The real estate agents that try to shatter your dreams

I have found these posting tobe informative, thanks when the time comes for
me to look for a realtor l will try to screen them thourhly, and it maybe
difficult to find one , a good ( re ) agent that is but that is just another
hurdel to overcome. thanks for you valuable postings.

that is but sooner or later you will find

Don' t ever give up!! I had a realtor that was recomended by my mortgage broker and she seemed to be good, had a lot of knowledge but called me one day and said she couldnt do this anymore because she had a bad feeling??? This was only after a couple of weeks! I was pretty down but then met another realtor who is an investor himself and as it turns out knows much more than the first one. We are even pairing up on some deals!
I have put in a bid on my first deal thanks to the help from the academy
I have bid on a short sale that is to go to auction on the 16th so I am hoping that they will stop the auction and accept my bid. After I pay the hard money loan I should net 20,000!! there is not much repair just cosmetic!! Not too bad for my first deal!! Keep your fingers crossed! I am so excited but dont want to get too excited until i hear they accepted my offer!
Just never give up. the people at the academy are sooooo patient and listen to my ups and downs but they always offer support!! I am soo glad that i made the decision to enroll in Dean's academy!

Hi school bear, i just joined the academy and to be honest i feel a lil afraid. I now dean says that you cant have that in order to suceed, but sometimes when i speak to buyers or realators i feel dumb and dont know what to say when they ask questions. Right now im in the process of finding a realator and am going to meet with her in the next hour. I hope it goes well and she doesnt shatter my dreams like all the others.

Just got back from my meeting with my realator and i feel so at ease now!!! I read all your comments and applied it to my interview and the realators were excited to work with me.
I told exactly what i wanted to do. I told them that i was new to real estate investing and wanted to start building my revenue(Empire! LOL) by starting off with assignment of contract. At first they did ot know what i was talking about, but i explained that my comission would not come from them but from the investor or buyer. Which i know was there main concern. But i reassured them that there commission would not be effectec, and this was a partnership so we can help eachother profit from realestate.

Thank u all for your comments and support, my family is greatful. Were on our way!!!

Hello all and hope everyone is doing well.

I will add this.

-Real Estate agents are commission paid. They dont have time to waste with non sales opportunities. I have been in a total 100% commission type situation before and you just DONT waste time on deals that are not deals.

-My current agent and I grilled each other really well before we decided to work together. He asked the right questions and he answered mine correctly. I appreciated his question to me which was:
"How much return on your dollar are you looking to get"

My answer - "I cant answer that. I might do one deal that starts at 150K and put in 45K to be at a total investment of 195K and sell for 230K or so. I make 35K or so. I might buy another property at 70K and put minimum effort into it and sell for 110K and make the same 40K. Now go find me either one of those opportunities and you and I are doing business together."

He looked at me and smiled and a relationship was born. I agree with DG that some of these folks are used to glamour shot business cards and sitting on their collective butts and raking in the dough. Kick those types to the curb! QUICK!

My realtor is only, and I mean ONLY showing and bringing me properties he knows that neither of us is wasting any time looking at.

Stan

Surprised that my post was taken off,....somewhat

No one can shatter your dreams if you let them. If someone doesn't want to work with you, move onto someone who will. Sdbox said it best; our time is valuable and most don't want to waste time on something that doesn't exist.

This is a coldblooded business and you're not going to get A-Rod averages starting out. Stick to it and keep it up

Hi Isaiah, I know just how you fill about these reatlor. I went around looking for a realtor That would understand realestate investment. I had them all telling me you cant do what your saying. I even had a Presedent of the realeste club tell me it illeagal what your trying to do and it just dont work hear. finaly I found a investment group which lead to unlimited opportunty. I found realator there and attorney,title co and all kind of interested people doing what other say cant be done. Just find your a good REI group and keep on moving. Good Luck.

Hello all,

Has anyone ever shared Deans books with the realtor your trying to bring on board?

I found a realtor this weekend thats willing to do whatever it takes to make money in this market. When I started to share my plan/Deans plan for making money in this market she didnt seem to be familiar.

I tought about sharing my books with her so that we both and learn & grow together.

What are some thoughts to this approach?

After about close to 10 agents I interviewd, I found my agent who was willing to work with me. This guy works with other investors and even other wholesalers so he knows what is going on. We started working last summer and we had about 4 properties under contract but no closings.

I think that most of that it has been my fault. The first property I got under contract , I didn't have enough buyers so I had to give it back using my contingency. My agent then had one of his investors buy it but I was out of the picture then. My mistake here was maybe paying a bit too much for a house in a not so great area and not having enough buyers for it.

My 2nd property that I worked was an area that I was not very familiar with and also paid too much. Had to give it back.

