All Forum Posts by: Michael Hicks

I really like the one i used on that last property and I talked to him about answering my calls but it didn't seem to help. 

@Jay Hinrichs, I tend to be loyal to people once I use someone several times.  I give my agent a call when I am looking at a house.  If he doesn't answer, like you said, I move to the next agent.  Deals are time sensitive.  If it takes a day or 2 for the agent to get back to me, more than likely someone else has already snagged the deal.  

The second realtor came to me and offered to drop his commission since I was buying and selling so much.  It was by .5%.  I appreciated it but it wasn't something I would trade for good service.  

I recently purchased a home a little further away than I normally do. I used a realtor familiar with the area. I was pleased and decided I would use her to list the home as well. I told her it would be ready in 3 weeks...be ready to list it. I followed up in 2 weeks, left her a message stating the home would be ready next week and asked her to take a look and let me know if I should make any changes. Never heard back from her. So, I call realtor #2. He is the top selling agent in the area. Called and texted for 3 days telling him it was ready to list,we needed to sign the listing agreement, and get it on the MLS. He finally emailed the listing agreement which I docusigned but 3 days passed and still not on MLS. So, I take pics and put on Craigslist and Facebook yard sales. Had tons of replies from qualified buyers which I forwarded to the realtor since I had already signed the listing agreement. We got a contract that night. Am I being unrealistic in my expectations? I've bought and sold several homes with the 2nd realtor in the past 6 months. I don't expect to be top priority but I do expect them to answer or at least give a prompt response. It's not just these 2 either. I don't know that I've ever called a realtor and gotten an answer on first call. Some never call back. I went through the realtor class but don't remember them teaching us not to answer the phone. Any thoughts?

I think you would probably see a better return acting as a private lender. I guess there could be more risk. When I borrow private money, I have a security deed ready and in the hand of the lender when I take possession of the check. I feel this is a pretty safe venture as the funds are immediately backed by the real estate. I also keep my all in below 70% ARV so the investor is usually in at 50-60% ARV. Just a thought. Crowd funding does seem sexy but if I were putting my money out there I'd want to know exactly what it was and be secured by the property itself and your relationship with your borrower. I guess I want a more personal relationship. Good Luck

My first "no" is when I am looking at listings and see several additions that don't match up or roof lines that are sagging or homes built too close to the ground.  I pass immediately.  I can deal with age, condition, and architecture but my second no would be architecture.  I just like certain styles.  

@Tony Hill, when I borrow private money I want it to be a win for both me and the lender.  Most of my flips are all in at $40,000 to $60,000.  My last was all in at $40,000 from my private money lender.  I offered him 15% apr interest only so that its worth his time.  That's only $500 a month on my end but I completed the flip in 3 weeks,  in contract the same day as completion.  We will close in a few weeks.   I only used his money for a total of 2 months or $1000. To me that is not much for the use of his money so I will be giving him a bonus at close.  I want to keep working with him on future deals so I want to keep him happy.  This may not be how others view private money but for me I like to look at it on a deal to deal basis and make it work for both parties.   He doesn't require points up front and most hardmmoney lenders won't loan under $50,000.  

@Hai Loc, keep with it.  It'll come when you least expect it.   

Here are the updated pics.  Just figured out I could add more than one pic to a post...