I'm looking for recommendations for a realtor who works well with investors, and a bank too. Here's my situation:
1) Looking in the Providence Rhode Island area, and surrounding communities (Pawtucket, East Providence, Warwick, Cranston, etc)
2) I'm fairly busy with my business, so need assistance with finding properties (on or off the MLS)
3) Prefer properties that are fairly turn key (again, because I'm busy) but willing to take on rehabs for the right deal. I've done a bunch of rehabs, so not afraid of them, it's just the time issue.
4) Willing to buy foreclosures or auction properties, but need a bunch of hand holding to get through it
5) Need a lender who can work with investors. Not interested in hard money right now.
6) Realtor needs to be willing to submit a bunch of offers quickly, with the understanding that we won't buy the vast majority of them.
7) Realtor needs to understand the investor mindset.
8) Realtor needs to be willing to work on properties that are fairly cheap for the market.
9) Probably looking for a SFR this year, but also interested in 2-4 families.
I'm new to the Providence area and found my current agent through another investor. I absolutely love this guy. Very honest and knowledgeable. He is also an investor himself. Give him a try and let me know what you think. https://www.sellri.com/agent/steve-gillikin/
Im happy to network with you also and see if we can do something together as well. Talk to Steve and let me know. You will not go wrong with him!
@David Sisson You've provided a ton of value via BP on all things architectural, zoning, ordinances, etc so I'm hoping I can repay it slightly.
Only that in my honest opinion, what you're asking for on the realtor side doesn't really exist. I've spent a couple of dozen hours networking for this unicorn buy-side agent (finds great value deals, will work on entry-level properties) and I don't think she/ he exists. The demand for these types of deals is so high that the agent will either buy it for themselves or refer it to someone in their very close network. I'm hoping others prove me wrong here!
On the banking side, I think it's much easier. Both BankNewport and Freedom National are portfolio lenders so don't need to conform to the federal agencies, i.e. their underwriting standards are not as strict. We know there are specific properties that we own that are on a conventional 30-year mortgage that wouldn't qualify for a Freddie/ Fannie mortgage. Happy to make introductions to either or both lenders.
Thanks much. I was also suspecting that there isn't much upside for the realtor, so tough to find someone who's willing to work hard for not much $. Yes, I'd love to chat w/those lenders.
I came on here to ask this exact question. Thanks David Sisson for asking and thanks everyone else for the feedback.
Who are you guys using as agents?
Also, how many of you had a sellers agent lined up while searching for your first flip? I imagine realtors have plenty of work so they aren't interested in doing extra legwork for a potential deal.
@Thomas Ferreira Jr. I've mostly worked with listing agents directly. Personally, I'm comfortable negotiating on my own behalf, and I'm happy to do the work searching on MLS for opportunities. I've also found the listing agent a bit more motivated to close a deal when they're seeing both sides of the transaction.
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