Posted by Kathi on November 19, 2004 at 17:22:50:
There are a number of fabulous Real Estate Investment Associations in OH. To find the one nearest you go to OREIA.com. If you are not in Ohio check out NationalREIA.com.
Mentor??? - Posted by Novice Investor
Posted by Novice Investor on November 16, 2004 at 21:31:35:
I have learned the basics of investing with no money down and real estate in general. I bought all the books and programs offered by gurus, and attended alot of seminars. I am having some problems with the details.
First, locating a lot of low cost properites, should I work with a real estate agent? Second, after I find the property, what is a legal contract? I wrote up a one page contract, a simple agreement to purchase; However, I was told by a real estate agent that the contract was no good. Third, when dealing with agents they usually require eight page contracts protecting the seller, often, if not always requiring money down. Should I find a mentor who will walk me through a couple of deals, show me the ropes?
I really want to get started, I started looking at deals but came across “brick walls” like these. Any suggestions would be helpful.
Novice Investor
Re: Mentor??? - Posted by Randy (SD)
Posted by Randy (SD) on November 17, 2004 at 08:52:06:
This subject has been discussed at length on the site, search the archivist for “Working with realtors” there are over 40 hits on the subject. In all fairness to the industry of the professional real estate agent there are some very good very creative agents who understand “creative financing” many however do not. They understand only what their broker has taught them and of course they’re training for licensing. A good indication of a realtors creative thinking is to ask them how much real estate they own also any creative financing techniques they have used for previous clients (if you get a blank stare… next).
I have had success with brand-new agents that I trained the way I work, also seasoned agents that think “out-of-the-box”. The first time an agent tells me the seller won’t accept that or I can’t do it that way or you can’t do that it’s the last time I deal with that agent. I generally try to avoid working with realtors, dealing directly with FSBOs you have a lot less resistance.
Come to Ohio… - Posted by Ben (OH)
Posted by Ben (OH) on November 17, 2004 at 08:48:00:
…work with me for a week. I will mentor you for a modest fee. I do short pays, lease/options, rehabs, purchase land, build houses, purchase notes, and manage many rentals.
A 1st rate mentoring program is guaranteed!
Re: Mentor??? - Posted by chandra
Posted by chandra on November 17, 2004 at 08:44:24:
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You’re working with the WRONG realtor. How many realtors have you called?..best place to find a good realtor is at your local REIA club or get a referral from local investor. The realtor must completely understand your position as an investor and make sure he is on your side. Find somebody at your peer level, who can become your golfing buddy.
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If you’re using a realtor to purchase property you need to use you their agreement…read the agreement and scratch terms that you don’t like and add your own addendum. Contract is just a contract you can add, substract terms, remember everything is negotiable. My advice is get an attorney to check with what you’re doing to make sure that you’re covered. Also, if the contract says you have to put money down, it doesn’t mean that you HAVE to. It’s your choice. If your buyer agent insist it, you’re dealing with the WRONG agent. NEXT, go find somebody else…don’t get stuck with an agent just because he/she is nice to you.
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Unfortunately, there is no such thing as a free lunch. I agree with Ray. If you want to find someone to help you, you need to figure out ways to help that person as well. One example is start by bird dogging, finding deals for him, along the way he’ll show you how to play this game.
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There’re no ‘brick walls’. This game is like an ocean (you can’t find walls in the ocean). Very very vast gigantic ocean. If you have no compas you’ll get lost and never find what you’re looking for. To me it seems like you haven’t found your compas yet.
I hope i help you a bit…
GOOD LUCK!
Re: Mentor??? - Posted by Ray S
Posted by Ray S on November 16, 2004 at 23:24:54:
Hi Novice Investor, I have bought a lot of houses over the last 15 years and I will give you my opinions.
- I like working with agents. I would also decide how you intend to buy, all cash, subject to etc. Then this is how I would market. For example adds for Subject To’s and All cash with realtors(cash from equity lenders).
- For the contract. When I deal with individuals I use a Simple 2 page contract. When dealing with Realtors I use the Longer Realtor form. When I took classes to get my license I took a class that covered the Real Estate Purchase Contract in detail. I’m glad I did, I learned a lot. In Texas the The contract that Licensees use, it is more or less balanced. If by money down you mean Earnest Money I believe you should put some down anyway.
I think if I was getting started I would put out signs or run adds. I would call a couple of Investors and ask them when I get the leads will they help me put the deal together if I flip it to them. Then I would flip(for money) the contract to the experienced Investor, with the understanding that he would show me the ropes.
Does this answer your question?
Re: Come to Ohio… - Posted by Novice Investor
Posted by Novice Investor on November 18, 2004 at 08:21:32:
what do you do for a living and where can i find someone like you in my area. please reply.
Re: Mentor??? - Posted by Novice Investor
Posted by Novice Investor on November 17, 2004 at 20:30:50:
Would it be sufficient to work side by side with an investor, walking me through a few deals, then split the profit we make? I wouldn’t mind doing this because I have no money to pay him upfront.
Re: Mentor??? - Posted by Novice Investor
Posted by Novice Investor on November 17, 2004 at 21:05:31:
Absolutley, however, where do I find these creative agents who understand creative financing. All of the real estate agents i have spoken to do not understand the concept of no money down or wholesale flipping. Would I have to do some leg work, call up a bunch of agents in my area? I really want to get started in real estate but also want to know exactly what I’m doing when I go off on my own. Any ideas would be appreciated.
Novice Investor
Re: Come to Ohio… - Posted by bobby
Posted by bobby on November 18, 2004 at 21:36:17:
what part of Ohio are you located ? I have no experience with real estate investig yet, but my head is spinning from so many different opinions and infomercials.
Re: Mentor??? - Posted by John Katitus
Posted by John Katitus on November 19, 2004 at 01:10:51:
“want to know exactly what I’m doing when I go off on my own” Forget it - you can’t. The best you can do is to come up with a rough plan and take the first step. Just like learning to walk.
Re: Mentor??? - Posted by Ray s
Posted by Ray s on November 17, 2004 at 23:18:12:
I started by joining a RE club in my area. In my experience with realtors, it’s the fact that they are not knowledgable of other techniques. Their only way to sell a home is with new financing. Often times this can’t be done for many good reasons. This is the opportunity for you. I let them know that if they have problems or can’t get a house sold to contact me and I will try to buy it. Just imagine a realtor goes into a house that stinks to high heaven. When she tries to sell it near retail nobody is interested. After sitting on the market for awhile the seller starts looking for other options. This is your chance. Low price, Lease Options, Subject To’s etc. You don’t need creative agents, just the opposite. Agents are on the frontline and know where the problems are. Thats what you need.
If I were going to start tomorrow I would pick a neighborhood that had houses that were about 30 years old. I would find an agent, maybe one that worked in that area. I would ask for a listing of all properties for sale in that area and expired listings. I would also want to see the DOM (days on Market). I would take the properties that had problems or long days on market and make offers on those(make offers you can’t refuse). Also ask for the printout of Agent Remarks. This will give you some more insight of the status of the house.
Try this and give me some feedback
really scary websites - Posted by really scary websites
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