OfflineIts been so much of struggle for me to find a realestate agent who can help me,they seem to never get back to me. what should i do? i did everything that was told to do in the book. I tried diffrent strategies and im still stuck :/. I really dont wanna give up, i wont give up. Is it really important to have an agent?
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My first 8 or 9 deals had no agent involved. I marketed to unlisted motivated sellers just like in the book.
You should also fill out your BIO page.
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Try networking with Real Estate Agents and Realtors. Let them know that you're an investor and that you want to be aggressive in your buying and selling of properties. I know that it is different for everyone, but I found my Realtor extremely fast just by talking to people about my short term goals.
I'm extremely new. I've only had Dean's book for a few days, but I'm extremely excited about the future.
Hope that helps.
TK
To learn to fly, you must first learn to stand, and walk, and run
Like Michael said above, all of my first deals were also with no agents. Just drove around looking for FSBO signs, craigslist, newspaper ads.
Good luck!
- Tom
My problem is more with funding. I have 3 properties I'm going to view tomorrow. I would like to purchase and rehab all 3, but I have to find the funding to do so.
To learn to fly, you must first learn to stand, and walk, and run
http://besttransactionfunding.com/
http://www.coastal-funding.com/
http://www.coastal-funding.com/
Thank you very much
To learn to fly, you must first learn to stand, and walk, and run
Is it the new book that you are talking about that you found this info? 30 Real Estate cash?
Roxann
first, you may want to fill out some info on your profile so that other investors here can know a little about you, and where you're from so that they can network with you...
I suggest that you attend a rei club meeting in your area. Bring a stack of business cards and don't leave without exchanging cards with at least 10 people there. Once you start talking to other investors there, you can ask if they can recommend a real estate agent that they have worked with...
wishing you success,
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
and found a agent willing to work with me woo hoo 25 to 1 here I come
Good job on that one. And thank you for the information on the transactional funding. I may use them after all.
To learn to fly, you must first learn to stand, and walk, and run
I just sent out 28.... 50% of the asking price offers to my agent fingers crossed.
Keep us posted on how many of those offers are accepted.
Also let us know if that agent is still working with you.
Thanks!
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
I just make offers on 28 property's 50% of the asking price and my agent said I need to give her a deposit check for more then $2000 to make the offers....., the listings are on the mls listings not reos.... for more then 90 days , vacant and with price reduction. I thought the only time your needed a deposit check was with Reos bank owned property's.I wanted to assignment these.I thought it was no money down.
What's the deposit check for? Do you get it back if no offers are accepted?
I've come across agents requesting or demanding a high EMD...
I believe this is about THEIR credibility and them "insuring" a deal. In other words, YOUR higher EMD, makes them shinier to their broker or competing agents. Remember, there's a difference between presenting offers to a buyer's agent vs. to a listing agent: one knows more about a potential seller than the other...
Nonetheless, comb the DG.com threads: "Real Estate Forums." Check the archives on pertinent subject matter. Plenty of source info. on REAs and EMDs. There's a way around this obstacle. Otherwise, keep interviewing for your investor-savvy agent---so many have a protocol mindset. Some will attune, others will not. No point twisting their arms. If their interest isn't piqued, move onto the next. Get back on the phone! Call to interview 200 agents, it's a selective process. (Kiss the lot of toads to find the prince). Try KW and RE/MAX.
YOUR agent must understand your business goals model, respect it, and work WITH you as a team member! Be clear.
Alternately, opt for direct deals with off-market private sellers or FSBOs.
No agent required.
PS. Best place to look are at REI meet-ups...start networking.
Agents there already "get it."
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
• "To every thing there is a season, & a time to every purpose..." ~Ecclesiastes 3:1-8
• "Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy!" ~Dale Carnegie
• "Begin, be bold, and venture to be wise." ~Horace
• "Never, never, never give up." ~Winston Churchill
• "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it." ~Johann Wolfgang von Goethe
Diana,
Typically for MLS properties, not REO's, you would send in a copy of your EMD check with each offer. Only after you have an accepted offer and a signed Purchase & Sales agreement would they then deposit the check to cash it and open escrow.
Use the EMD from your buyers to reimburse the EMD you spent. This is why it's critical to have a solid buyers list to start.
Let us know how it goes and good luck!
- Tom
I did meet an real estate agent at the last DG class I was in. I will start useing her,She at least hows what I'm trying to do and what I want.Plus her office is next door to my job.
Typically for MLS properties, not REO's, you would send in a copy of your EMD check with each offer. Only after you have an accepted offer and a signed Purchase & Sales agreement would they then deposit the check to cash it and open escrow.
Use the EMD from your buyers to reimburse the EMD you spent. This is why it's critical to have a solid buyers list to start.
Let us know how it goes and good luck!
- Tom[/quote
I thought earnest money was only payed after your offer was accepted and the purchase and sale agreement was signed. Not before.I do have a solid buyers list, Which is why I made the offers.I just never heard of paying a deposit to make offers.So If I make 28 offers then I would have to sent a copy of a check for at least $28,000 ?
