All Forum Posts by: Sherry McQuage

I have done/attempted to do 2 transactions with wholesalers that contacted me...I don't intend to work with them again.

The wholesalers that contacted me generally bring properties that are "not desirable" for some reason...in bad locations, the owner of record has not paid taxes on them for years and is overseas, has some sort of title issue, or is "elderly" and has no idea what the property is worth.

Also, the wholesalers that have contacted me were very protective of what they were under contract to "buy" the property for, and tried to pressure me to sell it within 30 days or my commission would go down.  Not an incentive, because I know how much time, effort, and marketing I put out.

I also appreciate the hustle...however, it felt like "someone was trying to make money off someone who may not know as much" and I don't like that. My local MLS is also writing rules that require a seller to own/close on a property before listing it with an agent. I applaud this; with so much information available online already, owners of record generally find out what the wholesaler is trying to sell it for, and they seem to feel "taken advantage of"...I pride myself on ethics, and doing the right thing...another reason I won't list a wholesaler's property anymore.

Things are changing...there's no "easy button" to make money fast anymore.  I think that's good, as it will protect owners of record better.  Hustle is good...wholesaling is no longer in my "good" category.  Buy/close on the property first, then sell it.

 Hello,

A good rule of thumb in NC I tell my sellers about: if we get lots of showings in the first 2-4 weeks, but no offers, the price is too high by a good bit (15-25% estimated).

If we get showings, and one low ball offer, the price is a little too high (5-10% too high).

The longer a property sits on the market, the more likely you'll end up accepting a lower price ...better to go ahead and do a price reduction now and sell it faster, than letting it sit and eventually the market will do the price cut for you.  Also, don't do incremental price reductions because you're chasing the market down.  Do a noticeable price reduction.

A property is worth what a ready, willing, and able buyer will pay for it. If none step forward at the current price, then you're the buyer. Especially if the condo can be a STR, an ocean view makes it more valuable...not to be a "butt head", but people can buy/rent and look at a parking lot anywhere for much less.

If you think you've got a good agent, take their advice.  There's always a slim chance a buyer will appear and pay what you're asking, but it's unlikely.  Many investors actually look for properties that have been on the market longer than the average for that area....and then they put in a low ball offer.

As I mentioned, I'm in NC...the slim chance that a buyer will come offer full price for an over-priced property is what we call "a buyer from California".  No offense intended.

 Ariana,

This is good advice.  While there are a very few new agents that are able to have a fantastic first year in real estate sales, they are in the minority.  My first year was filled with attending classes (I'm with Keller Williams, and they provide awesome free training to their agents), talking to people (in grocery stores, family, online chat rooms, etc), and listening to Bigger Pockets podcasts as I drove (alone) or walked my dog.

Literally in year 3, I started getting repeat clients.  I figured out a system to keep in touch with prior clients (google this for ideas), and lead with a desire to help others...

In your post you didn't mention if you have a spouse, or are living with family.  If at all possible, minimize your living expenses (live with your parents, or house hack) until you get established with your real estate business.

Any hobbies you have, seek out others with similar interests and build relationships.  Ask others what they do for a living, and eventually they'll ask you what you do.  Have a planned/practiced 1-2 sentences about how you help people buy and sell real estate.

Keep your expenses low, track not only what you spend (personal, and business), and track your "lead indicators"...x hours daily lead generating, # people you talked with daily about real estate, # social media posts you created about real estate topics.  

Find a mentor that will let you shadow them, continue learning on Bigger Pockets, and TRACK things that matter.

Please don't get discouraged...real estate is a long-term play.  I haven't found any "get rick quick" or easy buttons as an agent.  Put in the work, track what you do, and the results will take care of themselves.

Best to you!

What STR sites could you put the property on that would let you transfer reviews?

Your post piqued my curiosity...what state/town are you in?  I'm not looking for GIS help, as I'm pretty familiar with my county's GIS already.

What type of information do you see mining the GIS for, to aid in real estate?  

Best to you!

Have not tried cold calling, as I don't like it when a salesy person calls me. Have run Facebook ads (not very good ROI for me, but do get friend requests from unknown men and women who think I'm attractive and stupid), and often drive for dollars...as in, at least once a week I take a different way to where I'm going. 3 times in 6 years I drove by a FSBO (for sale by owner) sign and it resulted in a successful transaction. Just as many times, it didn't result in a good outcome.

Driving for dollars is something I do coincidentally as I go about my daily work/life. What has brought the most ROI is simply talking to people (people I know, and also strangers), and helping. I volunteer with the local Habitat for Humanity, Humane Society, and aim to help where I can. When coming from contribution, people sense your sincerity...and the world often rewards you by bringing you leads. Tell people what you're looking for, be honest and helpful to others, and over time you'll find deals.

"Time on task over time"....there's no "easy" button.  Best to you!

A few years back, my husband and I bought a FSBO (For Sale by Owner) single family ranch house. We fixed it up, and since I'm an agent, we sold it. Made a good sum from the sale.

In hindsight, I wish we had instead rented it out.  Yes, we flipped it to get a chunk of money to invest in other properties, but the chunk somehow slowly disappeared taking care of 3 kids, eating out, etc.

Maybe what I learned is to get your financial house in order first.  Know how much money you bring in, where it goes, and what expenses are "nice to have" versus "necessary".  We're now looking for another investment property...the market has shifted, interest rates are higher now, and there are many investors in our local market that have long ago snapped up the easy ones.

Now, I'm continually listening to BP and other podcasts with the idea of figuring out how to create a good deal, instead of "finding" a good deal.

Also, whether you're a real estate agent or an investor, remember that the market will change...the interest rates, rent rates, and who knows what else will change.  Learn and adapt.

Best to you!

 This answer is about what I would have said...appeal the tax appraisal for the land.  It isn't "fair" that they tax you like it's buildable land, yet won't let it be built upon.  Find a local attorney that deals with this type situation, and get their advice.  Best to you!

 I like the suggestion in the last paragraph!  Keep trying, learning, and "failing forward" and you'll figure out what works for you.  You could also keep talking to people about real estate, and eventually you'll find someone that has similar world views/risk views as you.  Or, if you know of someone who's already doing what you want to do, lean into the relationship and offer to help them (ask them what they need and do it) so you can learn by doing.

There's no "easy button"; I do like the idea of paying a mentor to speed up the learning curve, but that's not always feasible.  Keep learning (Bigger Pockets, talking to people about real estate) and you'll find what works for you.

Best to you!

Hello Zach,

Congratulations on becoming a parent soon!  It's a challenging "job" and so worth it.

My sister lives in Charlotte near Carrowinds.  I live in Pinehurst (golf mecca😂), and the UP Open will be happening here starting Monday June 10.  If you come to town, reach out and we'll meet up to talk real estate!

If you come across some deals in Moore County or surrounding counties, let me know.

Best to you!