All Forum Posts by: Account Closed

An agent will only show you what is listed - most of them are over priced. You may need an agent to send you a list of expired listings - or to represent you as a buyer's brokers (fiduciary representative) an agent that represents you exclusively - one that you pay -

• an agent who will make offers on FSBO properties
• to give you a daily or weekly list of expired listing
• an agent who will sit in rent court and approach unhappy landlords
• an agent who has your best interest at heart
• You don't need an agent to show you over priced listings
• an agent who run ads for you at their expense -"WANTED for my client - real estate - houses - commercial - lots and land. If you are selling - why pay a commission - my client pays me - not you - have real estate - but would rather have cash - call me I am an agent - but do not want to list your properties - I want to buy it for my client. Call now Mr. Real Estate (no commission) Agent"
• Be in control of your real estate business - agents work for you - you need to have it your way -
• If an agent brings you a retail listing - make an offer - before looking at the property for 30% less than the listed price - subject to inspection. Do this to open negotiations - see what happens - you'll be amazed of the comments and the results - have fun - have it YOUR WAY!

Charles

PS - keep looking for that agent that will satisfy your needs - new - young agents to the business are you best ones - old experienced agents are TOO set in their ways to see it YOUR WAY!

The lots are called "currency" land, investors in a 1031 exchange use them to balance a trade. 

I would suggest that you control and roll,  you don't need a hard money lender if you're flipping properties, nor do you need an attorney  provided your contract and other forms are in order), you should build a relationship with a local title company who understands your real estate processes. 

 Use delaying tactics; subject to financing, banking days, subject to inspection. 

 You never have to go to settlement, you never need to borrow money – as long as you are controlling real estate -  this is the highest form of areal estate leverage in the universe, ( selling something you do not own) once you perfect this system you'll make nothing but money. 

 Make sure you make full disclosures, be honest, do not try to get over on anybody and use a very simple  contract of sale, I call it a skinny contract. 

Wishing you good luck.

Offer $70,000 cash subject to inspection. If they accept that I will partner with you and offer it at public auction. split the profits. 

Julie, thanks for the vote- always appreciate them. 

I don think so - but you never know - understand that there may be laws against it - there are in Maryland and the fines are very high.

If you use an agent as your representative you are safer 

If they are not paying their mortgage - who else are they not paying - are there potential judgement on the property - someone in foreclosures will do or say anything to save their situation and walk with some money - you need to be careful.

As soon as you think you are helping someone - remember you are really helping yourself - be transparent - make full disclosure. Don't try to get over on people just to steal an equity - these folks have problems.

I'd say it is OK to talk to them and give them some ideas to help their situation - but be very careful that you are not accused of taking unfair advantage of someone in a bad stressful situation.

There are better deals out there -

Walking for Dollars - or Farming has been a great way to make contacts with potential sellers.

Over forty years ago when I stared as an agent - it was my daily goal to talk to ten people a day - I would go where ever the public was welcome - building supply outlets - stores - restaurants - professional offices -

• Be Prepare - look like you are important - 
• Have a clipboard in hand with pen at the ready
• A camera hanging from your neck
• Neatly dressed -
• Questions to ask -----
• Is this the property for sale? 
• Hello or excuse me - do you know of anyone interested in selling their real estate?
• Sit in rent or housing court - meet landlords - ask - do you know of anyone interested in selling their real estate?
• Walking and Farming is a great way to find a deal

Charlie

AS an auctioneer - we sell a little over 200 properties a year - I am always amazed at some of the bargains that are had - I often wonder -WHY didn't  I buy this house?

We do mostly RESERVE auctions - the seller may give us his reserve number - but auction time he may take 20-40% less.

We do all of auction sales on site - in front of the building.

I am also surprised when a property sells for way more than the reserve - (when two bidders go head to head trying to out bid the other - this is called auction fever).

• Get your name on all of the auction companies mailing list -
• Don't bid unless you have had a opportunity to inspect the building
• Always do your comps and try to talk to the seller before the sale
• Have you money ready
• Meet other bidder at the sale - make friends - collect cards - learn from them
• Have fun - be on the streets daily - get serious about your business

Charlie --

• Expired listings - 
• Direct mail post cards - letters - to targeted owners - commercial - lots - non-conforming -
• Internet web site (received over 100 leads in 6 weeks)
• Farming - know how to - where to go - what to say - who to approach
• Radio - commercial must be sincere - have reference and be branded
• TV -if you don't look the part - hire talent to shoot the commercial for you

All of the above methods I have used and have done successful transactions - anyone with a few bucks can find leads - motivated sellers (that's the easy part of this crazy business)  - but------ the important thing here is WHAT YOU DO  when you get a lead!

• What are your objectives? Are you really an investor - do you have the cash to closed an equity packed deal?

Or did you just learn some tricks at a seminar on flipping real estate? Are you trying to disguise yourself as an investor - when you really want to CONTROL the property with a contract of sale (tie it up until you can find someone to pay you an assignment fee)?

If so - it is dishonest - unless you make full disclosures at the very beginning of your conversation with the so called motivated seller! 

When talking to a seller that just called you - or you called - what are the very first questions you intend to ask?

The first few minutes is atell - the seller is evaluating every word you say and every question you ask - the seller wants to know -- are you for real -- can you make my problem go away -- do you have the cash -- do you have skills to settle?

So choose your words carefully - the first few minutes of your conversation is very important - just remember you spend money and time trying to find a motivated seller - you don't want to blow it within the first few minutes.

The major item I need to determine is HOW MUCH EQUITY IS IN THIS DEAL and how much of that EQUITY can I control?

Do you have an INTAKE FORM - a form with questions to ask - a form that will lead you to the amount of equity (your profit)?

If you only could ask 6 questions - what would they be?

Charlie --

Call title companies to ask for referrals - find active investors in the ares - ask for a referral -

you'll hear the same name a few times if you make enough calls - that's the one you want -

Charles