Posted by JohnBoy on January 08, 2001 at 22:39:58:

Doesn’t the MLS make you any money at it?

Sounds like it’s buying you some toys! :wink:


Posted by FREE SPIRIT on January 08, 2001 at 10:41:35:

I had a meeting yesterday with a Realtor, took him to dinner and discussed a possible bird dog relationship. He agreed to look out for me and also to send me a list of properties that were multi-unit positive cash flow properties for sale. However, he was very, very negative about the fact that any of these or any other property could be purchased with no money down or even lease/option tactics. He say’s you will always have to give a substantial down payment for any owner/seller to just let you take over their payments (assumable or wraparound) and give them a note for their equity. He say’s he has seen very few in his 20 years of experience done this way.

I was so depressed after I left him. He let the air right out of my overblown balloon! He even had my poor husband who’s into construction and works 7 days a week believing this type of investment opportunity doesnt exist. Instead he rather see me sign a mortgage to a multi-unit building which is throwing off about $250/month after mtg, tax & insurance payments, but doesnt take into consideration any other maintenance expenses. Which could mean zero profit!


Re: FEELING VERY BLUE - HELP! - Posted by Carlos

Posted by Carlos on January 08, 2001 at 14:43:53:

“We are the music makers… and We are the Dreamers of Dreams” (Willy Wonka) :o)

Re: Here I come to save the day… - Posted by Ed Garcia

Posted by Ed Garcia on January 08, 2001 at 12:48:48:


Free Spirit,

I want you to get EXCITED, I want you to get ENTHUSED, I want you to get MOTIVATED.

I also want you to realize, WHO you were talking to. You were talking to a Real-estate Agent. What do they know? They know RETAIL real-estate sales. Their MENTALITY is RETAIL. They don’t even know what you’re talking about, and really don’t want to, because it goes against what they do.

If your agent knew and understood what we do, they wouldn’t be real-estate agents. They would do, what we do. In most cases, Real-estate agents feel the offers we make are quote, " UNREALISTIC". That’s because day in and day out, they are selling at retail. Because of that they are mentally trapped with their thinking.

What you just did is comparable to giving a child a choice of going to school, or to Disneyland. What do you expect them to say? You know they are going to say Disneyland.

This is just one agent. If I told you what I, Terry Vaughan, Jim Piper, and many others on this board, have done over the years, and the deals we’ve made, you would think that I’m making it up. Go to the “Success Stories” on this site. Those people are REAL. The stories by Jim Rainer, John Butler, The Base, Hal Roark, these are people that I personally were involved with in their deals, and can personally verify their stories.

You call yourself FREE SPIRIT, and yet allow your thinking, to get limited like others.

Free Spirit, you can do ANYTHING YOU’RE BIG ENOUGH TO DO, just remember that.

Free Spirit, I’m going to give you an Ed Garcia thought for the day.

" If a Bird were to think like a ground hog, it could never fly, even though it has wings".

The only LIMITS we have, are the ones we give ourselves.

Now go find yourself a deal,

Ed Garcia

Re: FEELING VERY BLUE - HELP! - Posted by eric-fl

Posted by eric-fl on January 08, 2001 at 12:42:45:

I got so tired of Realtors that I became one myself, rather than having to depend on them for anything. It wasn’t so much the discouragement.

Come to think of it, almost none of them told me it “can’t be done”. But then, I didn’t walk into their office and ask if it could. I just proceeded from the standpoint of “of course it can be done, I do it all the time”, even though I didn’t! It makes a big difference how you carry and project yourself. Remember, any Realtor you deal with is working for you. That makes them your employee. Sure, their fidciary responsiblility is to the seller, blah, blah, but they don’t get paid unless someone cuts a check.

No, the reason I got my license wasn’t because they were a discouragement. It was because they were incompetent. If you would like to walk into their office, fall in love with a house, overpay for it, and get a 20% down payment for a conventional mortgage together, most Realtors can help you all day long. As soon as you start moving outside that box, they falter. People fear and hate most that which they do not understand. Realtors cringe at terms like “subject-to seller carry back with an exculpatory clause” like most everyone else. Maybe worse.

If you are going to deal with Realtors you can either find a good one that does understand you, and treat them like gold, or become one yourself. Why did this one Realtor get you down? Because he has 20 years of experience? As soon as someone starts telling me about their “years of experience”, I ask myself, is it truly 20 years of experience, or just one year, repeated twenty times. Usually it is the latter. People who really do have gobs of experience, not just going through the motions, generally back up their statements with actions, not justifications.

