OfflineYou can find a good real estate agent by
• Net working or in personal conversation
• The websites are also good
• When you are driving around take their number off the signs
• Adds
• Referrals from other investors
• By networking at local real estate investment club meetings.
• Blogs
• Online forums
You will probably need to talk with at least eight to ten agents before you find those two to four you can rely on.
If you intend to work with a Realtor it is recommended that you tell them that you are a real estate investor and that you are looking for property that you can purchase at a discount right up front. Typically we are looking for.
• Property that is between 5 and 50 years old.
• Property that is in the low to medium price range which could be called “working man’s neighborhood.”
• Single family properties because they are more buyers for these.
• Three bedrooms or more with at least 2 bathrooms
• A conforming floor plan- not one that is chopped up because of a bad addition.
• A decent neighborhood location, location, location. So the property can be sold or leased quickly
• Properties that need work. $10,000 to $12,000 maximum.
Finding a real estate agent to work with
Posted on: Wed, 02/18/2009 - 21:30
Finding a real estate agent to work with
__________________
-
- by scarlson
- Login to post comments
I fully agree with the questions above that you need to ask a realtor that is willing to work with an investor, be truthful from the get go and let them no specifically what you are looking for.
But the reaction of some of realtors I have been in contact with when I mention techniques such as assigning props, double closings make them stop dead in their tracks....they say that they are interested with working with me but need to understand these techniques because they have never done these types of transactions before.
Do you recommend finding realtors that are familiar with what I am doing with assignments/double closings and those that are open-minded and give me the benefit of the doubt that I know what I am doing (which is something that I am still learning). I don't want to mislead anyone saying that I am a "pro" at this and then look like a fool when trying to perform an assignment, double closing, when in fact I haven't done 1 yet.
I am doing all my homework from obtaining purchase agreements with all the correct terminology, escape clauses and making sure that I write "and/or assigns" where my name goes, assignment contracts, etc. I am also working with a local escrow co to perform double closings and they say simply that they understand that 2 closings happen the same day.....I am just trying to get them to tell me that they HAVE already done this ( I just sent an email to Coastal's escrow co in Fl asking them to speak with this escrow co to make sure that they know what they are doing).
A realtor today asked me how does the deed get transferred to the end buyer in a double close (does it bypass me and go direct to him/her). They have good questions...just want to make sure that I can make them feel at ease with the right answers. Once I lose their faith, I am sure they will not work with me ( I would).
I even suggested that they can speak with the escrow cos that have performed double closings, and one said that is a good idea. And as for making them comfortable with assignments is yet another issue.
Any suggestions as to how to answer these realtors would be appreciated.
Thx,
Neil