NEWBIE QUESTION: REALTOR FOR OFF MARKET DEALS?

Question

Hi all, I am new investor in the Baltimore area.  I’ve been driving, knocking, and mailing for dollars and am beginning to receive responses.  I have contracts and other paperwork and resources to get properties under contract, but am a little weary about messing up somewhere along the process.  My question is with off-market leads that fit my criteria should I use my realtor to facilitate the process for the first few deals?  I think it maybe worth it as long as my realtor is willing to show me what they are doing along the way.  I don’t mind paying for the support and expertise, but hope that I can learn the process enough to secure deals and not fudge things up.  I’ve also heard that depending on my relationship with my lender, that they may be able to usher me through the process.  Thanks for reading and for any advice!

Eric H. · Answer

Greetings @Courtney Rollins,

Congratulations on taking action. Your feelings of weariness over fumbling is normal but I believe that experience is the best teacher. Mistakes/setbacks are unavoidable even with a well thought out plan. I would say a good real estate attorney or title company would be a more viable option if you are concerned with uncertainties related to contract or paperwork. Just be sure to close using that company.

I wish you the best!!

Ozzy Sirimsi · Answer

If you need guidance then you need a realtor/ investor, but if you need just paper work to be completed then  you don't need a realtor.

Adam Wallen · Answer

@Courtney Rollins Great questions... I was wondering the same as I'm beginning my REI career this year. Planning to start my direct mail marketing campaign soon and hopefully get a multifamily unit under contract in the next 6 months. Best of luck to you!

Anthony Dooley · Answer

@Courtney Rollins Somebody has to pay the agent one side of the commission, either the buyer or seller. This will take a big chunk out of your profits. If you already have contracts, use them. The closing attorney will tell you if it's missing something. Your lender will only run your credit and order an appraisal. They probably don't know much about real estate investing other than debt instruments that are available.

Joe Norman · Answer

It sounds like what you're looking for is guidance, and not necessarily representation. If you have a strong Realtor on your team already (i.e., one who expects that he will be your go-to for on-market deals as well as for listing your retail flips) then s/he may be willing to help you out in terms of paperwork. Otherwise your lender or title company would be a good resource for guidance.

Great work taking action! I had to run out at Spirits West last week but hope we can connect next time.

Great work taking action!  I had to run out at Spirits West last week but hope we can connect next time.

Caleb Heimsoth · Answer

@Courtney Rollins if a realtor found the deal, use a realtor.  If you found it I don’t think you need a realtor

Courtney Rollins · Answer

Thanks, @Yannik C- V.! I will do that.  Thanks for the advice.

Yannik Cudjoe-Virgil · Answer

I understand. In my opinion don't bring a realtor in if its off market. You can do transactions off market. PM me if you need some clarity on what to do Re: when you get a property under contract

NEWBIE QUESTION: REALTOR FOR OFF MARKET DEALS?

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