OfflineHi guys, my name is Marc. I'm pretty green to this, about three weeks in. I've been using Dean's 30 days book to get started, and so far, so good.
It took me about two weeks to get up the nerve to start calling real estate agents, but once I finally picked up the phone, it was a breeze.
Followed the script to a "T" by typing up the important points and questions, called offices, got an investor-friendly agent on the phone, and here we go.
I've gotten my agent to send me a list of cash solds in the last 6 months from the MLS, and I've mapped the 400 properties he sent me, in my area.
It was pretty intense.
I know Dean recommended getting a map from your area and using pins, but after I realized my maps were not covering the entire area, I scrapped that idea and used Google Maps.
Not only was it faster and more efficient, but it was very easy. When you type an address into Google, it comes up right away. Then you just add it to your saved maps. So I definitely know where the hot areas are right now.
Anyway, here's where I'm at!
I've chosen 6 properties to go see with my agent tomorrow.
Of course, he's under the impression that I'm going to buy, fix, and sell, personally. Which is for the most part true, but obviously, I intend on assigning the contract to a buyer.
So, here's my questions, as I begin to prepare contacting these buyers of CASH SOLD properties from the MLS:
#1 - What type of questions should I anticipate from my agent when we're out on the road?
My intuition tells me it's in his best interests to know as much about me and my goals as possible, but I don't want to raise any red flag in his mind that I'm not a serious investor...
Because I am, and I'm jumping in with my two feet planted firmly on the ground.
For the most part, I feel like I got it covered, having a sales background, but maybe there are some curve balls I don't know about? That you can give me a heads up about?
#2 - Second, when we go look at properties, I don't want to overdress!
I have a good suit, but I sure as heck don't want it to look like I'm trying too hard. I figured slacks and a good polo, with your standard black oxfords on my feet is going to be good enough to get the job done.
What do you think?
Of course, I intend on building my buyers list as soon as possible, but I want to learn some in's and out's about looking at properties, and do a couple walk-throughs in the meantime.
So this is my goal for tomorrow.
I just don't want to give my agent the wrong impression, if you know what I mean. He seems like he's going to be very helpful, and seems to understand I'm going to pursue a very aggressive offer strategy.
In any case, so far everything looks and feels good to me. If all pans out, I'm more than happy to work with this guy and bring him in on as many deals as I can muster.
Just wanted your tips, advice, and comments, as a new guy!
Thanks,
Marc
PS. Any stories about what happened to you in this type of situation, when and if you were in my shoes as a beginner yourself, would be great. Thanks again.
New REI in SWFL!
By the way, if this post is in the wrong section, can someone please let me know so I can fix it?
Thanks,
Marc
New REI in SWFL!
Marc,
Way to go!
You are doing what you need to do. Your choice of what to wear sounds just fine.
You can go ahead and put me on your buyer's list. I'm looking for fix and flips. I want to be in to the deal at no more than 65% of ARV after all expenses. The property also needs to be in an area where the fixed up house is expected to sell within 60 days.
Also, if you need cash for your earnest money deposit, I own a company that can provide it. PM me and I'll give you details.
Good luck.
Brent
So an update. Three days after first speaking with an agent, we went out and looked at houses, all foreclosures. My agent was actually very patient and cooperative, and believe me, I had a ton of questions. There was pretty much no getting around the fact that I was new, so I just used the opportunity to learn as much and as best as I could. I walked away with tons and tons of notes.
Tip for those of you who are going out to look at properties for the first time: just go through this forum and save any hot tips into a Word document. Then a few hours before you go out, go back through the document and pull out anything you might need to ask your agent. Turn them into short, succinct questions and put the important ones into notepad, and print. He didn't even comment about it, just took it in stride. This worked out fine for me, and even though I'd only been building my hot tip document for a couple days, I had over 28 pages of good advice from some smart cookies in this forum. Too simple.
Anyway, he's doing comps for me on 4 houses and once I get them I'm going to run the numbers and start coming up with offers. The cool part is I ran into someone I know and turns out she's actually a personal assistant at a REMAX office. So I have another good opportunity to find properties in this area and utilize more resources and people with different skill sets to get the job done.
As Dan Kennedy says, the worst number in business is one. Time to multiply.
Speaking of which, I still have some pretty important tasks to do. Namely, multiplying my buyers list. I've been cutting myself some slack on this since I'm barely three weeks green, but it's time to get real. I'm going to investigate the 400 cash solds from the MLS I got on Tuesday and start either calling or sending letters out to the ones who don't live in the houses they just purchased. Also call people with FOR RENT signs in my area and in the local newspaper. Also google "WE BUY HOUSES" companies and talk to them. Also talk to a FSBO and see what happens when I negotiate with them.
Anyway, my ultimate goal for the next few days is hopefully I'll get some more potential buyers geared up to go and ready to jump on some deals here in SWFL.
Wish me luck, keep ya updated, thanks,
Marc
New REI in SWFL!