My 3rd property was my best shot and I lost it because I didn't have enough earnest money. This property's ARV was around 90K and my offer was accepted at 38K. The problem was that I only made a $50 initial earnest money and the listing agent didn't think that was serious. I went and borrowed $2000 but by then it was too late. The lesson learned here is that try to give as much earnest money as you can 500-1K dollars. MAKE SURE YOU HAVE YOUR CONTINGENCY IN THERE SO YOU GET IT BACK IF YOU CAN'T FIND A BUYER.

My 4th property was recently and I also paid too much because I failed to update my comps recently and the market had gone down signicantly.

The thing that keeps me going is that my agent has not given up on me and so why should I. It takes time to get this system down but once you do, is one of the easiest ways to do no money down deals. So while you make find an agent who works for you, try not to emulate me and let him down as much.

I've tried but they don't go to the site. I give them an invite through the invite page but they never use it and it wastes invites. I think I'll wait until someone askes me the next time.

Maybe you'll have better luck.

Blessings,
Barbara

Hi
I am new to the business, and in the process of "looking" for a real estate agent/broker, I notice that several websites have a link for "investors". Maybe it would be a good idea to start with those.

Realtors, like clients, seasoned or newbie investors, come in all shapes, sizes, patterns and work ethics.

Some stick to the standard method of doing things. Others are willing to try different things to make a peso.

We make our living on commissions so if we feel for a second that something is not right, we tend not to bother because wasted time is something we can never get back.

But please let us stop bashing the RE agent for crushig dreams or taking away inspiration, blah blah blah. Make sure you take of things on your end and you should be ok, with or without someone else.

Good luck to all in this crazy profession

We emailed flyers telling of our journey and searching for an agent to go along. Only 1 out of 100 replied and when she found out we we're going to spoon her deals to close, that she would have to actually do some work for us, she declined.

The agents are all lazy out here, do I really need one to make this work?

Rick & Peggy

My opinion is No, you do not NEED one agent to make this work. I prefer to go directly to the listing agent and let them know I am interested in the property and will work only with them or the buyers agent they recommend (some one in their office)I work with that agent on that property.I have done my research and know how I can make money on this specific property. I also have an agent I work with that supplies me with the info off the MLS I need and try to buy through her when possible. I do not use the spray and pray, throw 50 on the wall and see if one sticks idea.
Find a property you like and call the listing agent on the sign or ad.
Better yet, find a motivated FSBO or Pre forclosure homeowner and get it under contract and assign it to one of your buyers WITHOUT an agent!
It is FAR more important to have a BUYERS LIST than it is to have one agent that you work with! If you are trying to do this with no money you must have buyers in place first, not agents!! Find properties, make offers! You will learn more when you take action and you will meet the people you need along the way.

Good luck to all!
Michael Mangham
MD Home Acquisitions LLC

Peggy & Rick

Nothing beats personal interaction. Speaking to you over the phone is ok, but nothing beats looking in someones eye and explaining what you want to do and how you plan on doing and most importantly how it benefits us,.....THE REALTOR

Its very easy to say no.

Take a day or two to call and set up appts to meet w realtors and explain your expectations of them and yourself. Understand you may not get anything but as you go along and you get more comfortable with your pitch it might resonate more and people see the vision.

I don't think its so much the agents are lazy, they might not think its of a benefitto them. Show them how it is and you might see results.

Hope it helps

I agree. At all of our conferences, I tell the classes that about 95% to 98% of all agents are clueless. Most people in the class look shocked, and the ones who are agents sit there and nod in agreement.

It's amazing when we are visiting different cities how much incompetence we encounter when we make calls to agents. I had one in San Jose just last month who, when I called and said I want to invest, she said she wasn't interested an hung up on me without another word. Amazing.

Just keep pushing through all that garbage. There are some great agents out there who will really help you out!

My office and I get literally over 50 calls a day from 'investors' and normally about 45 are fraud or totally cannot finish a sentence

"Hi i'm an investor and can you send me your listings or a list of any cash sales in the last 90 days???" ARE YOU A CASH BUYER??? "Yes I am"..... OK SEND ME YOUR BANK STATEMENT TO .......AND ONCE I GET IT ILL GET IT TO YOU....."Um...."

The "Um" kills it all the time. At that point the convo is done but I dont believe in insulting people as that person might have a house but I explain to them

"LET ME ASK AGAIN, ARE YOU THE PRIMARY BUYER OR ARE YOU LOOKING FOR A PROPERTY FOR SOMEONE??? I ASK BECAUSE THE BANK STATEMENT COMMENT SEEMED TO CATCH YOU OFF-GUARD. BEFORE YOU ANSWER, PLEASE UNDERSTAND I INVEST AS WELL AND AM MORE THAN WILLING TO HELP OUT BUT BE HONEST; DO YOU HAVE THE CASH TO CLOSE THIS WEEK OR ARE YOU LOOKING T SELL THE CONTRACT IN 30 DAYS???"

