Looking for a new realtor, maybe...
So recently I backed out of a property that I had under contract and I'm not sure if I made the right decision. I'm also not sure if I should be pointing some of the blame at my realtor. But this situation has brought to mind the possibility that maybe I should be looking for a more experienced realtor who knows the Phoenix and great Phoenix markets, who is investor friendly, who is more experienced, who has more time, and who can advise me better on deals. My current realtor just got his license and although he works for a very well known and established firm here in AZ (part time), and he was a rental property investor back east for some time, he is new out here and he doesn't really strike me a "go-getter".
The deal I backed out of was a 4-plex that was going to cash-flow about $700/mo total net (without any rehab or rent raising, which I could have done). After some thinking about that deal now I'm starting to question whether my realtor did me wrong. The property inspection showed some mold in one of the units but we weren't sure how extensive it was. Apparently it was due to a pipe bursting (the property was built in 1979 and hadn't been upgraded that much). The lady who owned the place didn't put much money into it at all (besides A/C units and a roof years back). Anyways, I keep thinking to myself, "Shouldn't he (my realtor) have recommended and/or mentioned for me to just buy the place, rehab, and raise the rents since there didn't seem to be that much that was needed?" Since it was my first deal I was uncertain (i.e. - I was on the fence). The lady next door was doing just that with her 4-plex (bought from the same seller) but the inspector told me not to do it (because it was a "ticking time bomb"), though I wasn't sure about his assessment since there didn't seem to be a ton wrong with the property. He did mention that the foundation was "settling" and that some rooms in the units were sloping but it was all stucco construction with all tile inside.
That being said, I'm having second thoughts about my realtor. What qualifications should I look for in a realtor? Are you a realtor who is interested in helping me with my deals and/or find great deals (including off market deals)? Are you a go-getter who is sharp, experienced, and who is currently making money from cash-flowing rental properties? If so, please inquiry within!