Oh, and by the way, a multi-unit building that is only throwing off $250 a month after debt service is probably a sh*t deal. I don’t know the details of the deal, but that’s probably pretty skinny in most parts of the country. When buying multi-family, the valuation process is very different. The cash flow IS the value, as determined through the income approach of valuation. Make sure you bone up and spend some time on the commercial forum here before jumping into that arena.

Re: FEELING VERY BLUE - HELP! - Posted by Kate (VA)

Posted by Kate (VA) on January 08, 2001 at 11:20:39:

Please understand that I do not speak from experience at this point, but my first thought when I read your post was that it doesn’t surprise me that the realtor hasn’t seen many creative deals. Not because they don’t exist, but because (it seems to me) most of the time these types of deals are done directly between an investor and the seller. If you do want to work with a realtor, you may want to find one that has done some investing himself. A person who thinks these deals can’t be done isn’t very likely to find them.

Good luck,

Re: FEELING VERY BLUE - HELP! - Posted by Matt B

Posted by Matt B on January 08, 2001 at 11:16:15:

Believe me, I can understand your frustration. When I first looked into real estate, I couldn’t understand how you could ever work these deals, and every realtor told me the same thing. I have repeated something here to a number of people and will tell you the same thing. It is EXTREMELY rare to find these deals from the MLS or by calling on newspaper ads! You must get sellers calling you!

When sellers call you, there is a good possibility that they will be motivated enough to listen to these “creative” deals. After all, if they weren’t, they probably wouldn’t care if their house sat on the MLS for a while or they would just run an ad in the paper and sit and wait for a qualified buyer to come along.

When I went to my first CREonline convention, it amazed me that everyone there was “speaking my language”. They understood that these deals were possible, and many of them were doing them every day! When you get down, come to this site. We have been in your position, and believe me, I know from personal experience that these deals CAN be done!

Do you have a lease option course? If not, you need to get one. It will tell you how to find the deals. We can help you here by filling in the details, but you need to get that framework established in your mind first. Otherwise, it’s easy to believe that these deals are impossible.

Oh, and don’t feel trapped. You aren’t. Look at this amazing resource that you have found! All you need to do is use it!

Re: Here I come to save the day… - Posted by Cork Horner

Posted by Cork Horner on January 09, 2001 at 01:01:58:

Yeah Ed


U Tha Man ED! - Posted by TC

Posted by TC on January 08, 2001 at 19:38:00:

Thanks for that inspiring thought of the day!

Re: Here I come to save the day… - Posted by Redline

Posted by Redline on January 08, 2001 at 13:12:31:

Ed’s right - you should listen to him! Realtors are the worst! :wink:


AMEN! - Posted by Todd

Posted by Todd on January 09, 2001 at 01:33:01:


Re: Here I come to save the day… - Posted by Carlos

Posted by Carlos on January 08, 2001 at 14:36:44:

Here… Here… I’ve been a licensed agent for over 13 yrs. Ed is absolutely on the money. It’s all about seeing the glass half full rather than half empty. It’s all about mindset. The average agent doesn’t know quat about Creative Real Estate Investing.

Here are some words of encouragement:

History has demonstrated that the most notable winners usually encountered heartbreaking obstacles before they triumphed. They won because they refused to become discouraged by their defeats. (B.C. Forbes)

It’s easier to succeed than to fail. This does not mean that success comes easily, but that failure is harder because, in the end, the task must be done more than once. (S. Truett Cathy? Founder of Chick-fil-A)

Carlos… (See ya at the top baby)

Re: Here I come to save the day… - Posted by JohnBoy

Posted by JohnBoy on January 08, 2001 at 14:29:14:

That’s the spirit! Stand PROUD of your profession! LOL

slander!! - Posted by Redline

Posted by Redline on January 08, 2001 at 14:40:43:

Hey being a realtor is NOT my profession, since I don’t make very much money at it and it doesn’t buy my toys.

Don’t EVER do that to me again!! :wink:


Re: slander!! - Posted by JohnBoy

Posted by JohnBoy on January 08, 2001 at 17:30:29:

So then why are you remaining one?

Re: The problem with Realtors… - Posted by Stacy (AZ)

Posted by Stacy (AZ) on January 08, 2001 at 14:43:08:

is that they won’t volunteer pick up the check, but they’ll certainly try to pick up the waitress!



Re: slander!! - Posted by Redline

Posted by Redline on January 08, 2001 at 21:38:11:

  1. MLS.
  2. Cool party conversation piece.
  3. Chicks really dig it!



Re: The problem with Realtors… - Posted by Redline

Posted by Redline on January 08, 2001 at 14:57:07:

Hey - she was REAL cute and you KNOW it!! :wink: