All Forum Posts by: Karl Krentzel

@Karl Krentzel Wow, that was a wealth of information. Thanks a lot. There is an app that I use on my phone to listen to podcasts. I added you podcast to it, but I can't access any episodes prior to 342. It may just be my app though.

Do you use backpage as well? Would you mind sharing some other good and free marketing tools?

No problem! Most Podcatchers will not catch all 370 episodes I have. May I suggest subscribing directly to our feed by clicking here. You will receive every episode in your mailbox as it comes out.

I would definitely recommend you visit our main page at The Red Pill Investor. Over 100 of those episodes are Premium Podcasts, complete with other tactics, negotiation strategy, RECORDED Sales Calls with live sellers and more.

Best of luck, and have a powerful sales day!!!

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Originally posted by @Doug Pretorius:

@Karl Krentzel The only way I can see this being a mutually beneficial relationship is if the agent was willing to exchange warm leads for warm leads. I'll send you my retail leads for you to list and you send me your wholesale leads for me to buy.

Doug, there is ANOTHER way.

Speaking as an Agent who invests (and has done so for some time); an agent can give you things that have value BEYOND a lead.

Warm lead to warm lead (Quid pro quo) is the LEAST Productive use of your agent.

IMHO, your best use of that agent is to provide you the following:

1. Access to, or assistance with the MLS for comparable searching.
2. Contract writing on MLS Deals. (there are several strategies that you and your agent can use to mutually profit on deals)
3. Access to the properties that AGENTS Don't want to list. (Yes, they DO Happen.)
4. Access to HUD Properties. (If they are with a larger firm, high probability of being a NAID Enabled Broker)
5. Access to contracts, as is addenda language, as well as tactical advice for negotiations.

The possibilities are truly endless if you are creative, and don't treat agents like sub-human you know whats.

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Originally posted by @Matthew B.:

Hey Rob,

You're gonna find that a lot of real estate agents are idiots. Plain and simple. And this is coming from someone who has been an agent and just recently became a broker. For some reason, its just a job that attracts the dodos.

Wholesaling is not illegal. An attorney may correct me on this, but the reason its not illegal is because you're making yourself a party to the contract and then assigning your contract. Or closing your contract and then immediately selling the property to someone else, as in a double closing.

Unlicensed practice of real estate has more to do with finding a buyer for a seller for a fee. You're not actually a party to the transaction in that case.

Unethical? It can be, depending on how you go about it. I believe that as long as you disclose and don't try to hide things from the seller its completely ethical. They have a problem and you're solving it for them.

I was listening to the BiggerPockets Podcast today and one of the guests was talking about how he tells the sellers that either himself or one of his partners will be purchasing the property. That's an easy way of communicating to the seller what you're doing without having them get upset over an assignment of the contract.

Good luck man!

Speaking as a "comically offended" Broker/Investor, I wouldn't say a "lot of agents are idiots." That's actually pretty demeaning, not to mention disempowering. The same could be said of wholesalers.

The real truth, if you want to know it, is it is a lack of clear communication.

Agents tell you that "wholesaling is illegal" because 9 times out of 10 the way the "newbie" investor will describe wholesaling is in fact "illegal, unlicensed activity".

Instead of saying you "flip houses" by "putting homes under contract and then finding a buyer prior to close" which is typically taught by most gurus out there... INSTEAD...

Say that you are "assigning your interest" in the contract if your intent is to assign. Most Realtors® were taught about assignments shortly after lunchtime so its a bit fuzzy. You may have to remind us specifically as to what that is (to counter the idiot in us all).

If your intent is to truly "flip" via double close, transactional funding, etc. then cool. Just be open about it.

I think however, it's not a matter of Realtors® being "idiots" or wholesalers being "lowballers". To get your deal through, think smart. Communicate.

Have a POWERFUL sales day!

Your Investing Realtor®

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I am in Tucson. I coach a really great Investing Realtor® out there who could help! PM Me!

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Originally posted by @Brittany Moreland:

Hi,

Wanted to say hello to everyone on bp. I'm new to the site and very excited to start exploring it. I'm a licensed Realtor in MA that works predominately out of the Western Ma area but travel for investors selling off their portfolios. I love working with investors and love working in real estate. I'm hoping to pick up my first investment property in the next month or so. Will be starting with a flip as I've wanted to flip houses since I was a young teenager. I'm planning to build my way up to purchasing large commercial properties. I'm looking forward to starting this new path in my career and am happy to have heard about bp since it appears to be a fantastic resource. Looking forward to speaking with everyone on here.

As a Realtor®/Broker/Investor with 18+ years in the game....Welcome!

More importantly, Congrats for recognizing that as a Realtor®/Investor you have some seriously unfair advantages over people! As an agent, you have a lot of specific responsibilities as well as rights that others don't have so make sure you use it!

Our "job description" as Investing Realtors® is NOT the same as the unlicensed. We have some very specific things we must do in order to stay in good standing with the law, our peers, as well as the industry.

