Flipping realtor asking specific search criteria - Posted by mattc - mi

import · October 16, 2003, 7:30pm

Posted by mattc - mi on October 18, 2003 at 20:55:00:

nt

import · October 16, 2003, 7:30pm

Posted by mattc - mi on October 16, 2003 at 19:30:00:

I have been reading since early this year, and have
bought and gone through a L/O course by Bronchick.

I would like to add flipping to what I can do, so I can
generate some cash. I have a full-time job, so am doing
REI part-time.

OK - I have a realtor emailing me back and forth, and he
has said he is very willing to work with me.

He is asking me:

“Can you tell me more precisely what criteria you are looking for in a house?
Do you want listings of everything for sale in a given area, or do you have
other guidelines? Price Limits? One way I search for run-down properties
is by dollars per sq. ft. ($/sf). If that number is low, it usuallyindicates a place that needs work, or is otherwise distressed. I could list
all homes for sale, then sort them by $/sf if you think that would work foryou. Please give me an idea of how you want to proceed.”

I’m not sure how open he will be when he understands I’m lookingto wholesale these to other investors, and I would assign the contract to him (and they would pay him his commission - if they close…)

Also - he would like an exclusive realtor relationship with me.

Anyone with some ideas - I would appreciate them.

I have ordered the Steve Cooke video seminar series on flipping, which sounds quite good, but that will be a few weeks in coming. I am kind of jumping the gun, not being fully prepared, but this contact dropped in my lap, and I think it’s wise to pursue the realtor now.

Thanks in advance all,

mattc - mi

import · October 18, 2003, 9:20pm

Two more - Posted by rm

Posted by rm on October 18, 2003 at 21:20:38:

Fix

Work (as in “needs work”)

import · October 18, 2003, 8:56pm

Thanks all for the help - nt - Posted by mattc - mi

Posted by mattc - mi on October 18, 2003 at 20:56:05:

nt

import · October 17, 2003, 9:52am

Re: Flipping realtor asking specific search - Posted by MJK

Posted by MJK on October 17, 2003 at 09:52:15:

Hi Matt,

One thing you can have him do is search for specific key words, like; “bank owned, vacant, rehab, needs work, bring flashlight,…”

Anything that hints at the house being in major need of repair.

-mjk-

import · October 17, 2003, 8:34am

any specific search criteria for MLS? - Posted by mattc - mi

Posted by mattc - mi on October 17, 2003 at 08:34:55:

any specific search criteria for MLS
would be appreciated.
thanks,
mattc - mi

import · October 17, 2003, 1:48pm

thanks MJK - more good ideas - Posted by mattc - mi

Posted by mattc - mi on October 17, 2003 at 13:48:34:

More good ideas MJK, thanks.
Wondering if you’ve been successful doing these
type of searches also through a realtor and MLS?
I had been pursuing Lease Options with FSBOs to date,
for a few months very part-time, but that’s a hard
sell right now.
Thanks,

mattc - mi

import · October 17, 2003, 9:02pm

Re: any specific search criteria for MLS? - Posted by Sean

Posted by Sean on October 17, 2003 at 21:02:16:

“corporate owned”
“bank owned”
“tlc”
“special addendum”
“addendums”
“as-is”

import · October 17, 2003, 12:01pm

Re: any specific search criteria for MLS? - Posted by Heather -Tx

Posted by Heather -Tx on October 17, 2003 at 12:01:40:

Foreclosure
Pre-foreclosure
Pre foreclosure
PreForeclosure (Depending on who typed it up… it can be worded many different ways)

Vacant
Major Repairs
Investors
Relocating
Estate
Must veiw in Daytime (Usually means there isn’t even electricity)
Relocating
Handyman
Fixer-upper
Back On Market
Must sell
Drastically Reduced
Needs work
TLC
Sellers Motivated
Bring all Offers

These will get you started… There are many more I’m sure I haven’t mentioned. Have fun!

Heather Zaal

import · October 17, 2003, 1:46pm

thanks Heather! have you done many through MLS? - Posted by mattc - mi

Posted by mattc - mi on October 17, 2003 at 13:46:40:

Thanks Heather. That’s a very good list!
Have you done anything like this, used a realtor
and MLS for flipping, just curious?

I figure that I have a willing realtor, and it’s going
to be a lot easier if they can search for me, since
I’m working full-time.

Thanks again,

mattc - mi

import · October 17, 2003, 9:17pm

assignment of contracts - Posted by Del-Ohio

Posted by Del-Ohio on October 17, 2003 at 21:17:59:

We have purchased most of our rehab properties through Realtors, its a little different than what you are doing. We close on them then sell them.

We did however recently purchase through a similar scenario as what you are proposing Fellow had a contract on a property, didnt even have an assignment clause in the contract. We paid him 2,500 he called the Realtor and told him we were going to close on it instead of him, we contacted the Realtor and he re-wrote the contract in our name.

When the realtor finds out you dont have the funds to close it could become interesting.

You have a couple options one is to tell him/her up front and hope he is ok with your plan/program. If you have investors lined up to buy from you if you get a good deal and you let the Realtor know this up front I think your odds of retaining his services are better than if you wait to spring it on him at the point when you are writing up your first offer.

If you have a buyer or two lined up, ask them what criteria they are looking for, then give the Realtor this specific information. If you dont have buyers, find them and interview, find out what they buy, your confidence level will greatly improve, which will show when you are “negotiating” with the Realtor.

If you write a clause in your contract subject to satisfactory inspection by ________, and write in an assignment clause you should be good to go. Specific clauses are in the Flipping Properties book.

Good Luck

Del-Ohio

import · October 17, 2003, 1:55pm

Your Welcome - Posted by Heather -Tx

Posted by Heather -Tx on October 17, 2003 at 13:55:07:

Matt,

Your very welcome. I have started in the last couple months to make offers through a Realtor. Took me over 6 months to FIND a good Realtor… LOL

I haven’t made enough offers… only about 12 or so, none accepted yet. But there is always tomorrow!

Heather