getting around realtors - Posted by JD


#1

Posted by Redline on January 15, 1999 at 14:40:40:

Yes…

Actually, this MIGHT just be … (dare I say it) … WIN/WIN!

Happy Investing,
RL


#2

getting around realtors - Posted by JD

Posted by JD on January 14, 1999 at 18:31:08:

How could I get around all the realtors who have easier and faster access to run down houses(that need rehab work)? I recently talked to a “we buy houses” guy, and he told me that he had a few realtors working for him, as far as finding houses that need rehab. If these guys have realtors working for them, than that doesn’t leave much room for us the “flippers” to find any houses with limited resources to use, as opposed what realtors use,Right? Please correct me if I’m wrong.
Thanks
JD


#3

Look in other places - Posted by Rob FL

Posted by Rob FL on January 16, 1999 at 19:29:33:

I am a realtor. And to be frank, most of the properties I have bought have not been from the MLS. The MLS is simply a tool. The three best ways other than MLS to find properties are (1) searching the public records and (2) driving neighborhoods (3) bank repos.

In searching the public records, I subscribe to a foreclosure notice report. It lists all the notices of foreclsure (pre-foreclosure) filed in my county every single a week. There is an easy 40-60 properties to weed through every week. Other public records include: probate, divorce, city/county lien searches, etc. The last house I bought from a tired landlord. Just sent out a mass mailing to all the landlord owners in a particular neighborhood about 40 letters in all. Got 3 or 4 responses and ended up buying from one of them. I kept as a rental after doing a few hundred in work myself, but you could use the same idea on a flip.

I also drive neighborhoods, I have a target area of a few square miles and their are something like 5,000 houses in this area and most are the bread and butter type. Just drive through on the weekends and look for vacant houses (the key is looking for houses with no curtains or blinds), evictions, high weeds, run down, etc.

As for bank repos, many do list with realtors but many don’t or haven’t yet. I send letters to the banks at their address on their deed to the attention of the manager of the real estate owned department. Most of them call back eventually. Also try HUD, VA, FNMA, FHLMC, IRS and other government repo sellers. All of them have websites that list their properties for sale.

Best wishes.


#4

Re: getting around realtors - Posted by SCook85

Posted by SCook85 on January 14, 1999 at 19:24:01:

Realtors don’t have any more resources then you do for finding properties. The MLS which is where they are finding the listings from is just as much at your disposal as the investor you spoke to. You just need to find a realtor that wil work with you to find the listed properties that you want.

As far as finding properties to list. Realtors don’t target rehab properties. There is not much money in them for the realtor so they like pretty and expensive homes. Don’t fall into the trap of thinking that realtors have an edge over you, they don’t.

SCook85


#5

You are completly wrong - Posted by PBoone

Posted by PBoone on January 14, 1999 at 19:05:00:

We too work with realtors to find rehab properties. The real estate people have access to the mls. We also have “Flippers” that drive neighborhoods and come up with MANY more solid leads than the realtors. the key word is SOLID leads.
Pat


#6

How ? - Posted by JohnG

Posted by JohnG on January 15, 1999 at 10:09:56:

Do you have canvassers that go door to door ?
Flyers ?
Do you pay them by the hour or so much per deal ?
I use flyers and I would like to get more deals.


#7

Re: How ? - Posted by PBoone

Posted by PBoone on January 15, 1999 at 10:34:04:

We will pay $500.00 per lead if the lead turns into a deal. How they get the lead is up to them.


#8

Re: How ? - Posted by Redline

Posted by Redline on January 15, 1999 at 12:13:55:

I guess if they knew more - they would contract the deal themselves and then assign to you for a few thousand instead!

RL


#9

AGREED - Posted by PBoone

Posted by PBoone on January 15, 1999 at 14:24:31:

I would much prefer someone else do the negotiating it is worth the assignment fee.