Posted by JoeS on March 14, 2002 at 08:32:27:
One is here in central NY and the other is in Austin Texas! I doubt that either will move, sorry.
Need a little motivation here please! - Posted by Aaron
Posted by Aaron on March 13, 2002 at 18:13:04:
Hi Guys-
How’s everyone doing? I’ve been reading these posts for quite sometime now. I’m currently looking for my first home to buy in order to wholesale it.
I’ve asked questions about prospective deals, but thanks to you all, I’ve steered away from bad ones. I’ve really only been looking for the past 3 weeks. I know it’s just a matter of time.
The reason why I need a little motivation is because I was speaking with a real estate agent today. I must admit that she was very nice. The thing is though that she mentioned that wholesaling “flipping” is illegal and also said something along the lines of…
“Oh, you probably saw Carleton Sheets on T.V. or something”
because I explained to her what types of properties I was looking for and how I was planning to finance them. Well, needles to she kinda made me feel like saying wake up to myself. I’m not going to quit or anything though. I’m going to make this work!
Any encouraging words would help me a great deal!
Thank you guys!
Aaron
Re: Need a little motivation here please! - Posted by James Strange
Posted by James Strange on March 13, 2002 at 21:56:46:
A few years ago I went to an agent told her what I wanted to do. Her responce you have been staying up late at night and watching too much TV.
Shortly after that I found a real agent bought a house (my wife would not even get out of the car). Cleaned it up and closed in 47 days. Shoped around made a few offers bought another house. Repaired septic system, new roof and 17k of rehab. Went from UGLY to GEM. Put it on the market with my agent.
One day I was at the house cutting the grass (house was under contract) and the know-it-all agent droped by to introduce herself. I have noticed from the MLS that you have bought and sold two houses in 6 months and was wondering if you could use the advice of a RE pro.
I replied, sorry but I am the guy who watches to much late night TV.
Thanks so much guys!! - Posted by Aaron
Posted by Aaron on March 13, 2002 at 20:56:10:
I’d like to thank everyone, REALLY, for responding!! It means very much to me and I only hope that I may be as helpful as all of you have been to me some day!! Thanks a lot, God bless!
Aaron
Re: Need a little motivation here please! - Posted by Doug ON
Posted by Doug ON on March 13, 2002 at 20:32:53:
TALKING to real estate agents is fine. But LISTENING to them is a no-no. My own experiences and that of most of the people I’ve spoken to lead me to conclude that newbies to REI should stay away from agents…UNLESS you know exactly what you can do for them and what you want them to do for you.
Remember, 90% real estate agents cannot be anything more than a member of your team, filling the role that YOU designate. Never listen to their opinions or beliefs about real estate investment because the fact is, they don’t know anything about it!
Your question about flipping has already been answered, so get out there and start doing it!
Re: Need a little motivation here please! - Posted by JoeS
Posted by JoeS on March 13, 2002 at 20:20:28:
Most times you need to educate the agents while you are also educating yourself. Unless you get a sharp one, many, not all, but certainly the majority would not know a creative deal if it jumped up and bit them on the nose! They think “in the box” which is not a bad thing, just frustrating for the way we do business.
The “normal” agent wants to drag around Mr and Mrs residence buyer for a couple of weeks, have them plop down $1000 on the “home of their dreams”, let them get their own financing, see ya’ at closing, collect their measely split of a split of 6%! And they say we are crazy!!
However, some agents have the smarts to realize they can make more money by having repeat business, like you and me! These are the ones you need to work with, and when you find 2 good ones, they will help you immensely!
Re: Need a little motivation here please! - Posted by evelyn
Posted by evelyn on March 13, 2002 at 20:07:16:
I know what you mean. My mom has been an agent for 12 years and I had to explain to her about creative real estate, and she looked at me as if I had three heads; she didn’t know what a hard money lender was, and after I told her, she said she didn’t know what they were because there weren’t any properties like that around here (Melbourne, FL)!!! WHAT!!!
So needless to say, I get very discouraged when I try to explain to her the concept of creative real estate. I once brought up the subject of buying a house Subject to… she told me that “nobody is just going to give you their house.”
So I don’t discuss CRE anymore. I REALLY need motivation.
evelyn
Re: Need a little motivation here please! - Posted by Don (Fl)
Posted by Don (Fl) on March 13, 2002 at 19:31:27:
I called a realtor on a bank owned property that was listed for $111,000. It had an ARMV of about $118,000 and needed about $10,000 in repairs. The realtor told me the bank wouldn’t take anything less than $100,000. Less than 2 hours later, a wholesale flipper I know called me about the same property and he had tied it up and the price to me was $69,000! The realtor doesn’t even know there is a contract on it!!!
Bank owned properties and lowball them!
Good Luck,
Don
Re: Need a little motivation here please! - Posted by GL(ON)
Posted by GL(ON) on March 13, 2002 at 18:36:15:
She is so full of it. There is nothing illegal about flipping properties. Another know it all RE agent.
Re: Need a little motivation here please! - Posted by jd
Posted by jd on March 13, 2002 at 18:32:25:
i tell ya. If you want to wholesale properties you need to make sure they are wholesale. To find these they need to be pre-foreclosure or someone who is in desperate need of selling the house. I am a rehabber and just bought my first rehab from someone who buys at the courthouse and through finding sellers that are going into forclosure. This, I think is the best way to find true wholesale props.
JD
Re: Need a little motivation here please! - Posted by Dave
Posted by Dave on March 13, 2002 at 18:27:04:
Im just a beginning investor also and got the same response from one real estate agent. So I went to 2 others and they were more than happy to help me out. They gave me a list of properties they thought might fit what im looking for and told me to do a drive by and get back to them. I came out at the end of the day with a new spring in my step. Point being dont listen to people with negative attitudes, they just dont understand what your trying to do because its not conventional. Hope this helps and good luck.
Re: Need a little motivation here please! - Posted by Tom
Posted by Tom on March 13, 2002 at 22:15:54:
I’ve been in this business for30+ years and been wondering where those two good agents are. Please send me their phone #
Pearls before swine - Posted by Bill
Posted by Bill on March 13, 2002 at 20:32:47:
Nothing against mom’s wives, etc.
Just don’t discuss CRE with people who are closed minded. It’s like religion. They have made up their mind and that’s all they need to know.
Talk to people who are open minded and think like you do. It will lower the stress, and your new friends will think more of you. Closed minded people will think there’s something wrong with you and ask “why are you trying to swindle people?” We all know nothing could be further from the truth than that , but they have made up their minds. Ignore them and don’t discuss it with them.