"Um,...i'm looking to sell a contract and use transactional funding..."

The main problem is most peoples intro convo kills it for them; acting or trying to sound more advanced than they really are. Even then you may not get something but it beats lying and getting caught out.

Don't blame the agent all the time

Thanks for all the useful infromation here. I will hopefully be on my way to starting my REI career. And finding that right RE Agent thanks again for all the helpful tips even when they don't see ur way but being consistant and not giving up

Thanks everyone and God bless

Tyeisha

it's pretty simple...if someone doesn't want to work with you or won't do things the way you want them done (providing they are legal) then move on to the next one. Realtors are like offers on properties you will go through 10 or 20 before you find 1 that wants to really work with you. They are out there you just have to keep looking.

First one told me it would be almost impossible.
Second agent said:"I'm happy to help, but am not optimistic on your behalf. I've talked with over a dozen people in the past year who are trying to do wholesaling, and it didn't work out. And I spent many many hours with 3 different people (and lots of mileage), each of whom was really trying to work it... and each of them got screwed in some fashion by the people they thought were potential buyers or a seller. I can fill you in later, but the reality is that most investors will just engage a Realtor... why pay a middleman?"

I agree dealing with Realtors can be daunting in the beginning, however as has been written here, keep at it.
I have found that most times it is the way the fledgling investor explains what assignment of contract is to the Realtor. Take your time and learn more about the actual process before you try to explain it to a Realtor or agent.
We put multiple aggressive offers in on properties and when we get one accepted, we have a contract we can assign. The investor then steps into your shoes and closes on the same contract, as if he were you. The real estate agents both get paid as per usual. We are not selling the house, or anything like that, just the right to execute our contract on the property. I hope this helps.

find the homes yourself.

There are several on here who do it and do it quite well. All it takes is a plan and effort.

From the beginning it has always seemed to me that it is easy to blame a relator for the shortcomings that transpire when in fact it is the fault of that person or persons.

Being an agent works for me very, verywell; It works because in NYC there are too many frauds and real cash buyers don't like to deal with them. A competent licensed agent who deals more with distressed properties and has relationships with banks and asset managers like myself has an advantage over a standard agent who mostly deals with rentals and end users.

It is this type of relationship that most on here need to have; coming on this site soliciting advice is not the way to do things. You need to build relationships by having people know who you are. Its not easy and takes time but in the end you SHOULD benefit to the level you want.

Stop blaming others for your shortcomings and lack of success. It can be attained if done correctly.

This week I took action I have been working with a real estate agent .The agent has been sending me house listings out the ying .I have hit a little road block . I used deans strategies to get the agent to take action worked like a charm. so I decided to go for it and submit my first offer for an assignment to third party investor. I submitted my offer and my realitor ask me to submit a letter of funds. I told her I was working on it . SO WHAT IS MY NEXT STEP. I also hit another road block .My realitor ask me if i would be doing a double close. Which meant I had to come up with the money to purchase from seller .THEN ANOTHER CLOSEING TO SELL .I told her i would get back with after i spoke to 3rd party investor.My question is how do i get around proof of funds letter and who do I contact get transactual funding letter. Also do I have to purchase first then resell or can i just tell them I have a buyer that will be taking over my contract .WILLING TO TAKE ACTION BUT SCARED SEEK GOOD SUPPORT FROM DEANS PEOPLE.

Thank you all for the encouragement as I move forward in this process of being a GREAT Investor. Have a great week everyone.

I'm new no expert however in "Your Town" book Dean did mention Coastal Funding at http://coastal-funding.com (coupon code "Dean Graziosi). I haven't been on the site but if you have to get proof of funds (pg 244). They are for back to back closing.
Betty

Could you please enlighten me as to what the purpose of this site is? I thought it was, in part, for supporting and helping each other when we get stuck... which I assumed was asking others for advice.

Thanks...
Aniko

Control of a deal, especially when you're not as experienced is the best method to ensure a closing.

The agent was wrong right off the bat. Yes, there are many people that are upside down with their mortgages. However, I can't remember the percentage but the percentage of people that own their houses outright is suprisingly very large. You have the veterans, baby boomers, retirees etc. who likely have their house paid off or a large chunk of equity in them. There is all kinds of opportunity out there, just be hungry and keep going!

I love that response, that's hilarious! lol I should use that if I meet an agent like that. It's amazing how few people are willing to get out of their comfort zone.

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Great deals are never found. Their made.