closing homes

7 Replies

Hello fellow bigger pockets bloggers.  I bought my first cash flow investment property in october of 2014 and it has been performing well.  I have been looking to close more homes since.  I have been going through an agent that is a friend and have a lender willing to provide 15% down.  Unfortunately, since the first home i have not been able to close any more.  Seems like the homes are not on the market for more than a week or two.  I have been in contract on a short sale and i am on month 5 as it is still moving very slowly.  I am looking in the plainfield, nj or linden, nj area.  Any advice?  My aim was to purchase 5 properties by the end of this year.  

Do you have your realtor sending you auto MLS updates daily? Sounds like your market is HOT so you need to be the 1st person to look at the house and make an offer.

no i do not have that setup yet.  he may have it setup for himself.  i will ask.

I made the mistake of waiting to long on a realtor who was "slow" to send property! You want to be notified the same day as the property is coming out! If you have trouble you might want to look at switching. Easier said than done but we lost 10 months of good real estate time!

Auto MLS updates never worked for me. It's a tool for a lazy realtor. Keep searching for one that will send you specific listings because they "actually" check the MLS twice a day.

@Bryan N. brings up a great point. I have the auto emails set up for my clients, but on top of that I check the MLS first thing in the morning (usually between 5-6a) then again while I am eating lunch.

When you combine a diligent realtor with the auto emails you are putting yourself in the best situation as an investor.

I got you.  Just a tough choice b/c my Realtor is a friend who has also helped me out in a lot of ways with learning the business.  I will talk to him.  Any other tips?

Friend or not this is a business.  If the realtor is bringing deals to you... Move on 

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