All Forum Posts by: Zach Sikes

You mentioned the only issue - price. It seems like it's priced pretty close with 20 showings, but you need to adjust it now. The longer you wait, the harder it will be to sell - and in turn the less money you will get. 

MLS Access is going to be a must - so by default you will need to join the associations. You'll need access to the homes you would like to sell.

The only reason I wouldn't join is if you were only doing property management. 

Pros:

MLS Access
Able to see houses easier
Your own MLS access
Commission on deals you purchase of MLS.

Cons:

Held to a higher standard (legally)
Cost - You will have to join the National Association of Realtors, your state association, and your local association to get MLS access.
Cost - You will have to hold your license with a broker.  They are liable for you, so they will charge either by commission split, fee, or a type of both
Loss of one of your extended team members.  Has your current Realtor added any value outside of MLS access and showings?

If you do more than 5 deals a year (off MLS), I would say go ahead and get it. If not, don't.

@Marquelon Sigler

I feel your pain - we've been there.  A great long term lesson here is to make sure your buyer uses a good lender.  I have builders and sellers that will not sign a contract with someone if they are using a lender that we know has issues.  If it's a lender we know nothing about, they strongly encourage the buyer to at least do a phone application with our preferred lender so we know that the buyer is good.

For this particular property - make sure you have fantastic pictures, reduce the price to your contracted price, and talk about that in the descriptions.  ie "Contract busted due to buyer's financing! Back on market at previously contracted price"

Hearing "Zestimate" makes me cringe.....We hear it more than we would like.

Oklahoma is an abstract state.  Our local title companies do title searches, issue title insurance, and will also do closings.  My favorite few always have good snacks!

@Haitham Abbasi

Yes, that changes everything. You won't be able to wholesale off of the MLS. You'll need to find deals off market. Search the forums for wholesaling advice and listen to some wholesale podcasts.

@Haitham Abbasi

If you don't have any cash, then you are not an investor just yet.  Most agents' definition of an investor is someone invesets their money in real estate.  Trading time for money would be a job or a service.  Investing means having your money work for you.  That's probably why you are having a hard time having an agent call you back.  Are you wanting to wholesale?

@Haitham Abbasi

Go ahead and get your financing in place.  Do you have any cash you plan on putting into a deal?

@Haitham Abbasi

Do you have financing or cash in place yet?

Try looking on realtor.com or other sites for vacant homes that look like they've been rehabbed and see if you start seeing the same agent or two over and over. 

You could also look for local investment groups. There are usually agents in the groups that work with investors, or other investors that can recommend an agent. 

Also make sure they aren't prequalifing you and you sound like a dead lead. Make sure they know you are a real investor with real money that will turn into deals for them. 

Usually when you call an office and ask for someone, then will give your info to the next on line - which is not always the best person to work with.