I am a very new, newbie who hasn't even accomplished my first deal yet. For a couple of years now, I've had two RE agencies sending me properties for sale, as if I were a buyer. I was just window shopping until it was in my blood.
Now, one of the agents asked me how could he be of some assistance. I emailed him back saying, "Mr. Rolle,
I am currently in the market to both buy, and sell. I have recently assumed the title of an investor, and I am looking for properties now, only as an investor. If you are serious concerning helping me with my real estate needs, I look forward to hearing from you."
His return message, "Richard,I am certainly serious in regards to assisting you with your real estate needs. Please, tell me how I can assist. Are you actively looking to buy or sell now? Where can I begin? OK you RE people! What the heck do I do now?
Issue is probably you don't know enough after a couple years of chasing systems, strategies and guru tactic junk to even ask a question, won't be long before the agent figures out that you just took on the persona of a real estate investor and don't have a clue, they will stop asking and write you off as another no money, no credit, no job, no income, guru book reading real estate wannabe. Solution.....? Learn real estate, not marketing crap so you can value properties in a market and then apply buying tactics so you can sell for a profit and understand how to use a Realtor. :)
Do you have a property or properties to sell? If you don't then put a line thru that. If you do then give the agent the rundown on each property specs and asking price? Are you in the market to buy? If so what type of purchase are you seeking? Turn-key, light rehab, full renovation? What's your price range? What if any preferred areas are you looking to buy in? These are some questions that your agent will need you to answer.
First to Bill,
I wasn't chasing the system. I was working as an Affiliate Marketer, about to be married, and needed to purchase a home. I just never cancelled the subscription for the RE agency, and the emails kept coming. I've just been studying for about 6 months now, and I'm looking to start wholesaling.
Now Mary B.
Thank you for your help. I have copied and posted your questions to my OneNote. I am currently reading every book on wholesaling I can find since this is strategy is going to be my first endeavor. Subject-to, Seller financing, Short Sales, and Foreclosures can all come at a later date. As you stated, I can put a line through this one, because I don't know what to say! I just made an honest post, never planning to get beat-up by Bill G. All in All, this is just going to make my study harder, and keep some of my people on BP!
You have the skills, go find a cheap distressed property, cheap, fix it up, and rent it or sell it. That is all you need to know. You be the construction buyer that they tell you to wholesale to. Forget all those schemes. You be the man. Your deals, your profits, your rental empire.
God Bless You Arlan. Now, that's what's needed from BP professionals. Lift up the milk-drinking investor until he's able to eat meat!
your best course of action is to be honest with the RE broker.. Just lay it on the line like you did here... its no skin off of their back to set you up on a constant contact e mail of new listings it is simple for them to set up... i get these in many states that I want to enter or I am working in.
Just to be fair to the agent if you do not have any capacity at the moment then don't run them around thinking something different.. just treat the agent like you would like to be treated.. Remember agents are people too and they only have so much time.. and they only make money when deals close... so you want to be respectful of that.. Many people just take RE brokers for granted and really treat them poorly... I know having been one for 40 years I can tell pretty quickly.. I fired clients all the time especally back when I was starting out in the 70's... My dad always told me your commission your not paid to nor need you take any abuse from any client.. If you don't like them or think them rude or non sincere just dump em... Anyone who has been an agent knows that score
I hear you Jay! Those were my thoughts also. I don't want to pre-loose a strong contact before I even have them. This agent reached out to me, without knowing anything about me, as was that first reply I received up top! There is a section in one of the books I'm studying, "Finding Deals on the MLS," by Than Merrill. This is how I'm going to spend my Saturday night, reading all 7 steps. If I don't come up with a strategy by Monday, I'm going to humble myself and be truthful with the agent. I left marketing and chose RE to help, not to hinder! Again, Thanks Jay!
Welcome. Some of this may be review. Time to build the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 90 past ones to catch up on.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
Couple good reads
- 9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal
- Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper
- How to Start Wholesaling: Getting Past The Education and Into the Field
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Richard everyone starts somewhere.
Problem with some buyers is they are not buyers at all.
On the commercial side of real estate I get contacted many times.
This broker/agent here sounds like they just have you in a junk follow up system. If you stand for nothing you fall for anything rings true.
