how to get my first property?

Question

i have been working with 3 real estate agents and none have really seem to be a big help. Or maybe im confused on how its suppose to work. To my understanding the agent is suppose to be constantly sending you emails of houses that fit your criteria. I have yet to receive anything from the two agents i personally know.They seem more interested in selling houses that are already completed " rehabbed". To add on to that, I met with another realtor from zillow who seems to be hard to read. He has rental properties and seems to only let the properties that he is not interested in become available which end up not fitting my criteria for the BRRR strategy. I have a nice lump sum of cash saved and an untouched activated (HELOC) for any additional reasons. My credit is good and a few months ago I was pre approved. With all that being said is there anyone who can provide me with sound advice from my stand point? Thanks in advanced.

Account Closed · Answer

@Damien Papillo

Who says you need a realtor to find a deal. If you see something on the MLS, just reach out to the seller's agent directly and negotiate. Additionally, you can go to forclosure/tax auctions, or join your local REIA and network with wholesalers who can start sending you deals. Craiglist also has FSBO properties.

Derek Brunson · Answer

It sounds to me like you may be working with agents who don't really understand investing. Sounds like their focus is on retail buyers. If that is the case, you might want to find some new agents to work with. In David Green's book, The BRRRR Rental Property Investment Strategy Made Simple, he says it is great to work with a bunch of agents and he details how he finds them in a new market. He says he calls local real estate offices, asks for team leaders and asks those leaders for the names of the agents who will help him accomplish his goals. Then he calls those agents and decides whether he wants to work with them. That seems like it might help you find some agents that will be a better fit for your goals.

Ned Carey · Answer

@Damien Papillo first to the point @CJ M. made most good investor deals are not found on the MLS. I have only bought a few listed properties yet have owned several hundred over the years.

Some agents are good some are not. Some agents specialize in dealing with investors some aren't interested. Most agents do not understand what makes a good investment deal. i would look for agents that do a lot of investor business.

Andrew Weiner · Answer

Finding a BRRRR is very difficult depending on the market. Do you have construction experience? It's very easy for a potential BRRRR to go way over cost and leave you at close to market price but doing all the work. I encourage newer investors to reconsider a 10-15% coc turn key as a first investment. It won't turn headS but it will get you a bit of credibility with agents and experience managing and doing repairs.
Most of the good BRRRR properties that I’ve seen in my market are cash deals , sight unseen, with no contingency. With many foreclosure auctions closed we see decreased inventory right now.

I don’t mean to be discouraging, I think that you could still do very well even if you can’t get a pure 100% cash out after rehab, it’s just higher risk.

Damien Papillo · Answer

@CJ M. I will keep that in mind, I don’t have access to the MLS, I’m stuck on Zillow most the time. I am connected to DelRia page on Facebook so I’ll start being more active in there as well

Damien Papillo · Answer

@Derek Brunson good reminder, I read the book but I will need to skim back through it

Damien Papillo · Answer

@Andrew Weiner Thankyou I’ll keep that in mind on my next few properties I look at

how to get my first property?

how to get my first property?

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