All Forum Posts by: William Byers

@Carlos O. 

As @Bill Gulley so eloquently stated, you have to understand the problem in order to be a problem solver.  True knowledge of real estate doesn't happen overnight (or over a boot camp weekend).  Each state is governed by laws that prohibit those that are unlicensed from making money off a real estate transaction for which they are not a principal (buyer or seller). 

@Miska Paulorinne 

You are correct, most residential realtors are not interested in spending time with investors, nor do they generally have the knowledge.  It's a rare residential realtor that understands investment property.  One of my motivations to get my license was because I felt like I wasn't getting the service or "expertise" that you should expect.

However, I am also very selective in who I take on as a buyer client. I don't typically take on new investors unless they have cash and will do multiple purchases. I'll work my tail off for you and bring you pocket listings and off market deals. I provide CMA's, cash flow analysis including pre-tax and post-tax, exit strategies, rehab estimates, and market studies even. But I have a commercial real estate, construction and land development background, and just happen to be active in SF investment properties.

There are good ones out there, though, so keep looking.

@Sarah T. 

Absolutely get on the feed now, and study the market, especially sales in the areas of interest. Sounds like you want to rehab, so figure out where the numbers make sense for that strategy, and track everything in your farm areas closely. Every MLS platform is different, but a good investor friendly realtor can provide data to help you. I just generated a map for a new out of town investor who asked me to generate a map of all cash purchases in Jacksonville since 12/1/14 so he could see where the investors are buying. Not all realtors are investor oriented, so spend some time finding the right person.

One more thing.  Be loyal to them if they serve you well.  Make it mutually beneficial and list all your rehabs with them.  Build a relationship.

@Kenneth LaVoie 

Congrats on establishing such a well performing, stabilized portfolio.  I concur with @Amy A. about either working with a local knowledgeable realtor. MLS is just a platform. What you really need is someone who can assist in determining the best exit strategy for your portfolio. The path presented will bring bottom feeders (IMO), eager to help you from the burden of your property management. If the portfolio is extremely well performing, has low leverage/debt, and is well run and documentable as to last 2 years rent rolls, etc., you can market this in several ways. Find someone interested in helping you accomplish YOUR objectives, not the other way around.

@James Wise Great input, I use a similar strategy.

I set up new investor clients with my standard MLS auto emails for different MLS lists (SF 3/2's, investor listings, MF, condo.). If they ask for me for a different set of search criteria, I set that up as a personal feed. I also set them up on a listingbook portal account that allows them to search the MLS at their leisure.

If they inquire about a specific property, we run a quick comp and see if it fits either exit strategy for flip or B&H.  

Find a mentor.

@Pat S. 

I have a client from Jacksonville FL looking for cabin/land in Yancy, Mitchell or Avery County.  I need to co-broker the deal as I am licensed in FL and would love to work with you.  He's a land planner and I'm an engineer (licensed in NC) and we are also looking for land deals to develop in the area.  See my profile or PM me to connect and discuss further.

Great story and a perfect example of taking the opportunity to make the first offer.  Some say you shouldn't - I love it when they won't start the negotiation and say "make me an offer".   I start at 10 to 20 % of the value, if that high.  Don't negotiate the deal in your own head before you open your mouth.  It took me a long time to learn that.   

Congrats, have to look into that.

I jumped on BP this morning freshly motivated in my endeavors, and searched the forum for motivation.  Of all the threads, this one by @Bill Gulley who I am working with as a mentor.  He said I was an inspiration because I keep emphasizing to do the right thing and good things will happen.  He really gets it.  He understands my motivation and stated it in a very clear and distinct way.

I can only say that BP has been a wonderful forum for me personally, and provided me the motivation to pursue my passion.  I love the way Bill G, and so many others,  share their wealth of knowledge without expectation.  Thank you all, I am just trying to do the same.

The Bridge Builder

An old man, going a lone highway,

Came at the evening, cold and gray

To a chasm, vast and deep and wide,

Through which was flowing a sullen tide.

The old man crossed in the twilight dim-

The sullen stream had no fears for him;

But he turned when safe on the other side

And built a bridge to span the tide.

“Old man,” said a fellow pilgrim near,

“You are wasting strength with building here;

Your journey will end with the ending day,

You never again must pass this way,

You’ve crossed the chasm, deep and wide-

Why build this bridge at the eventide?”

The builder lifted his old gray head-

“Good friend, in the path I have come,” he said,

“There followeth after me today

A youth whose feet must pass this way.

This chasm that has been naught to me,

To that fair-haired youth may pitfall be.

He, too, must cross in twilight dim-

Good friend, I am building this bridge for him.”

Will Allen Dromgoole