock us back to their level of norm. Just keep it real, read up, don't bottle it in, you are investing as we speak all because you haven't put any money down on something doesn't mean your not an investor! You are investing your time and to those of us that make a lot of money in such a short amount of time it is as the saying goes "time IS money". You are an investor and as you keep investing your time into real estate that makes you a real estate investor. You need to have confidence in yourself and your abilities. If you don't have it make it. Go read deans books and pick up some books on everything from roofing to foundation and everything in between at your local library. The sky isn't the limit keep going and read up you are going to need to know what to look for when your out there looking at these houses. Real estate is as we say here an elephant, take it in small bites, no one can eat an elephant whole.

When you have the knowledge you need, you will have some confidence. Then just get out there with or without an agent and look at fsbo or any houses listed for sale just LOOK at them. Come up with what rehab work they need. Is it cosmetics like carpeting and paint or does it need a new roof and gutter system because water damage has been pounding at the foundation. Believe it or not most houses don't have a proper gutter system and their foundation does take at beating so its good to be able to see this and what signs to look for in and out of the house. Watch some videos on deans totalrealestate.com and listen to the conferences here. There is a lot to take in some can handle it, most can't and don't want to understand it or believe it. This isn't for everyone but, Dean provides all the tools in his books and here. We are a family that is why we help and sometimes even butt heads on topics lol. As with any family you can choose to be a part of what we do and represent or not and drive your own path in another direction.

Good luck!

you make a lot of sense. I have read a few of Dean's books actually, and i feel like i'm on this website every chance i get. i learn so much everyday, and get more excited as i listen to people and their success stories. i plan to work and devote my time and energy into making this work

IN MY STATE WE DONT USE TITLE COMPANIES. WE CLOSE WITH ATTORNEYS. AND YES YOU CAN USE INVESTORS FUNDS TO CLOSE CAUSE I DID IT RECENTLY.

Okay lou you can do it in your state and you use an attorney so that might allow you to do it. I appreciate you informing myself and others here of that it is good to know. Also I think your caps key is stuck...otherwise please don't yell directly at me.