Diana,
Your understanding is correct regarding EMD being transacted after the offer is accepted and Purchase and Sale Agreement executed. As Tom of TDSPropertiesVT clarified, earnest money in the form of copies of a single check for (what ever amount you have funds for and are comfortable with offering), supplied with each offer, for MLS listed properties. You do not need to write a check for each offer and do not need to have funds to cover each and every check. The amount of EMD that agent is expecting for each offer is quite high. You need to educate them on the investors business model of wholesaling real estate.
The no money down strategies primarily apply to FSBO's who either own the property free and clear, or owners without listing agents with whom you intend to do and/or assigns or sandwich Lease Offers with, as well as other kinds that my in-experience can't remember the details on to list.
The incentives for these types of sellers to fore-go a EMD is the enticement of no large commission fees needing to come out of their sale price, no need for them to pay for any rehab costs if any are needed, cash sales closing in 30 days or less, ect. Hope this helps.
Carl
http://freedomstrategiesunlimited.usapropertywholesale.com
Yes Carl
she the agent also said they only do 5 to 7 day inspections not 14 day inspections.So I have not called her back. Today I'm having lunch with the agent that was in the DG class this weekend. If I do not find one that understands or not willing to cooperate then I'll just call the selling agents on the listings myself to make offers.
Attend a local real estate investment club. Good ones will have real estate professionals of different types. Ours has realtors, appraisers, general contractors, lenders, private money, etc. If they are there, they are there to work with investors.
Keep calling those brokers. Ask the receptionist who works with investors and ask to speak with them. There is a script for what to say. Just keep doing it until it works.
Wendy
www.beaconinvestorsgroup.com
"Faith is taking the first step even when you can't see the whole staircase."
~ Martin Luther King, Jr. (1929-1968)
www.beaconinvestorsgroup.com
Diana,
High-5! "we don't need no stinkin' agents" *grin* Seriously though, your attitude and conviction to not let this speed-bump derail you is simply awesome. "Improvise, adapt and over-come!"
Carl
http://freedomstrategiesunlimited.usapropertywholesale.com
Realtors are not neccessary. They are just a sourse of properties. Start to finish you can do this without a realtor. When you reach tier 3 you can hire them to market your properties.
"Winners never quit and quitters never win."-Vince Lombardi
Rick
Rick Cooper Investments
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/98042/...
My website: http://rickcooperinvestments.usapropertywholesale.com/
Linkedin profile: http://www.linkedin.com/pub/rick-cooper/50/538/a7a
If we leave messages where the agent sences fear
They will not call back, I think the book mentions that
You are interviewing them not the other way
Happy investing
Osama
she the agent also said they only do 5 to 7 day inspections not 14 day inspections.So I have not called her back. Today I'm having lunch with the agent that was in the DG class this weekend. If I do not find one that understands or not willing to cooperate then I'll just call the selling agents on the listings myself to make offers.
25 to 1 ...I sent her the listings two weeks ago with no answer yet so I called her after one week and she said she was sick, when I called her about the offers the next week she said she was realy busy and she would get back to me, here I go again when I checked the mls listing most of the ones I asked her to make offers on for me where already under contract,I feel like I'm being used the first agent did the same thing with the list of REO's I sent him they do not call back and when I check the listings two week later they are sold. Not one counter offer or rejection in writing or any other way.
The listing agents actually know more about the seller than a buyer's agent does, most often. Keep interviewing...(follow the interview script exactly)...Speak confidently and professionally---(practice reading the script aloud before making your contact calls, if nec.). Convey and be sure they are on board with your business plan up front! Interview over 3 contacts. (Create a 3 phase plan). Do not inundate them unnecessarily. You are looking to forge a partnership. Speak with them, not at them. Expect to hear rejection and "no." If you sense unease, move on. Next call! (See FORUMS on topic).
THE BEST place to find agents who get the business plan of an investor is at your REI CLUBS. Saves a lot of time and hassle. After all, time is money. Stop spinning your wheels. Attend a meeting near you ASAP.
PS. There are some REAs right here on DG.com...maybe one near you? Try running an ad for an investor-friendly REA in your local free classifieds. Seek out FSBOs and FRBOs, no agent required! How about making your offers with several listing agents (1, 2, or 3 offers per agent)? Build relationships and you'll get their fresh listings ahead of the pack...
THINK A LITTLE DIFFERENTLY! as Dean says.
Persistence pays off.
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
• "To every thing there is a season, & a time to every purpose..." ~Ecclesiastes 3:1-8
• "Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy!" ~Dale Carnegie
• "Begin, be bold, and venture to be wise." ~Horace
• "Never, never, never give up." ~Winston Churchill
• "Whatever you do, or dream you can, begin it. Boldness has genius and power and magic in it." ~Johann Wolfgang von Goethe