What do real estate agents and wholesalers want from me?

5 Replies

Hey guys and gals,

I'm currently in the middle of creating my business plan which has to do with targeting real estate agents and wholesalers for deals. At the moment I know they want people who will close a deal and not yank their chain because of indecisiveness. If any of you have good input I would greatly appreciate it!

Thank you

V/r,

Jesse

As a real estate agent: Have your proof of funds ready or easily accessible. You need it to put in an offer. 

Be upfront with what you are looking for and how you want your deals to look. And find an agent that does investments themselves. They will at least have a starting base to help you find your deals. 

@Leah Stuever

Hey,

Thank you for your input. If we're using private money, do you know the best way to do this?

We plan on making a simple analyzer for newer agents so they get a rough idea.


Thank you again,

Jesse

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Private money can provide a letter of intent as proof of funds. I have used them before without a problem. 

Make is very simple for an agent. They are not going to want to spend a ton of time on every property. For mine they tell me what % they want to pay on ARV and I can generally send things that are close. But I am not running their numbers or determining repair costs. Just looking at the asking price and the ARV to know if it is something that they may be interested in looking at. So it only takes me a few minutes generally. Everyone's time is important.

Originally posted by @Leah Stuever:

Private money can provide a letter of intent as proof of funds. I have used them before without a problem. 

Make is very simple for an agent. They are not going to want to spend a ton of time on every property. For mine they tell me what % they want to pay on ARV and I can generally send things that are close. But I am not running their numbers or determining repair costs. Just looking at the asking price and the ARV to know if it is something that they may be interested in looking at. So it only takes me a few minutes generally. Everyone's time is important.

what I do for my clients is simply take a snap shot of our bank account.. that works.. careful with wholesalers.. there is no oversight there so only take deals from them as leads do not trust any numbers coming from them.. ARV rehab anything.. also don't give them money up front only at closing.

Thank you guys for your advice again...

@Leah Stuever I completely agree about everyone's time being valuable. That's why I felt it would be important to ask you guys before I started moving things forward. =)

@Jay Hinrichs I haven't gotten to the level of only taking a picture of my bank account yet :P. I agree with not giving wholesalers money before closing. I wouldn't consider accepting repair estimates from wholesalers yet until they've been roughly correct multiple times and even then I would verify it. Thanks for your input =)