Deal Analyzing database?
Hello all!
I am trying to get connected with local Texans and get more educated and build my network with this first post! Does anyone in the Houston area (I live near Memorial Park) want to be accountability buddies to grow and motivate each other on this real estate journey?
I also found this website that helps with analyzing deals. I made several searches and it seems to be somewhat accurate in some areas. I would say it is a nice reliable secondary source to use when you're in a crunch. Has anyone else try this website out? Thoughts? Comments? I would to hear them! Please to meet you all virtually!
@Khang Pham Welcome!
As I mention in several other forums. I highly suggest you attend local Real Estate Investor Meetings. Houston is such a big city with so many active investors, there are literally investor meetups 5-7 days a week. You could go to one every day if you tried hard enough. Find 2-3 you like and attend them regularly to network and grow your education. You'll meet lots of people just getting started, but you'll also meet lots of people already investing and lots of great contacts (lenders, contractors, title companies, insurance companies, etc).
I have an account on the website you mentioned. It's pretty nifty, but I have access to the MLS as a Realtor, so I can see most of the same info. I always caution to be very careful about a "one stop shop" for investment deals. A website that shows you everything you need to know that has 100% accurate data does not exist. This one is cool that it allows you to customize some really important data like holding costs. Just be weary that the website is attempting to get you to submit an offer. I would advise against doing that (especially if it's your first deal) without using a Realtor. You need someone that can guide you if you've never bought a home (or an investment property) before. As a buyer, a Realtor is free to you, so why not use them?
@Brian Alfaro
Thank you for your suggestions. I did attend a few before. At these events I tend to feel very timid when it comes to speaking to individuals that are much older than I am. Part of me is afraid that I would say something stupid. However, I will get comfortable with it with more exposure.
I am absolutely going to be getting a realtor to help me on my first deal. Do you think it is uncommon for realtors to agree on signing a noncompete for only the deals that you see together and not by a 3-6 months term period?
Keep showing up to those meetings! Don't be afraid to put yourself out there and talk to people. It's the only way to break fear.
I am a licensed realtor, and I can tell you that if you and I have a Buyer's Agreement in place that I am going to represent you in a transaction, you don't need a non-compete. I am representing you and legally cannot compete against you (i.e make an offer). My job is to represent you and that is how I earn my commission. Why you are interested in having a realtor who is representing you sign a non-compete? Are you afraid they are going to steal the deal from you?
I can tell you that a realtor is not going to sign a document you present them without first consulting their broker and an attorney. It's unlikely their broker advises the realtor to sign it without also consulting an attorney. Being a realtor myself, I personally wouldn't be interested in working with an investor who had no experience if they asked me to sign a non-compete. What are you bringing to the table that gives me motivation to sign it since you have no deals under your belt, no properties, and no experience? If you were an active, experienced investor buying/selling multiple properties a month, then I would consider going through the legal obstacles to get your non-compete analyzed by an attorney because we are going to bring value to each other. Therefore, to answer your question my opinion is that it is uncommon to ask for that.
At this point in your journey where you are in the learning phase before you take action, I would advise you not to worry about things like "non-compete" agreements. You have way more things to worry about like how to analyze a property, how to find deals, how to rehab them, how to finance them, etc..
Originally posted by @Khang Pham:@Brian Alfaro
Thank you for your suggestions. I did attend a few before. At these events I tend to feel very timid when it comes to speaking to individuals that are much older than I am. Part of me is afraid that I would say something stupid. However, I will get comfortable with it with more exposure.
I am absolutely going to be getting a realtor to help me on my first deal. Do you think it is uncommon for realtors to agree on signing a noncompete for only the deals that you see together and not by a 3-6 months term period?
Oh buddy, please - you cannot possibly say anything more stupid than me or the rest of us... we are all just learning. Sure some investors are further ahead on the journey than you and than me, they just started reading the book earlier. We cannot compare ourselves still reading chapter 2 to them reading chapter 33.
Your attitude is good. This will require doing some scary or at least uncomfortable things. I did that one flip, it did NOT go well, and it was scary as hell. Felt like it was trying to put my parachute on after I already had jumped out of the plane. But still I managed, with some help. And you will, too, I am sure.
@Khang Pham in situations where I feel timid or afraid of saying something stupid, I just name the fear. I might walk up to someone and say something like "Hi, I'm [name], I'm working on [deal]. Forgive my misuse of the vernacular..." People will be accommodating.
@Mark Sewell @Peter Roehrich
Thank you both for some words of encouragement! You guys definitely help me put things into perspective.
Peter, that's an awesome example! It reminds me of the book Never Split the Difference, often times when we label the fear or emotion it tends to ease up the tension and release us from our fears or nervousness! Thank you. I will try that at the next meet up with someone!
Welcome to BP! Everyone starts somewhere. Very quickly you'll pickup the lingo. There will be stumbles. Failure is good. That means you've learned more. Just fail quickly and those lessons will be invaluable. Podcasts are also great resources to learn while on the go!
Originally posted by @Brian Alfaro:@Khang Pham Welcome!
As a buyer, a Realtor is free to you, so why not use them?
This statement will hold true if the buyers agent can get the seller to not add 6% to the fair market value. Not sure if buyers agent are up for this, since fair market value is very debatable. Also, why would any agent want the price to be lower?
Because some commission is better than no commission. I want the best price I can get for my client that will also satisfy the seller. What a Realtor wants is the deal to CLOSE.