25 Offers to one Acceptance

I totally feel your pain with this.
Finding a good real estate agent is going to be one of the most important additions to your power team.
Keep in mind, only about 5% of active agents out there have a significant amount of experience working with real estate investors. I get the opportunity to travel all over the country teaching real estate conferences and even the longest of the state approved purchase contracts only take a few minutes (literally 4 to 5 minutes) to fill out for a good investor friendly agent. Here's the reason why... On most contracts that you will be using, the only information that will change on the contracts will be the address of the property and the amount of the offer you will be making. As you get more and more experienced, your contingencies will stay the same, and everything else in the contract will be the same so it literally comes down to you sending your agent a list of property addresses including the offer amounts, and they just plug the data in and submit through the internet. Even with technology like Docu-sign, you can do digital signatures even saving you more time as well. If your agent is giving you pushback, or is making it sound like it is taking them a ton of time to do each offer, they might be missing the boat as to what we need. This is why getting on the same page with a good agent is going to be so important for you. On a final note, don't ever tell your agent that you are going to be making "LOWBALL" offers, because this is basically telling them that you are going to be making offers, but have no intention of actually purchasing the properties. Instead, let them know that you make "Calculated Aggressive Offers" and this comes across much better to them.
Get out there and make it happen.

Happy Investing!

Matt W.

What I did was ask other at the REIA Meetings who they used, I still went through 2 of them, but got a great one now.I also got R.E. Attorney from asking at the REIA.
He does assignments , double closes, etc/. So that can save you alot of hassle. Make sure you mention that Investors name when calling, it seems to break the ice and the conversation seems to go alot smoother,. Hope this helped.

Curtis Fillers
(Charlotte,NC)

Below is a script I use for getting agents to work with me that they cannot say no to and makes them investor friendly:

How to get deals @ 60% ARV First Draft
1. Get a real estate agent who is willing to submit 3-5 offers a day 5 days a week!

2. Give them your property criteria and tell them to get a list of all the properties that not only match that criteria, but are also REO’s that have been on the market for >60 days.

3. From that list have them pick the 10 that look the most motivated (willing to negotiate, submit all offers, seller motivated, needs rehab/TLC, price just reduced, etc)

4. Have agent start with top one and get all comps that sold within 90 days within 500ft^2 of the same size, within ¼ mile away.

5. Have them do a CMA Comparative Market Analysis of the property to determine ARV After Repair Value.

6. If there is are at least 2 comparables from step #4 that are less than 60-65% of CMA in step #5, then go on to step #7, otherwise disregard.

7. Have your agent call the listing agent and tell them that you have a cash buyer that has already seen the property and is interested in putting in an offer in, but because of the extensive rehab it will require, and the fact that there are “X” comparables within ¼ mile within 500ft^2 of the same size that have sold in the past 90 days for less money, my buyer isn’t going to pay more than that for the property, because it isn’t worth any more than that, especially in its current state.”

8. Your agent will then ask the listing agent if they think the bank would consider a cash offer with a quick close and if they will submit it to the bank?

9. If they say yes, then agent then agent submits the following in one PDF file to listing agent:

Page 1- cover page with something like the following:
To whom it may concern:
Attached is our offer to purchase 123 Seasame Street, Barneyville, TX 12345. My client is a cash buyer who is interested in purchasing distressed properties and leasing them out with options to purchase to buyers who can’t currently qualify. They have been through the property and feel that despite the extensive repairs that will be needed, that it will be a good long term investment, but they are not going to pay more than the property is worth to get it, and based on the “X” comparables within ¼ mile within 500ft^2 of the same size that have sold in the past 90 days (see attached), my buyer will offer you $XX,XXX cash for the property. As you can see my buyer is well qualified and can close very quickly, but isn’t going to pay more than the property is worth in a buyer’s market.
Thanks for this consideration.
Cheers,
Oscar the Realtor

Pg2 -4 Low comps

Pg5 POF or bank statement if you have one

Pg6 Photocopy of EM check

Pag7-X Purchase Contract

WHAT’S IN IT FOR THE AGENT?
-If they submit 5 offers a day 5 days a week only on properties you already have cash buyers for, then statistically you should be closing 1 deal a week.
-Even on a $150,000 AB purchase that pays the agent $4,500/week for their 3% commission.
To draft 5 offers a day shouldn’t take them longer than 2 hours /day or 10 hours a week.
$4500/10hrs = $450/hour. Any starving realtor would think that is a fortune!!