Well let's rain on my parade

I dont know much about the assigning factor - it is my next path of exploration in real estate investing, but I can tell you that most everyone today thinks anyone investing in real estate is a bit off their rocker....it took me alot of real estate agents before I found one that took me seriously, and nearly all but one of my friends and family were naysayers to my dream. It was the support of the people on this site that kept me going! And what a great great feeling it was to prove them all wrong when I completed my first deal! Know you are on the right track and it takes a lot of no's to find the yes that will be your first success story! I can vouch for the fact the dealing with REOS is harder than a regular purchase. My first deal was a straight FSBO and I closed on it in 30 days. Right now I have 3 offers in on REO properties and I was forwarned that it would take at least a month to get a response which is very frustrating! Also, my real estate agent and mortgage broker told me that with REOS cash is king - the more you can put down and the faster you can close all make the deal more attractive to them, so I guess deals with assignments may get put to the bottom of their pile, I dont know. Perhaps you should look at regular market houses instead of REOS to assign. But just keep at it and dont let a few rejections slow you down! The deals are there and you gotta keep playing the odds and putting out the offers to succeed. You're doing great!
Best of luck,
Laura

Thanks for the push. Im going to cool on down on foreclosures and stick to FSBO and agent listings for now. I just get frustrated about the whole thing.

to the frustation issue! I was dying to get my hands on my first deal and am in that same position right now trying to move forward. I by no means meant to discourage you from working with REOS - just to keep all your options open. And remember - every deal does not turn out to be good. Trust what you've learned, and trust your numbers when running comps, estimating repairs, etc. They dont lie and will keep you from making a big mistake. No matter how much you WANT a deal to be the 'one'.....doing your homework and knowing when to walk away is what will get you to the success you desire!

Laura is on track when she says keep making the offers. The deals are there and you gotta keep playing the odds to succeed. We are over 60 offers in seven months viewing hundreds of properties and only getting four out of the effort! BUT, we have four properties that cost me NO money to buy fix and then rent, because we waited for the right deal that fit our goals!

Stick to your plan to achieve your goals and you will get there.

To your success,

Rohn
DeJor Properties, LLC

Hey Bernie, Man don't get bummed. I've been spinning my wheels also, but ya know what?? I keep coming back and back for more. we will hit it one day. Keep your chin up...Jan

I know you all feel a little discouraged right now but lets look at what you have going for you.

1. You are gaining a good solid knowledge of real estate
2. You have the entire dg.com family behind you
3. You know what you are capable of better than anyone else.
4. You know that REO's are profitable
5. You know you can lock them up and assign them

HOW YOU SAY?????!!!!

By doing just what you are learning on this site. Always keep control of the conversation/situation and let NO REALTOR tell you whats not going to make you money. You see, they don't have first hand knowledge of it, they just hear things and THINK they know.

School yourself by reading and asking lost of questions on here. Hold yourself with dignity and remember no one can be as confident on YOU as you are YOURSELF!

If I could do it, and do it ofter (and/oo assigns) then you can TOO!

Bernie
That is want they all tell me too..."go get a real estate license"...they don't know any better. That is the way they were trained to think and operate.
I called my title company who does double closings all over the USA and asked them about assigning...they said yes that it can be done and they will tell you about the BLAST program that is being used all the time now for assigning REO's. It is possible and I want to get into assigning REO's too. I am going to contact my title company and get them to go into more detail about the BLAST program and how it works...they talked to me before how it works and it made sense and seemed fairly easy. They say it is being used all the time now by investors and it is designed for REO's.
Hang in there Bernie!
Sissy

Does anyone know what this BLAST program is?

o.k. Anita I must ask how I can lock up an REO? Don't I need a letter of approval or proof of funds for the bank first?

When I first started some years ago at the age of 18 I called many Realtors to find one that would work with me. The first Realtor I found came to my house to pick me up because I did not have a car. He knocked on the door and I opened. After I opened the door to start my investing career he (the Realtor) said: "Are you parents home?" He then allowed himself inside and asked that I call my parents into the room. He then proceeded to tell myself and my parents that I would not be able to invest into real estate. After leaving I was devastated...for about a week. One week later I started calling Realtors again. The very first Realtor I called worked for Quackenbush Realty. The owner of the realty office was on the line and he proceeded to tell me that he had been in the business of real estate for 25 years and what I was looking to do cannot be done in our area.

I now invest in real estate, have "good" Realtors and invest where I was told I could not invest.

