All Forum Posts by: Rodney Lorenzo

I say go for it. Be sure that if everything were to go wrong, you wouldnt ruin your cash flow on the first property though. HELOCS are hard to get on an investment property but some lenders will do a second lien loan on it so that could be an option as well. 

I'm fairly new to BP and trying to find my first deal.  I keep coming across people saying to try and find an off market deal.  Where is the best place to find off market deals?  Are there any sites that have off market deals?  

I keep coming across people saying to ask wholesalers.  Well, where do wholesalers find their deals? 

I tried to use the off market deal finder here on BP and I can't figure it out for the life of me.  I'm a pro member so I have no idea why it's not working for me...

If my location makes a difference I live in the middle between worcester and boston, ma.

Unless you pay for it, I'd consider nothing to be locked. Its just shady marketing/sales by the lenders. A lot of lenders will talk up a teaser interest rate, work your file towards closing, then spring a change on you right before closing. Many borrowers are stuck and have limited options so will still close at the lesser terms.

Always work multiple lenders toward closing to give yourself options.

@Rodney Lorenzo  I would totally recommend that you work with a Realtor...all the time.  If the Listing Agent is not calling you back, not answering your text messages or emails and if he/she is not providing you with the financials you need to determine whether or not to purchase a property, how good of a job do you think he/she will do for you once you're in escrow???? During the escrow process is when you need the best representation for many reasons (i.e. turning in paperwork on time, contingencies, inspections, etc.) If you miss a "big ticket item" because you didn't know what you were doing or the listing agent was trying to hurry up and close the deal, could cost you thousands.  Another thing to consider, the Listing Agent was hired by the Seller, who do you think they will have a primary fiduciary duty to fulfill?

Don't worry, the market has now changed (or will change very, very soon) to a buyer's market. Listing agents will have to work a little harder to sell their properties. Part of the reason that Listing Agents were being so lazy these past 24 months was because it was a Seller's market. Anything and everything was selling in a very short while. All you had to do was list the property on the MLS and everyone in the world was anxiously waiting for new properties to hit the market. After the LA got the listing, they had little incentive to do much work since the property as going to sell quickly anyway. Or, if their respective state allowed for dual representation, the LA could "cherry pick" who they wanted to work with. If they could "double end" the deal, then that's who they would work with. I also totally agree with @Russell Brazil advice.  

So.....keep working with your Realtor.  The market has changed and soon you will have the answers you are looking for. He will be looking out for your best interests.

Realtors and the MLS are the gatekeepers to a sale generally. I think over time you'll find that realtors generally serve the interest of the commission, neither the buyer or the seller. They'll convince you it's a buyer's or seller's market and to pay asking or drop asking, whichever gets it to closing quickest. People would be much better off getting that % back in closing costs and still letting the title company to a majority of the work, lol.

Just like any business there are allies and rivalries, and politics involved internally as well. A realtor is going push a listed property, then a fellow brokerage's listing, a realtor friend's listing, a friend's listing, yours and FSBO offering buyer's agent commission last. They'll tell a buyer that FSBO house A is in a dangerous neighborhood but will tell that same buyer a listed home B around the corner is a great buy in a gentrifying neighborhood.

Having said that, you can travel the path of least resistance or not, it's up to you.  If you're only looking at listed homes, I would drop your agent and just contact the seller's agent directly and deal through them.

In a few years I'll have enough liquidity to offer in-house financing and avoid realtors and appraisers all together.  Utopia is real.