OfflineThis is a little info from JGREER on how to truly learn your market quickly and not burn out your agent by wasting their time pulling comps for every property you are interested in.
JGREER Wrote:
Burnt Out your Realtors?
So have I and now I know how to keep them Happy to work with me by not wasting their time, REPEAT, DON'T WASTE THEIR TIME. I began pulling the sold and pending listings of Single Family Homes every 20 Days to see exactly what homes are selling for. Categories make it easy by having my Agent send me 3 emails for the city I am in. There are 3 separate emails I receive for each city to view in the last 90 Days what properties have sold and how long it took them to sell.
Email #1 0-20 DOM
Email #2 21-50 DOM
Email #3 51-90 DOM
I review what information I have received and can determine what type of property in what neighborhood is selling for what price and for how long. I learn what their original listing price was and see what they actually sold for to learn how important it is not to overprice a house from the beginning. I can find out where the hot spots are in the city based on over the last 90 days what area has the most sold listings. This does take time but the information is invaluable. If your agent doesn't do this on their own to better serve their selling clients than they aren't an agent you would want to work with anyway.
To keep your Agent happy you need to know exactly what the FMV/ARV is in any neighborhood you choose to invest in. If you do the research on your own instead of asking your agent for comparable solds every time you drive by a property of interest they will get burned out from all of the little tasks your giving them to do for free.
When doing all the research so many items are variables that will affect how you look at properties. Don't compare an HUD foreclosure, beat up, nearly burnt down, turd of a house with a nice fixed up home. Each have different values for obvious reasons, only compare obvious reasons with obvious reasons.
Burnt out your buyers?
Take the time to meet them personally to view a property they currently rent or are Rehabbing to see with your own eyes what they are looking for. Call them back and find out exactly what their criteria and timeline is. Don't allow them to be generic with their criteria, if they say they want 10% Net Return on their investment you need to understand what 10% Net Return means to that Investor, not what it means in general to everyone else.
Find out what materials they use common to all of their properties to give you a more realistic number to determine Rehab Costs. Find out what they rent their units out for and look for similar properties that rent for that amount.
Don't know how to find out what FMR (Fair Market Rent) is?
Call on your agent for all active and sold Residential Income Listings to see the Rent on the MLS Sheets and look on craigslist to view active listings.
I don't know if you already know this stuff from what the Success Academy as taught you, but I hope it helps. Keep it simple, only invest in small manageable areas that you can put a lot of Focus without having to work too hard at it. Make sure you understand all of the information your scouring over to be 100% positive your offer is spot on and that it will be a price that everyone wants to buy!
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"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
Good insight!
It sounds like:
• do your homework and define what you want/need to know, and for which areas
• then ask your agent to provide a steady automatic feed of that info to you
• tally the info your way to suit your needs and you WILL find your deals
And with buyers:
• develop a questionnaire, make sure you get all applicable info from them
• AND make certain you understand that particular buyer's interpretation of the criteria they give
• this way you will be more likely to "hit the mark" on what they want and you are closer to making a deal with what you bring them
Great tips. Thank you, LaneMCCaw and JGreer
-- Tina in Las Vegas, NV
Never, Never, Never Quit, N3Q
"Nothing happens until you place an offer."
"Skip Deal #1, go straight to Deal #2; it's so much easier."
"There is nothing so useless as doing efficiently that which should not be done at all." — Peter F. Drucker... so, "Don't sweat the small stuff." -R.Carlson. "The greatest mistake you can make in life is to be continually fearing you will make one."~E.Hubbard, The Note Book, 1927...so, Do it for the right reason and "Do it with a headache!" - Dean Graziosi, Weekly Wisdom #176
new students need to read this one!
Click Here To Buy Deans New Book!!! http://www.lanemccaw.bookimentioned.com/b/
Visit my website:http://qchomebuyers.weebly.com/
Visit My Facebook Page: http://www.facebook.com/#!/qchomebuyer
Visit My Linkedin Page: http://www.linkedin.com/pub/the-1-fast-ca-h-home-buyer-in-the-qc/28/b79/...
"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
Lane, how are things going??? Have you closed any deals recently??? Keep it up
I am a new investor in Central Oregon. I have done alot of homework and analized many properties but my understanding is that the most successful way to wholesale is to build a buyers list first. I have only advertised in a handful of places but so far only one call. The investor I talked to wanted to see my properties, but I don't actually have any. (unless I'm mistaken) The idea is to find out what they want and then go out and find it for them. I am now thinking of finding some properties and making offers over the phone ( subject to inspection) so I have something to show investors but I don't want to mislead anyone. Any suggestions for how to get an impressive list together so I will be taken seriously, or are these just not the investors for me? What is a good way to explain that I wholesale and I still have to go get these deals? Am I on the right track here?
Thanks, Ben
then you can be sure a buyer truly is a buyer and not another wholesaler like yourself
when you have a property, then you can demand to see their finances as to whether they can afford the property and not have to worry about not being taken seriously.
I know its the proverbial rule on here to get a buyers list, but what good is a list if most or all of them have no money??? When you have a home or homes, then you'll know if that list is worth anything.
Just my belief and its worked for me for nearly 20 years.
I am new to all of this. I am reading as much as I can every day and I am learning alot. I am going to put this into action as soon as i can. My wife and I are closeing on a house soon, so after we get all that over with I'm going to put my foot on the loud pedal and take off.
Thnks again for all the info Lane.
I really like this idea of having that 20 day info sent to me from my Agent. I do see where sending him requests to do multiple Comps for all the properties I'm looking at will get to be too much at some point, and I don't want to burn my enthusiastic Agent out!!
Thanks for this great tip - I'm going to implement this TODAY!!
Renae
The Browley Team
Working Towards Success!!
Lane,
Thanks for the great tips with agents. It really will help us and them.
Cheryl & Dave
Hey guys, I put a simple ad on Craigslist under there real estate for sale title Investors Needed with the caption Investors needed for residential properties for Columbia MD. I got one solo Buyer and two Buyer groups in less than a week. So a smashing start to building my buyers list.
George Towson
I’m very new at this and not only do I bookmark these types of posts but I copy and paste them and keep a folder with valuable information I study on a regular basis.
Thanks for the information; it’s incredibly valuable to me!
everyone can save alot of time by doing this.
Click Here To Buy Deans New Book!!! http://www.lanemccaw.bookimentioned.com/b/
Visit my website:http://qchomebuyers.weebly.com/
Visit My Facebook Page: http://www.facebook.com/#!/qchomebuyer
Visit My Linkedin Page: http://www.linkedin.com/pub/the-1-fast-ca-h-home-buyer-in-the-qc/28/b79/...
"In order for me to think outside the box, that would require me to acknowledge that the box actually exists. In my world, there is no box."
~Matt Larson~
I have been doing the same thing. I find the post just
as informative as the books.
I am very thankful to everyone for your post.
now busy
Ben, you are headed in the right direction. The DG family will only lead you RIGHT! As I have read many Post here I have noticed there are some cash Buyers right here! But another thing is to check with Carol Stinson's post. Even better yet go to her website for very useful information:
Carol Stinson's website : www.realwholesaling.com
Useful books by Dean: http://BruceThomas.bookmentioned.com