I recently wrote an article on this very issue. You can find it here

Real Estate Agency For Realtors® who Wholesale

If you are interested, I would highly recommend you at least peruse it to familiarize yourself with how the Code of Ethics specifically applies to Realtors® who wholesale!

Good luck and have a powerful sales day!

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Originally posted by @Doug Pretorius:

@Aaron Scott and @Anita Blout

Let me save you a lot of time and aggravation... don't bother.

99% of agents don't know and aren't willing to learn what a deal is. And the 1% who do are buying the deals for themselves.

If you want to buy real estate for asking price and pray for the next 50 years that it appreciates, agents can help you. If you want a DEAL you have to negotiate directly with the owner. It's as simple as that.

Respectfully disagree. As a Broker, Wholesaling Investor, Rehabber, etc. I find that incredibly short sighted as advice.

First, a good investing agent will not "do the buying the deals themselves" 100% of the time.

It is physically impossible for me to do all the deals available in Tucson on a monthly basis. (we have over 1500 homes that sell per month, of which you could reasonably expect 1% to be "good deals". As such, I am not going to be doing 15 deals a month, nor would most agents.

The assertion however that 99% do not know and aren't willing to learn is probably more accurate however. I doubt that a majority of agents will spend too much time if you feel like you are "training" them.

May I suggest an ALTERNATIVE? Instead of "Training" the agent, why not offer out a happy medium? Their help in exchange for the leads that you generate that you will not do anything with anyway.

Since a large majority of the prospects that you will generate in your marketing will not want to do business in a "wholesale" capacity or may not be able to do owner financing or other forms of creative financing; you might as well as get SOMETHING for your efforts.

While it is illegal for them to pay you fees (yes I know its done however) for those leads, there is absolutely nothing wrong with them agreeing to help you with exchanging information. i.e. Expired Listings, Comparable information, contracts, addenda, making offers on MLS Property.

For assistance in the actual dialogues you could use with agents, feel free to check out the BP Marketplace for a complimentary script book complete with scripts for Agents, Attorneys and Escrow!

Again, while the sentiment of the writer is common, it is not as powerful a mindset as you could have.

Just my two centavos!

Have a powerful sales day!

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Originally posted by @Dolita Adams:

I am a newbie and I am trying to learn the wholesaling process. Does anybody have a script they use when talking to sellers who respond to their mailings?

Awesome Question!

I am happy to share the scripts I use if it would help! You can find them for free in the BP Marketplace by clicking here.

Just role play and practice your scripts to make them natural, and you will have great results!

Good luck and Have a Powerful Sales Day!

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Originally posted by @Kevin Kaczmarek:

Does anyone know a great source for phone calling scripts for various aspects of real estate? I just brought a few people on board who will be handling qualified leads and am looking for "Subject-To", "Seller Financing" and "Cash Sales" style scripts.

Great question! Here is a complimentary Script book complete with the scripts I use for wholesaling FSBO, FRBO, Expired, and more. Objection Handling, the Pawnshop Presentation, and more. You can find it by clicking HERE and going to the link in the Marketplace on BiggerPockets!

Good luck, and check out our podcast and blog for even more info!

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Originally posted by @Bobby Valcin:

@Joshua Durrin will do. @Jimmy Warr @Victoria Winters Thanks. @Arlene Williams Thanks for the encouragement.

@Karl Krentzel I've been posting ads once a day in the mornings, so far. Due to my schedule it is difficult to do much more than that. It seems you have some experience with craigslist ads, so I'm wondering if you have an suggestions, or even some sample ads you would be willing to share. Thanks.

Thanks for asking! Actually I do have a few ideas for you! If you like, feel free to check out these pics of ads

Another...

Which results in responses like THIS!!!

I tend to use The Red Pill Investor Scripts for wholesaling (which you can find in the Marketplace for a FREE Download!).

Using said scripts, I call them back and prequalify them, as well as set appointments if necessary. You can hear actual scripts and actual conversations with REAL Sellers free HERE.

A majority of your success with any free lead source is your creativity. As you can see, my ads are a lot different than most others. I wrote a special report called "The Craigslist Report" for our Premium Podcast Plus members complete with swipable copy as well as ideas on where to get royalty free images, keywords, etc.

Check out our podcast at TheRedPillInvestor for even more Free info!

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All Forum Posts by: Karl Krentzel

Karl Krentzel has started 64 posts and replied 391 times.

Post: "Training" a fresh real estate agent to the ways of investing.

Post: I got my first call!

Post: "Training" a fresh real estate agent to the ways of investing.

Post: Why do realtors consider Wholesaling illegal or unethical?

Post: Investor Friendly Agents in AZ

Post: Massachusetts Realtor and soon to be investor

Post: "Training" a fresh real estate agent to the ways of investing.

Post: Scripts/What to say to sellers?

Post: Calling Scripts

Post: I got my first call!