Best way for Newbie/RE Agent with limited cash to compete for Fix/Flips?

6 Replies

The north suburban Atlanta market has a deep pool of investors with cash in-hand chasing fix and flip residential deals, an arena in which I want to play.  Deals often don't make it to market, often going straight to said investors with a track record of closing quickly.  With limited  cash, I'd be looking to borrow funds, either private/hard money.  How would be the best way to compete against these investors and get started?  

Thanks

@Dale Moller -

"Deals often don't make it to market, often going straight to said investors with a track record of closing quickly"...or to those who dig for deals differently instead of the common approach of yellow letters to out-of-state homeowners.

Also, be human and build a relationship with your seller. Strike a chord with them and make it personal. Stand out from the rest and truly communicate that you understand their situation. Also remember that "people like people who are like themselves." -Tony Robbins 

Get yourself a good HML and build a relationship, you'll be able to say the same things. And there's that word again: relationship.

The right relationships will bring you the right deals with the right money every time. 

Dale,
Being in the housing industry, I am guessing you know about owner finance, lease purchase and "subject to," (existing mortgage) which is basically taking over payments so the owner can walk away? If not, I would be happy to share what I know on these methods to hopefully get you moving forward into your first deal.
Linda

Since you are an agent you can bring that to the table.  If you can provide deals you will be able to draw in a capital partner to work with.

You provide the deal to a more experienced investor, share in the profits, and work along side the rehabber and learn the business.  

The biggest thing is to provide some sort of value and it sound like as an agent, finding the deals is where you would provide that value.

Medium rzt hc 6483Michael Noto, SalCal Real Estate Connections | [email protected] | 860‑384‑7570 | https://www.zillow.com/profile/Mike-Noto/

http://www.biggerpockets.com/forums/12/topics/180137-starting-out---get-a-quick-start-this-spring-doing-terms-deals?page=1#p1218747

You can look up quick flips or you can look at buying and selling on terms which is the above link

Many educators and gurus teach the buy/fix/ and flip

It's my opinion to just focus on expired listings and help so I'm selling terms and make some money if you're low on cash

Medium banner reiskills 997   copyBrian Gibbons, REISkills | [email protected] | 818‑400‑3046 | http://MyREISkills.com

@Michael Noto Yes, I've privately messaged two experienced local BP folks with that proposal and am still waiting to hear their interest.  Thanks for the suggestion.

@Dave Moller - You can break in pretty easily by being a great real estate agent to investors, then asking them to partner on the stuff you can get on your own.  This has worked for me.  It's all about relationships. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you