There are good Realtors and bad realtors. My experience teaches me that 1 out of 20 Realtors is good. I have made it my plan to call 20 realtors any time I look for another or new Realtor. A good Realtor can be worth their weight in gold and thousands in your pocket. You just have to look for them. I did a forum earlier that has questions I use to find a good Realtor. Use this information, find a good Realtor and enjoy real estate.

I would say that Nstreet's numbers are probably extremely accurate in terms of trying to find a "good" realtor, why do i agree? Because i STILL haven't found one yet and frankly i dont care to find one, i take that back to a certain extent(they just put a really bad taste in my mouth), hopefully io find one eventually that understands me and realizes that he/she works for ME, and NOT the other way around, SULLY

I probably should keep my mouth shut, but that's not my style. RE Agents do not work for anyone. They are on no ones payroll. They are self employed. Likewise, they have no reason to believe that a client works for them. Agents provide a service that is paid for by the seller. As an investor, you need to find an Agent who has a service that best benifits you. As nstreet writes, you may need to talk to many before you find one that offers the services you need. As a buyer/investor this service costs you nothing, and provides you many advantages. Why would you not take the time to find a good RE Agent?

Let me know when it is safe to show my face again, Al

I find my realtor invaluable. I guess I'm lucky, too, because I only had to go through about 5-6 to find my winner. She realizes the value we provide to EACH OTHER in finding and moving the best deals. I sold my first flip with her in 10 days - a feat I seriously doubt would have happened on my own in this market! We work as a team and I hope that happens for everyone because it sure makes my investing career smoother as I have someone I can go to without hesitation for any questions I have about target areas, comps, etc etc. So dont stop looking for the right one!

Think of real estate investing as fishing. Those that have more poles in the water have a better chance to catch a fish. Many come into this business hoping to do it on their own. Those that bring on a power team find more success and in a sense catch more fish. A Realtor is an invaluable tool that can create thousands in an investor’s pocket.

I have a Realtor currently that only owns 4 houses a month. If she comes across any more houses than her allotted 4 she passes them on. She has done all the work found the house or referral but passes because the house is too much for her.

I have another Realtor that only works with investors. She will pull comps, give offers and show properties all with an investment perspective. She has invested but found that being a Realtor can make her money. She knows she is one of the few that specializes as she does and because of this she does a lot of business. She has helped me find financing, told me to offer less, and worked her tail off to make me money.

Wanna share her haha?! You aren't in Jersey by any chance are you

Spoken by a true soldier from the trenches....Jan

Because my time is MONEY, not to sound like a "snob" or anything, but it's a little rediculous that i have to see and meet many RE Agents when i could be CLOSING a DEAL or setting up my MARKETING or talking with SELLERS, you get the point. This isn't like shopping for a car, trying to find a "GOOD" Agent is WAY more time consuming, cause of the time it takes until you actually see that he/she either knows nothing about real estate or is just plain ignorant(like the last one i spoke to who supposedly had 10 years "REI experience") 1-2 weeks has passed and i once again, gained NOTHING. So, guess what, i just figured i can do everything by myself, cause in REALITY no investor NEEDS a RE Agent, shoot i know quite a few VERY SUCCESSFUL REI who have NEVER used an Agent, now when the time comes that my need for an Agent arises because i no longer can handle everything by myself, because of business growth, then so be it, NOW YOU KNOW WHY...AL, SULLY

Reading the posts about realtors makes me appreciate mine more than ever.
I feel like you guys that have had terrible experiences with realtors have gotten jipped. There are SO MANY pluses to having a great realtor (I think we've covered most of them throughout the threads).
I wouldn't give mine up for anything.
NOT that we CAN'T do it on our own. It just makes it that much easier.

So, Bernie, like many have said, keep looking. It'll be worth the search when you find that special one to be your right arm.

Rina

I have a realtor that works with me and she has done things way above and beyond what I could ask. She is always ready to pull comps, find properties etc... I guess it helps that she is my best friend:-)

I am in New Jersey and I can share her.

Thanks to you and the others for your inspiration, encouragement and wonderful words of advice. I have learnt quite a lot on this site and continue to learn daily. The knowledge we learn here cannot be bought or sold. It is theory and practical all in one package. My DG family keep the lessons going, we need them.

Sandra

real estate agents are great. You can leverage their time, money and knowledge to help you make money.Many of you have it set in your mind that good real estate agent are impossible to find, and so they are-for you. I expected to find the best real estate agent in my area and then I expected her to work with me. And that is what I got. It is the law of attraction. It's real.

