BiggerPockets

I need some feedback and help:

I'm looking to invest just under $1,000,000 in the next 60-120 days in real estate. This is what I'm looking for...

1. Properties with equity that also cashflow
2. Good rehab deals with equity

I'm thinking of getting with an agent to find these deals for me on MLS, but here are my qualms...

1. How do I find an "investor friendly" agent?
2. Are there many "good" deals on MLS

Any suggestions and feedback would be appreciated.

Thanks!

PS - I'm in the Portland area.

Note from Moderator: Absolutely no ads in this thread.

Joshua,
If you would like to be in the South Bend,IN area - I have the greatest, established, successful company with quality homes which have been rehabbed and have a cashflow with equity. The company manages the properties and most have tenants (their reputation is so good that they have a list of renters waiting for homes).The owner of the company will speak with you directly, if you wold like to speak with him, but I can send you brochures of photos and info on some of them to see if you'd want to proceed. Please email me for this super business opportunity. We have a continous inventory.
Patti (swisher.p@gmail.com)
Homeworks

Joshua,

MLS listings have good properties.
Thanks,
Patti

I'd be very cautious about posting publicly saying "I have $1 million to invest". All sorts of deals are going to crawl out of the woodwork.

What do you know about this business? If you have RE investing experience and understand the business you'll be able to identify when an agent is offering you a deal vs. just retail deals.

It is possible to buy off the MLS. Its a LOT of work. I'd guess you need to consider at least 200 listings, actually look at 50, make 20 offers and then you'll buy one.

Don't know the Portland area at all. But decent rentals tend to be lower priced. Read in the Rental Property forum, especially about the 50% rule. That says vacancy, operating expenses and capital expenditures will eat 50% of the gross scheduled rent. You need to take that estimate and start evaluating the rents and prices in different areas. Good rentals tend to be low priced. Its very difficult to get enough rent out of a $250K SFR rental to make a profit. Much more feasible in the $50-100K range.

MLS listings, especially for nicer houses (not short sales, not REOs) are "retail" prices. You really want to try to buy well below retail so you have some built-in equity.

If you're intending to apply leverage, and you can find the right lender, $1 million in cash translates into $3-4 million in purchasing power. Even at $100K, that's 30-40 houses. Realistically, you will not pull that off in 60-120 days. Now, if you're just paying cash, and wanting to buy 8-10 houses, you might. Even then, its going to be a full time job, if you actually want deals.

If you're willing to just buy whatever's on the MLS at retail prices and aren't actually worried about finding profitable deals, this will be much easier. And you'll find many agents who will help you.

If you really want to try to buy dozens of good deals, you're going to keep at least one agent busy full time for several months.

Is moving an option? Lots of places in the US where you could turn that money into a very nice income from rental property.

Maybe you could explain a little better about your goals for these investments?

Also please note that any unsolicited e-mails or PM's offering you deals are a violation of BiggerPockets forum rules and terms of service. I see nothing in your post that is asking for any sort of solicitation. If you start getting PM's or e-mails offering deals, please let me know.

I would second what Jeffrey and Gregory have said.
I have found that it is much better to go without an agent, yet work with a solid, local wholesale company in the area. Depending on where you are looking to invest there are several on here with great reputations. Again as Jeffrey said, make sure they have contributed for a while.
By identifying that you are looking to invest $1Mil, your post is going to attract a lot of natural attention.

Are you looking to do commercial or residential? If you are looking to do residential, then you should look where Gregory mentioned, ATL and INDY. Both were as recent as last week mentioned as the two best undervalued cities in america by Harry Dent Jr. on his weekly address.

I have been accumulating Indianapolis properties for a while now and am in the midst of buying over 30 as rentals for my investing partners and myself, and let me tell you, it is work to find the right deals, get them closed, do the repairs if necessary, and then find good tenants.
I say all this to suggest you don't put yourself under the time constraint of 2-3 months if you are looking to do residential as that will just lead to some bad deals.
This market is soft enough that you can work hard to find the right deals and if you find your best stuff 6 months from now, its not as if you missed a good market.

If you are looking to do commercial, you will want those 2-3 months to do your due diligence before making a purchase decision.

It sounds like you are going to have a fantastic time building up your portfolio. Have fun with it!!

MLS is mainly for SFR. Wealth is built faster in the commercial arena so MLS will not help you there. Being in favor of Mobile Home Parks - I know that if I had a million to invest, I would look for a nice quiet senior MHP to invest in!

Good Luck & Best Wishes on getting this done in your short time frame.

Joshua is this your money or part of a group or a partners money???

If there are other decision makers involved it's best to know it upfront.

If you are buying commercial it does not have to be in your own backyard.

If you are buying a larger facility the property management company will be running it day to day.

Are you a business professional looking for money to invest or do you want to be more hands on in the process??

There are value add plays where you can increase equity but they are much more intense in scope of work and do not qualify for conventional lenders most of the time.

A fully performing property will be able to get lending easier.

Sam here is a prime example of what they said was going to happen. There a lot of these types on BP so watch out. At least he comes out and tells you he has no job and wants money.

Hey Joshua,
I have low posts right now but that is because i started this profile for my brokerage. My experience has been to work with investors in the area and know where to find the deals. I'm located in Indy and have been working with Kevin K. on some of his deals.
I have been working the good areas in Indy for over 7yrs and can give you advice on both sides of the fence, as a realtor and as an investor. Don't go with the first "investor" realtor you come across, most of the time they are just REO brokers. They will find you cheap deals but not in the best of neighborhoods.
I wouldn't necessarily go with any wholesaler in town either. Make sure they know the ropes and are not trying to just blow smoke up you pants.
Have fun and if you have any questions please feel free to message me!

I think the Moderator edited my post by mistake instead of the post below mine.

The post below mine has a telephone and e-mail.Mine didn't have anything like that in it.

No biggie.If Joshua wants to contact any of us he can along with showing proof of funds before anyone goes further.

All the best.