OfflineHi, everybody this is my first post on the forum I need a little help from some very wise and helpful DGyans,PLEASE!, Ok,now, when i first called i got in touch with Re/Max Realty Office here in my Home town of Pensacola fl. When the secretary answered the phone i said, Hi, I'm a Real Estate Investor in the area, I heard that the agents here are trained to work with investors,is that true? she said, yes it is, then i said, good good, Are there any available? she said sure hold on please, That's when i started getting a little nervous, buy then i thought why am i getting nervous? I shouldn't be nervous i started thinking about scriptures from the Bible (let not your heart be troubled john14:1).plus i'm 285 lbs and can benchpress around 600lbs.what are you nervous for? after that little session i felt confident... By that time the phone started ringing and it was the realtors/agents answering line, it said sorry i'm not available at the time but please leave a message and i'll be glad to return your call as soon as possible., So i left a message telling her i was a REAL Estate Investor I hear you are trained to work with them,could you please give me a call back so we can talk, thank you my name is ----- ------ my phone no. is --- ------ . then i hung up.. Not 1 minute after i hung the phone up it started ringing, I picked it up and it was her(the agent).. we got to talking i told her i was a wholeseller,I didn't have to say that much and that i saw her profile on the realtor site. can't remember to much about the conversation,but, i do remember her saying that right now is the best time to get involved with Real Estate Investing, then i told her you are exactly right. I started thinking (that is the same thing Dean always says,man!)oh yeah, i forgot she asked me what was my criteria of homes i was looking for and i told her SFH and what price range i said around $50k-$175k, and she asked me what area of town and i said it doesn't matter, with the techniques and strategies i've learned, I find deals that other investors can't. that was it. She told me she will send me houses from her listngs (MLS), (That's when i started getting excited!)she also said that the houses were foreclosures that needed little or no repairs and asked me how my buyers were going to pay for them, I said by CASH!.. And she said ok and the earnest money has to be $1,000... Can somebody PLEASE give me some pointers thanks...
My First Contact With An Agent and $JACKPOT$
Posted on: Fri, 08/12/2011 - 16:44
My First Contact With An Agent and $JACKPOT$
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- by chevyboy68
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That's a great start...I'm not an expert or anything seeing as how I'm just getting started myself. I've talked to several realtors, and have added three really good ones to my team, one only works with investors, one is direct to the bank asset managers, and the other has mortgage broker contacts. When I told them my criteria I did not give them any specifics other than starter homes. I didn't want to miss out on anything, and wanted to see it all.
If I had to give you pointer it would be not to get to specific in your criteria, and let the realtor lead you to where the deals are. I told my realtors 3Br and above, at least 1000 sq ft, and nothing built after 1950 like the course says.
But any start is a good start...Great Job!
http://www.ohhomebuyers.com
Now Chevyboy68, don't get nervous...what me and my realtor do is send a copy of the $1000.00 check and state in the contract that earnest money will be delivered upon return of a signed AOS (agreement of sale). That usually works and allows you to put some feelers out to your buyere's list. You do have a buyer's list, right? If not get to work on that ASAP! It's all in the book, this is just a re-cap.
Just remember:" Trust in the Lord with all your heart and lean not unto your own understanding. In ALL your ways, acknowledge Him and He will direct your path." I'll bet you know where that came from,huh?
"Only those who can see the invisible can accomplish the impossible"
Patrick Snow
"Instead of using your words to describe your situation, use your words to change your situation" Joel Osteen
I have not done my first deal yet either,but you can put a clause in that states earnest money will be payed last day of your Inspection Period,which gives you a chance to find your End Buyer,then in your assignment contract state that the end buyer is to pay earnest money
Cool your nickname! Also congrats for taking this step. I am a realtor as well as an investor. Not all foreclosures require $1000 earnest money, some lenders have their own guidelines on the earnest money. I would try to keep it as low as you can. Banks like to see $500 as minimum but again some lenders have their own guidelines. Then the realtor/seller will ask you for proof of funds! Heres a website that works for me wwww.coastal-funding.com, click on proof o funds, fill in the information, and now you will have everything to submit your offer. MLS listings are good but dont forget about motivated for sale by owners or calling local banks for "other" REOs listings. Good luck and keep on your success!
Tom and Jeri
www.TuCasaInvestors.com
www.TuCasaRealtyllc.com