I feel like a tiny fish in a rough, huge sea! Where do I start?

[Sherry Joseph]

Hey All!

I recently went to a Fortune Builders seminar (I heard it being advertised on the radio) and it's since peeked my interest in real estate investments. I believe I'm more into the wholesale process, but would be open to rehab as well through private/hard money lenders or cash buyers. I'm 28, located in NYC, I've been a real estate agent for 5 years with a primary focus on rental properties, and I'm looking for some insight from some seasoned investors on where to find these hot listings, cash buyers and, or lenders. Any tips/pointers/suggestions/stories to share. I'm open to hearing/learning/reading as much as I can from your experience, reference sites, or forums on BP that can be helpful to my success. Thanks in advance!

[Account Closed]

STOP! Stop representing others as an agent - your best client is YOURSELF! I know it is going to be hard to do after 5 years of being under the thumps of a brokerage.

Take a look at your commission structure - what do you get after selling another agent's listing - that sold for $100,000 - the standard is at 6%, of that 50/50 for the brokerage and of that you may get 25% or $1,500.

Now represent yourself - how much would you make if you controlled a property for $50,000 and sold it for $60,000 (maybe to your investor's list, by private treaty or public auction) you'd walk away from the deal with $10,000 - yep that's lots better than $1,500.

Arpan Patel is correct, you've got all those listing on the MLS at your finger tips - new listings - ready to expire listings, expired listings, REO listings - commercial listings - land - lots and even non-conforming properties and businesses with real estate.

All you need to do now is learn how to make offers (oh, forget abut your Realtor contract) you don't need 30 pages anymore - now that you are representing yourself!

I use a "skinny contract" one page - I want the seller to see that it is short and easy to understand.

Make sure you have a built in extension, profit disclosure, assignment rights, delayed settlement clauses and maybe an hybrid agreement.

Just think - no more floor duty - turn downs - driving people around to look at properties - dealing with unfriendly agents - brokers - paying all those fees.

FREEDOM at last you have a new CLIENT - and that is YOURSELF - treat yourself well - work only two days a week - not 7, work in comfortable cloths - forget the suit and tie - wake up when you want, enjoy an extended vacation - give your wife and kids the gift of YOU - life in my opinion is too short not to have the things you want and the pleasures of your family.

At 75 years old - it took me awhile to learn the secrets of representing MYSELF, but i have never been more successful and happy!

Go for it -

Charles