If the broker/agent isn't asking pointed questions and putting buyers through a serious vetting process before spending time with them then shame on those broker/agents for running a bad business practice. We teach people how to treat us.
Time invested for an investor and the broker/agent has to be mutually beneficial.
A quick way to separate the real investors from the pretenders trying to be something they are not is to ask for a recent bank statement in their name valid within the last 30 days. Also ask them to fill out a personal financial statement for liquidity versus net worth. That gets them off the phone in a few seconds. They can't twinkle toe around not showing they have the capacity to buy. This is when you hear ( I have a partner, it's someone else's money, I am just a wholesaler, money is tied up in other deals, I want to syndicate but have no money partners yet ,etc. ).
For every 10 contacts made that reach out to me I might get 3 quality buyers. Some do have money but just not what they thought it takes to buy commercial properties. Others had no clue on what it takes and just have a dream and a prayer with no actionable steps on how to get from point A to point B.
Just like investors learn over the years how to quickly spot a deal the broker/agents who have been doing business a long time know instantly how to spot real buyers and sellers.
Nothing wrong with someone trying to wholesale there is just a certain legal way to do it properly and fully disclosing what you are trying to do. If you tell people you are a wholesaler and the broker/agent still wants to try to do a deal then at least everything is fully disclosed.
An example of what not to do would be saying you are a buyer but are trying to lock a property up and trying to sell to an end buyer instead and you do not have the capacity at all to buy. In the long run if you want to stay in the RE business a long time you build a track record and trust with going about your business in a professional manner.
You guys are amazing! I can take a break from my books, and just stay here! I have made up my mind, and heart that I WILL become a top flight investor, I WILL listen to all creditable comments, and I WILL ask questions when something arises that I don't know, or understand! The only thing that I must be very careful of is information overload. Thank you all, and may God Bless!
Check out the podcasts on this site, there are some great ones on wholesaling. You will find that the accomplished wholesalers are not getting their deals off the MLS so you probably don't have much use for a realtor at this point. You will need to put in time knocking on doors and put in money sending out mail to find deals which are not on the MLS.
Just interview him. When you contacted me you probably thought I was still in the market to buy a home, well I did that already. But since then I have become interested in investing, so do you presently have any clients that are wholesalers or rehabbers.
If yes, then you know I am looking for properties that I can make a profit on, If you want to make me aware of those kind of properties that would be great and you can make some money if I buy them. I also want an agent I can call and get comps from if need be if I am looking at an unlisted property. Some of those properties will not be investment material for me and if you provided the comps I will give you the lead and the info when I pass on them.
If no, just change then you know to then you need to know.
Let the relationship grow from there .
I have just given my podcast to itunes, and I'm getting writers cramps. There is some very good info. I don't know why I didn't go there sooner. Thank you much.
My thoughts exactly. My Saturday night was spent researching some of the wisdom in my RE Library. I'm going to interview him! I now know what to ask, how to ask it, and if necessary, move on! When you rush into anything, mistakes are made! The Realtor called me! I believe he needs something, and if we can come to some type of agreement, Let it be written, Let it be done! Thank you for your interview skills. I've got more to add to it. God Bless you all!
I started to just send this to Brian P. since he gave me the idea, but instead, I wanted my whole families comments, and critiques. I haven't sent this yet, so let me know 'all' of your thoughts before I do.
When I was previously subscribed to your company, I was in the process of purchasing a property. Since then, I have become interested in investing. I am truly Blessed that a professional of your status would ask if he could be of some assistance to a wholesaler. Thank you so much.
Now, bargain hunters hunt for bargains, and without good deals, my buyers won't look twice!
I would need access to search through newly listed properties, with some distress, and sellers that would entertain the thought of wholesaling, or rehabbing their property at a discount. If so, I would run comps, determine the ARV, and take it to my buyer. When all these steps are accomplished, we can close, and go to the bank.
Should this interest you, reply, and let's get to work.
Updated about 4 years ago
Revised and sent: Mr. Rolle, When I previously subscribed to your company, I was in the process of purchasing a home. Since then, I have become interested in investing. I am truly Blessed that a professional of your status would assist a wholesaler. Tha
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