SEEK AND YE SHALL FIND.

I do admit you are absolutely correct, the law of attraction is the way to go.
Great advice my DG brother.

Sandra

I would definitely work with you, I've met you face to face and I can honestly say that with complete confidence! But I didn't talk to 20 agents either, like Sully I had a bad taste in my mouth with the ones I used in the past, although the house I currently own was bought through an agent and was good because I was involved in the meetings with the owners so it was still very personal and up close. That's the ONLY way I'll do business from now on, agent or not. So keep showing your face Al, I love hearing your side of things, it gives me a better understanding of where agents are coming from. I also agree, if you believe you'll find the perfect agent you will! By the way, coincidentally after applying that myself, I met Al...

I have been reading about some people having a bad vibe with realtors and I guess I am trying to understand why? When I began this journey I guess I was lucky that my Realtor was a good friend already so I did not have to search far.
She tries to help but sometimes she is so overwhelmed with showings and closings she don't have time.

I have found since I have been wholesaling that realtors do not take well to what I do. I just think they feel that I am working their job without the license or that I am doing something illegal. However once they get to know me they love me

I am considering going to school in Nov. to get my realtors license. The class is only $350.00.

I think you answered your own question, MOST Realtors coinsidently aren't your best friend so you haven't experienced what a LOT of us had, see every time that i've tried to work with them, they just keep proving me right, they have Absolutley NO creativity when it comes to alternitive financing, and "try" and shoot down any thought that's unconventional, MOST "think" they know EVERYTHING but, some how didn't even know what a Lease Option was! Oh Yeah, and don't even get me started with the ASSIGNING thing, MOST of them think it's illegal and like you said, Carol "MOST think that ASSIGNING is doing their job without a licence". You know i dont HATE Realtors, i just wish they would see the oppertunity that i'm giving them, i would like to work with one, but at this point i have trained myself to do without one. I just think that i'ts ABSOLUTLEY CRAZY to see 20 Realtors like Sissy did(i give you "props" for that) and having the same results every time, SULLY

http://www.deangraziosi.com/node/11608

I didn't read all the replies here in detail, so maybe this was addressed, but here's some things to consider:

IME, doing assignments with REOs is more difficult than seller owned homes, FSBO particularly.

The deals I tend to look for are situations where you have a owner who bought the house new (in my area a lot of the houses were built between the mid 80's to the mid 90's) and even compared to the current slashed prices, they still got it dirt cheap. They still have a bunch of equity, sometimes it's even paid off.

Certain owners are in situations where they aren't selling because they can't afford it or want a bigger house or a better area... they are selling out of necessity (job transfer, just inherited it, divorce, etc).

Those are deals that can offer huge opportunity for reassign, flip or rental.

As far as realtors, your mileage can often vary by locale. In my area, for every 20 realtors, at least a solid 15 are nothing more than a glorified car salesman. Not a dig at car salesmans BTW, just to mean they don't know a thing about REI, investing, the actual market, cashflow, money... I mean they are just someone that tries to put you in every house you look at.

The reason for this, is in my area we had a one of the biggest bubbles in the country. As such, just about everyone and their brother ran out and got their Realtor license to sell homes.

The most likely candidate is someone who has been a realtor for long time, understands REI and who has done REI of their own.

Don't be discouraged, many people, including realtors, who haven't done REI will pretend like they know what they are talking, and they haven't the slightest clue as to what they are talking about.

Don't take their word for it. Take the word of people who are doing it day in and day out like the folks on this site.

Here is a great reason to find a great realtor:
Every morning mine checks the 'hot list' of new homes. Well, this morning she saw a bank owned foreclosure in a condo complex she personally had bought and sold in as an investor herself, and knew how far below market value it was. As I was tied up in my day job - she went, looked for me and then met me there again as soon as I was free. Without hesitation I put in a full price offer. My fingers are crossed that they are not flooded with offers and end up with a bidding war! I could easily fix and flip this unit within 2 months for a potential profit of 40,000.00!
So the moral of the story is....finding the right realtor can give you a great advantage in this crazy market.

I've managed to talk to a couple more Realtors and have found a couple that understand what Im doing. The one I met with the other day said she has no attachments to the houses she sells it's all about getting it sold. When I told her about creative options and re assignments she was totally cool with it. Might be my next offer.

That is exciting. People that spend their time looking for a "good" realtor will find them. It will usually be a matter of time.