Homeowner · Pittsburgh, PA · Member since 2010 · 1 post · 0 votes
Hello. This is my first post here so if I'm in the wrong forum please let me know. I'm a fairly new investor (fix and flips). I've done a few flips so far but I've always just stumbled into a good deal on my own without going through a realtor.
There are a few investors that I know of in my area that have realtors and they always seem to get great deals and a constant stream of properties to work on. I've contacted these agents and basically the most they're willing to do for me is give me some MLS leads (essentially the scraps that their already established investors don't want).
My question is how is it that these investors are getting a steady pipeline of great REO deals from agents? Do the agent's have an "in" with the banks and, if so, how can I get an agent who has that "in" and is willing to give me some business?
Find out the title company and the closer these agents work with, put a deposit of a couple thousand in an escrow account with the title company. Then contact the REO agent, let them know that you have money in escrow with their escrow company of choice and are ready to close on the next good deal that one of his other investors can't close. Just provide a safety net for the agent and treat them special when you do business with them. You better perform or you're out for good. Hope this helps...
I am one of those investors you are referring to. I get these pipeline delas because of the relationships I form. This businjess is 95% relationships, and they must "like you". If you come across the wrong way, you will have a tough time. If you come across as a rookie beginner, you will fail.
The key is to know the biz and talk the talk. Forming relationships with top dog REO brokers is key and keeping those relationshps strong requires a positive and "giving" personality.