Am I waisting my time? - Posted by Mark

Posted by Keith on June 02, 1999 at 02:47:16:

Thanks for the reply, Matthew. As for me taking a “time-out”, I pretty much have. I’m just now getting BACK into studying REI. Many years ago when I was just 20 or so, I bought tons of books and a couple of courses and worked on it for a few months then moved on and did nothing else with it. But seeing that I’m just getting older and not really moving ahead financially right now, I’ve decided to embrace it once more and re-learn everything and come at it again full-force.

So, I hear what you’re saying and you can rest assured that I’m certainly NOT going to go bouncing out into the world of REI until I have fully reacqainted myself with the techniques and all again. I’m studying right now. However, years ago, even after I studied my brains out for a few months and really did have a good grasp on all the basic techniques and information, I still found calling sellers and visiting properties quite awkward and fairly dreaded doing it everyday. Anyone else feel that way in the beginning and yet still overcame it?


Am I waisting my time? - Posted by Mark

Posted by Mark on June 01, 1999 at 15:02:45:

I don’t know enough about the this business to call sellers up and talk about there house (afraid of not knowing the right questions). So, I went to an agent. This agent gave me the," no money down deals are very hard to find". I thought the buyers agent was suppose to work for me. Am I waisting my time with a buyers agent?

Re: Am I waisting my time? - Posted by Keith

Posted by Keith on June 02, 1999 at 01:15:11:

I just wish I could find a nice, helpful, PLEASANT agent to help me find properties and deal with the sellers for me. The several agents I’ve approached for help, acted like they thought I was trying to waste their time (I’m still relatively new and perhaps not the smoothest talker and know-it-all), and gave me the “you’ve been watching too many of those TV infomercials” bit. A couple did acknowledge that low- down or no-down creative deals can be had, but they’re tough to find. Overall, too many realtors I’ve nervously met with (again, I’m brand new to this) have acted rather short and disinterested in helping me find properties (so I walk of course). It ain’t like the books all say, that you should go see some brokers cuz they’ll be “happy to help you out and give you info”. So far, that AIN’T happenin’ with me.

Anyone know of a really nice, PATIENT realtor/broker in the suburban Detroit area?? :slight_smile: I’m sick of the blowhards I’ve visited.


Re: Am I waisting my time? - Posted by Rob FL

Posted by Rob FL on June 01, 1999 at 20:14:58:

Despite the fact of being a realtor, I will admit that most of the deals I have done have been with FSBOs.

Not just the conventional FSBO who puts a sign in the front yard and an ad in the newspaper. But also, the FSBOs who weren’t advertising at all. These are the pre-foreclosures, abandonned properties, run-down homes, tired landlords, no equity, probate, divorce, etc. The last 2 I have bought were FSBOs — tired landlords. Both called me to sell me their property and both offered owner financing. I send out a lot of direct mail.

Although realtors, at least in Central Florida, sell probably 70% of the property, they only sell about 30 or 40% of the profitable investor deals.

Just my .02 worth.

Re: Am I waisting my time? - Posted by CarolFL

Posted by CarolFL on June 01, 1999 at 18:12:20:

You put your finger on it … you don’t know enough (yet)… so learn. You will then be able to educate the willing broker to just what you are looking for.

If they have never done any ‘creative’ deals, they may not know your parameters, and therefore think there are no suitable deals out there for you.

I used to think that I wanted professionals around to tell me what to do : cpa, atty, brokers, etc.

I’ve realized now that I need to have highly competent professionals who can implement and fine tune what we tell them we want to do… a difference worth noting.

Good luck,
Oh by the way, I am NOT a realtor!

Don’t devote all your time to Brokers - Posted by NJDave

Posted by NJDave on June 01, 1999 at 16:40:30:

I’m a big fan of farming FSBO’s (for sale by owners) and FRBO (for rent by owners). Though Brokers can and do (on occassion) turn up good leads, they (Brokers)are usually savvy enough to (1) recognise and (2)keep the gems for themselves or their close friends or business associates… I feel that if a property is listed with a Broker, it has been overlooked and passed over by ‘insiders’ who farm for their deals.

This is my opinion based upon experience. Oh, by the way, I am a licensed real estate agent.

Re: Am I wasting my time? - Posted by Bill K. (AZ)

Posted by Bill K. (AZ) on June 01, 1999 at 15:11:18:


Are you wasting your time with a buyer’s agent? Absolutely not! It sounds to me like you’ve found a good agent. Most of the ones I talk with say, “You can’t buy real estate with no money down.” At least your agent says, “No money down deals are very hard to find.” He’s being realistic with you. They ARE very hard to find. However, if he’s willing to turn those rocks with you, you’ll find a gem every once in a while.

By the way, you can certainly use an agent to shield yourself from having to talk to sellers; however, you’ll uncover a lot more deals once you get over that hurdle. There are properties for sale that your agent may not be privy to. When you get a little confidence, you can tackle those on your own and increase your success rate.

Good luck to you.

Bill K. (AZ)

Re: Am I wasting my time? - Posted by Matthew Chan

Posted by Matthew Chan on June 02, 1999 at 01:49:26:

It is hard to project confidence if you haven’t studied much. It is much easier to convince them you are serious if you can talk their language. I am not be a “player” yet but the people I have chosen to make contact with have been receptive because I got prepared and became knowledgeable to discuss issues and how to achieve our mutual goals.

People are generally not in the business to train you unless you can demonstrate what you can do for them (help make money). I’ve avoided realtors so far because most are not aware of creative financing. Many people have said that realtors are probably the most stubborn of the lot of people we have to deal with.

So basically, I am going to make it easy for them: once I get all my lenders and money sources in place, they should be able to write up cash offers.

Don’t take this wrong but I think you might need to take a time-out and go back to learning a little more before bouncing out in the “real world”. Your conversations might go smoother.

Re: Am I wasting my time? - Posted by Bill Taylor

Posted by Bill Taylor on June 01, 1999 at 18:45:57:

Wasting your time maybe unless you want more out of life than you now have. I guess thats shy you tured up on CRE online in the first place. Just because you have heard no money down the words are just catchy. It gets your attention. Money may be re-financing your car to get the cash. No money may be getting a equity loan on your home . Use your options. There are many. Don’t accept no as the permanent answer. If you are married I am guessing you didn’t accpt no every time,