All Forum Posts by: Gabriel Amedee

Hey Robert Yousef ! Is there any reason you are set on targeting listings? You may find it much easier to attract retail buyers and once you have transactions under your belt you can leverage them to showcase your expertise to prospects. Aside from that, if you did an exceptional job representing your buyers they are more likely to refer you to other people which means more business. More business means more income which allows you to invest in seller targeted lead generation. Don’t forget that a lot of the referred business may very well be listings. I’m not trying to deter you from focusing on listings, it is a great strategy. However just like Brie Schmidt stated most agents do not see a check for upwards of 6 months so if you are not prepared for that you may want to explore other strategies.

Answering the phone. Answering the phone. Answering the phone. Answering the phone. Answering the phone.

“I'm not beating myself up over it too bad and really felt like if it closed as planned it would have been beginners luck taking down a killer deal in under 90 days since licensed. So no biggie, I'm hunting for other deals with a few clients and will be better prepared for the next.  I really appreciate the pro set of eyes on my situation.  I wanted to learn as much from it as possible!” Hey Russell Holmes Love the fire you got going! I think everyone covered what could’ve been said but I wanted to correct you on your statement regarding beginners luck to emphasize that it was far from that. You eat what you kill in this industry and I’ve met many starving agents who never get off their butt and for that reason never experienced the “luck” you had so early. Don’t discredit yourself and identify the actions that make your clients happy, thus making you a more successful agent. Best of luck man!

Hey Eric Fernando ! Yea REO’s having utilities off is pretty typical in my market and it is such a pain. There are a couple avenues you can go but the most efficient way, if possible, is to put the utilities under your name and request to be reimbursed at closing. A property cannot be properly inspected without utilities on, especially up there since drainage can actually freeze. Down here I’ve seen inspectors use air compressors to detect leaks and just bring a flashlight for everything else. It is better than no inspection but if you have adequate time to turn on utilities I definitely recommend doing so. Have you tried asking the bank for their inspection report? They definitely have one but may not release it to you. Hope I added some value. Best of luck!

Hey @Elia Ziliani 

I would consider taking this year to educate yourself in real estate as if it was your job. I also second what @Aaron K. said about perhaps finding a mentor or investor looking for assistance. I would also pickup some books regarding sales and consider getting your license once you get your ssn. I think working as a realtor when in school is very doable considering you can make your own schedule and you'll be forced to know everything about your market very quickly. 

Hey @Steven Cosner 

Welcome to BP! I think what you are proposing might scare the seller away but if it is all you got I would at least give a try. Before anything you need to really break down the numbers. I may be incorrect but I am interpreting that you are throwing out purchase prices without doing any calculation prior. What is the scope of the work? How long would it take to get completely renovated? Then how long are most comps sitting in the market? Use this to calculate how long you will be paying in interest and factor that into your profit loss. 

Ask a couple realtors what the comps for the property are and what they think it could APPRAISE for when remodeled. Financed buyers will be unable to finance a property above the appraisal price so that estimate is extremely important. Use that appraisal value to estimate commission, closing costs, etc and then run your numbers and find the purchase price that would give you a comfortable profit. 

If I were you, I would find an equity partner to fund the remaining 15% and offer him whatever number will give him an adequate return on his money at the closing table. Hope this provided some insight. 

Happy Investing!

Hello @Rhoda Diaz & welcome to BP! 

I believe @Morris Cohen stated everything you wanted to know but I wanted to add a little insight as I feel it may be helpful to you. 

I think what @Paul Stewart said about big banks should be emphasized. Big banks typically will not answer your call past office hours or on the weekends. In a market like Miami where home's are sold from one day to another, you cannot afford to have a lender who will not at the least pickup at 7pm on weekday because you saw a house at 6pm that you really liked and need a pre-approval or DU. This isn't all banks as I've met some really passionate bank lenders but just something to keep in mind. 

Also I would interview a couple lenders and find which one gives you the best impression. Once a contract is executed you don't want to consider having to quickly switch to another lender. Be sure to have a series of questions that are important to you and take note of all the answers each of them gives you. When you interview them please do not allow them all to go pulling your credit. Wait until you decide on the one you want to work with.

Hope this helped, Feel free to reach out for whatever reason! Happy investing!

Sastry Konduri hey there! I think removing a financing contingency on a financed offer is a very risky move if you are not 110% this property will pass financing and that you are eligible to finance this property. No financing contingency means lost deposit when your loan gets denied. You mention a due diligence period to counter this contingency but for how long? I wouldn’t think a seller would want no financing contingency but allow a 30+ day inspection period. Also, I would not allow offer to be contingent upon seller’s 1031 unless this is really a phenomenal deal and even at that it makes me uneasy. We’re talking about spending money on inspection and appraisal for the seller to walk away clean and you negative $X if seller decides they cannot find a property. How about putting property under contract and beginning inspection period when seller is under contract with the property of their choice. Or perhaps make a time period in which seller must find prospective property like 3-6 months. Hope I was able to provide some insight. Going to allow someone more knowledgeable to explain the questions I left unanswered. Happy investing !

Hey Victoria! Personally I would much rather be told I am unable to complete the job they need as their agent. I keep the amount of clients I work with within a certain number where I know I’m comfortable being able to provide all the services they would need from an agent. For this reason I do not work with flippers exclusively because the amount of time they require would negatively effect my time with other investors and retail clients. Most agents I speak to in my area feel the same about exclusivity but I’m sure it differs in each market. Hope this adds some insight. Happy Investing!

I don’t think there’s an offer too low as long as it is an educated offer. If my clients offer price is the highest price where they can achieve let’s say $100/door in a market where that is attainable, then it is an educated offer. As long as they can justify how they came to such an offer I won’t think twice about writing it up. If they have no justification for their offer then I would attempt to educate them but if that doesn’t get through then I personally wouldn’t work with the client. If you just met this realtor I would personally pass but at most you can break down your analysis and see their response toward it. That will show you whether they are a true buyers representative or just looking for a quick close. Hope my outlook provides some insight !