BiggerPockets


Maverick Real Estate Property Locator?

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Anthony Larson

Real Estate Investor from Las Vegas, Nevada

Dec 06 '09, 05:26 AM


the company is looking for big properties and they have a business oppurtunity that pays decent commisions checks or 5% of profits if you wait the holding peirod out. I was wondering if anyone has heard about this or is currently doing this. I have submitted a few properties and I'm going through the learning stage. When you first begin, the fist 5 properties you submit, they critque the heck out of it to get you on the right track.

I deciding my niche, would be undervalued and in need of rehab 100+ units.


Edited Jun 26 2010, 10:45


Jeff S

Real Estate Lender from Los Angeles, California

Dec 06 '09, 01:10 PM


You haven’t given much info here. Is Maverick Real Estate Property Locator a company, a person, software, what? Who runs it?

A few red flags fly at me:
1) Have they clearly defined the buying criteria to you and how to calculate it? If not, you’ll waste a lot of time finding something for people who don’t know what they want or at least how to communicate it clearly. If they don’t know, how will you?

Anyone who “critiques the heck out” of the first 5 properties you present, as a matter of course, just to get you on “the right track” is wasting both your time and theirs. What’s to say you didn’t give them 5 killer deals up front? Why don’t they just give you their criteria so you can “critique the heck” out of the properties yourself before you present them.

This is not a game and I would not recommend you birddog for anyone who can’t tell you, in great detail, what they are looking for.

2) How have you qualified this group? Do they have money? Credit? Have they closed deals? Where? For how long have they been in business? You did check references didn’t you? What did you find? Who has made money with them?

3) Be careful when someone offers you a piece of the profit at the end of a waiting period. I’ve owned a number of successful companies that never made a dime. I make sure of that.

Jeff


Edited Jun 26 2010, 10:45


Anthony Larson

Real Estate Investor from Las Vegas, Nevada

Dec 06 '09, 10:56 PM


there vary clear on what they want, if the intial 5 you find a deal that made money they'll take the deal.

1. Problem properties
2. Cap rate of 10% or above
3. Short term owner financing
4. Vacancy more than 20%
5. 50 units or more
6. Rents below market rate
7. Poor condition or vacant
8. Owner pays some utilities
9. Existing financial statements
10. Opportunity for extra income: laundry coin operated machines,
vending machines, etc


Edited Jun 26 2010, 10:45


Lisa Burke-Eddib

Real Estate Investor from Rockledge, Florida

Feb 23 '10, 04:35 AM


Anthony-

Feel free to contact me with any questions. I joined NACREPS about a year and a half ago. For anyone else who is interested in learning more, check out their web site for yourself. www.NACREPS.org. This is a legitimate opportunity and NOT even close to a get rich scheme. The criteria is very specific, problem is since I joined, the criteria changed several times due to changes in the market. I had submitted over 20 properties that were not pursued but now after having done this for awhile for different groups, I know the learning curve is steep and takes awhile to really be good at it. No deals yet for me but I also got away from them for about a year to work with another group whose criteria made more sense to me.


Edited Jun 26 2010, 11:46


Jamell Mobley

Real Estate Investor from Upper Marlboro, Maryland

Apr 20 '10, 02:06 AM


What group are you with now? (If you don't mind sharing) How is your progress?


Edited Jun 26 2010, 12:32


Dan Krause

from Michigan

Apr 20 '10, 10:27 AM


:D :D :D DEVNIC: I tried your e-mail address and got a failure notice. I went to their website and dont have time for webinars buy would like to join NACREPS. How? Thanks, Dan


Edited Jun 26 2010, 12:32


Joshua Parrish

from Vallejo, California

May 15 '10, 11:08 AM


www.NACREPS.org doesn't appear to work. Are they still in business?


Edited Jun 26 2010, 12:50


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