Is my REA doing enough???What to look for in MLS listings?

Definitely try to get the realtors notes as that is very important for you. Sometimes they put signs of motivation in there also such as: NEED TO SELL, Handyman special, as is, etc.

Try narrowing down even more by having them search for as is, vacant, and price reduction.

Then once you get that list screen them even more by reading notes and going after houses that need work and/or are motivated, people that need to sell now!

Probably get like 5-10 properties after screening so put offers on all those. Do this week after week and by 25th offer you will most likely have a deal!

Utilize Matt's 25:1 strategy!

The 3 conditions you're looking for in your search are:
1- On the market for 90 days or longer
2- Have had at least one price reduction
3- As-is, TLC, Handyman special or anything else to that effect.

I don't know if the MLS in your area is similar to mine but you usually get the description with the listing.
You'll get your email from your agent which has one link (generally). Click on that link and it'll load up a page of listings. Each listing itself will have a link inside it that says click here for more details and that's where you should find the full listing with the description area.

Again, this is based on my experience, yours may vary.

Hey Lewis,

Go back to the books:
Dean (and Matt) tell us ask for:
- Starter Homes
- Vacant
- RECENTLY reduced
(Matt stands firm that Days on Market is not a necessary or valid requirement)

Here is what I do (my twist here in Las Vegas):
When I was searching for RE Agents, I fund that every agent gave me a different answer of What and Where Starter Homes were, so I found out for myself!
REA's were telling me the areas they have the most listings in, or where they "like" to sell at, or where they were most familiar.

I had an Ahah! Moment-- Ahah! I said... the only thing that matters is where my buyers want to buy at! Duh, right?

So I zoomed out on my view and looked at the whole valley. REA #1 says [the SW], REA #2 says [Summerlin], REA #3 says [Henderson/ Green Valley].... I drive around and call FOR RENT ads and speak with Landlords... those areas are FAR FROM where the REA's told me, generally... they are older neighborhoods. In speaking with my buyers, they tell me EXACTLY where they want to buy. And then my Rock Star Agent says... you know, most first time buyers WANT to live in the SW, Summerlin or Green Valley, but the houses are too pricey, and financing eludes them... she said how about on the border of these desirable areas?
BAM! THOSE areas were the same areas my buyers were looking in. Voila!

Then I took it a step farther and I found the School District website has a myriad of info... it tells me AVG income, education, profile demographics, and Rentals vs Owner percentages. BAM! I overlayed the MLS map on a Zip Code Map on a School District map... MY map tells me all the preferred investor areas in the lowest crime areas!

I know that was really long for the #1 search criteria, but the area is REALLY Important, and I feel you should know the areas intimately. Plus my long round about way (that there is probably a much faster way to do) is something you can take and use as you expand out of your backyard.

So, my search criteria:
#1- AREA define your area (of have different "buyer" areas)
#2- Vacant-- I do prefer to use Vacant first (but if I have too few listings I will remove that criteria)
#3- Recently Reduced- I do prefer this as well, but again, if I have too few listings, I will just have that info ON the list and it flags me to look at that listing first
#4- Days on Market-- I do ask for this info... it flags me, especially on REOs... because the longer an REO has been on the market, the more motivated they are
#5- yes I use Agent Comments! They tell me if it's a Fannie Mae (Homepath), a Freddie Mac (Homesteps), and often what Bank it is... again, I like BoA, so it's good to know. (FNME and FMAC have investor opening offer dates). It will tell me if the prop was corp owned, if it is a Flip (which I stay away from)... I scan the comments to prioritize my offers.
#6- REO vs SS I have the Agent separate these... I focus on REO's here, and I did many SS, and they got round 1 accepted, but when it came down to bank acceptance... I wasn't going to be able to get them at 20-50 cents on the ARV dollar. So I am not doing SS at this time.
#7- I don't have time for looking thru the slow realtor websites... I have them convert the listings to excel in the columns I want... much easier for me to look thru. Kind of like a pilot; I use the instruments-- I use the info only, then look at pics of the prop to determine the condition and I rate it 1-5. On the 1's I know there is only $1,000 repairs to do, on the 5's it could be up to $10,000 in repairs. If it's more than that rating is "hot mess" and I calc the repairs manually.

Hope this helps and is not confusing!

-- Tina

Thanks Guys. Tina I basicly copy and pasted your search critieria into an email with my 1st REA (edited of course :0) )

I also called another real estate office, and asked for the agent most experienced with investors. (again the person answering the phone said THEY were)..... Not sure what to think about this, but this guy seems MUCH more willing to work with me and my LONG list of criteria ! He said he would personally call every listing he gets to look for motivated sellers before sending me the listing. Not bad huh ?

I will be meeting with my new agent tommorrow... Do you guys meet your agents in person before doing deals?

I will hopefully be getting prescreened listings from now on! *crossing fingers*

I'm off to put out bandit signs !

Oh Yeah!
An agent who gets it!

Thoughts:
-Just make sure the agent doesn't screen too much. At forst, ask what he filtered out.
- I met with agents initially to get a feel for their mindset and ambition
- I met with my best candidate for a few hours at Starbucks before we started placing offers to go over the contract, the automatic contingencies (I did not add any others),
the broker fee (to get it waived!), and to sign all docs, and give her a copy of a signed check (for EMD when she might need it) and to discuss things like her automatically requesting our offer be held as b/u when another offer is accepted.

After that I never go to the office, never sign anything in person (all on laptop or ipad). I only look at houses I am considering rehabbing myself, and the only after I have it locked (during due diligence), and I never go to closings-- it's all electronic.

Let us know--

Why would u wave the broker fee? meaning she isn't getting paid?

Also, how do you deal with earnest money? How do you get them to put in 10 offers with only 1 check? And how much does it have to be for? (Do I actually need the money to be in the account right away?)

May I ask what type of contingencies did you add to your contract?
-Only one I'm planning on putting is a 14 day inspection. When I do that do you know what I need to do in case I need to back out? From what I know you just send the seller a letter why you do not want to move forward and that's it.

And did you give your agent a contract template so whenever you want to put an offer you just text/email them the property address and offer amt?

Sorry for so many questions, but I'm actually in the process of working together with an agent right now.

Thanks a lot!

A:
Forgive me, I don't ask to waive to the real estate agent's fee! No, no-- I WANT her to get paid But there is (at least here in Vegas) also a BROKERAGE FEE. I paid it on my first deal, then my agent gets it waived on all future deals. Saves me $500 each deal.

I set up my standard offer with $500 EMD. It is often negotiated thru the countering process. I gave my agent a copy of a signed check, so in the event she needs to include a copy of an EMD check with her submission she can make a copy, write in the amount and date-- voila! As a deal actually gets accepted, I have to give the EMD in whatever form the seller asks for-- often a MO or Cashiers Check. At that point I AM out the money temporarily.

--Tina

Q:
Why would u wave the broker fee? meaning she isn't getting paid?

Also, how do you deal with earnest money? How do you get them to put in 10 offers with only 1 check? And how much does it have to be for? (Do I actually need the money to be in the account right away?)

it seems these agents are on a different mind set... How should I go about dealing with the agent and the EMD? Just send them a scanned coppy of a $500 blank check??

Are you working with remax and Keller Williams agent? those are the people to have on your team, as they get it.