REAL ESTATE AGENT EXTRAORDINAR?

an extraordinary agent will look out for properties for you that you may miss; she/he will keep an eye on properties that are becoming available to investors (i.e. hud, fannie mae, freddie mac) also, if they will have any listings coming their way, they will let you know first...
An extraordinary agent communicates with other agents to find out if sellers are motivated or willing to carry the note?

Hi, I have not closed any deals using a RE Agent as of yet. So I am prospecting for agents at this time.
I have read on the threads here about not coming out and stating: "I am planning on assigning the contracts on any accepted offers I get..." or something to that effect.
Okay, so my query is what happens at the point your agent finds out that you do use this method of righting away your contract by signing "and/or assigns" to your signature? This would be used when wholesaling a deal that your agent has found for you, right?
Kinda confused...plz. advise. Thanks!

When you have your agent fill in the "Buyer" line with "Liberty Kat and/or assigns" simply say that you are not sure yet if you will be purchasing the property in your name, your partner's name or in an LLC. Then move on. No more discussion.

Then, when you actually do the assignment, the agent is not even involved. I meet with my buyer, we sign the assignment, I get my fee in the form of cash or a cashiers check and I take the Assignment Contract to the Title Co, Escrow Co or whoever is handling the closing and that's it. The Buyer assumes my position in the deal.

Very simple.

Karen

I have had agents send me listings but when it come to making offers, the ones that I have dealt with needs me to present my bank account to make sure I have the money to buy the property I am interested in. Also want thousands of dollars in EMD.

Based on the information I have received from this site, I think I should still be searching for Investor Friendly Agent.

Thank you, Karen! Needed the words...'no more discussion'... LOL Gotcha!

PS. Can I come to Cali and spend a day-in-the-life with you, Karen? Please???
You sure know your stuff, woman!
[Hey, now that would be a cool contest...Dean? hehe]

Hi Matthew,

Sellers look for EMD from serious buyers. POF letters are available (on this site) as proof you have funds to purchase a given property and make an offer. Typical standard EMD are $1000 for under $100K and more for higher priced properties. (And probably varies from state to state). You can stipulate that your EMD will be furnished upon an ACCEPTED offer within 24 or 48 hours or within 10-14 days (which is the time it will take to notify potential buyer(s) anyway). Then you can either get a non-refundable deposit from your end buyer for say $2K (or half) upfront and the balance of your fee at close, or you can get your entire fee upfront from buyer to include the EMD. Also threads here tell how you can present a copy of your EMD check or have that money in an escrow account for EMDs. (Be sure to save part of your wholesale fee for future EMDs!)

PS. I listened to a conference call on IE and learned in reference to the 25:1 Offer Ratio (Matt's), you can start out by making 5 offers per week or so, and eventually add more offers in progression as to not overwhelm [or get rejected by] agents. Gradually reaching the 25:1 ratio. That would still equal 20-25 offers per month (slow drip). Keep in mind if/when there are no accepted or countered offers, an agent will lose interest because they're not making any money). So be sure your calculations are on point when presenting offers. Double check your numbers. Be confident.

Keller Williams or REMAX AGENTS are investor-friendli-er!
Try the smaller RE agencies, too.

Also, I discovered on Zillow.com there's a pulldown menu for "Professionals."
There agents, mortgage brokers, property managers, etc. are listed & displayed.
Type in Your Town & State and use pulldown...Check it out! Lots to choose from.

I want a client who I work WITH that;

1. Won't waste my time with offers or properties that will not close. Most might not want to hear this, but the realtor's time is more important because that's something we don't get back, especially if the deal falls through.

2. Understands the business and does not think that I am there to do everything for them and sit back. If you consider yourself an investor, then be an investor and have an investors mentality.

3. Trust is a two way street; Just because you call yourself an investor and have a POF letter from this site does not make you one instantly. When discussing, be honest and don't exaggerate what you can do and what you've done. If you've never closed and you tell me you have, i'll ask you exactly where and if you can't tell me and/or stutter and stammer, i'll simply get up and walk away. I've done it before and will do it again.

4. Respect. Contrary to what the culture on this site is towards RE agents, we do NOT work for you. We work with you. And if you keep thinking we are a dime a dozen and you haven't closed, perhaps the issue is not with us.

Words of wisdom from A Certified Real Estate Extraordinaire....

Good to see you pop in again!

Karen

Lansing, Michigan
When I went to 2 different realestate investors meetings, I was told that assignments are illegal. I kinda disregarded it cause I expected to be told that. I will follow your method to a t once I get my first offer accepted. I put out 24 bandit signs aimed at buyers on fri night and so far I have 50 phone calls and 30 messages. I have only talked to 4 call ins as I was with a potential buyer and have been moving. I will watch live cast again tonight with Dean and the woman from Vegas and maybe muster the courage to start returning calls tonight but am going to in the morn and pickup my signs Mon night after a different investors myg and I'll work all the numbers and messages I have throughout the week then its on to the next finding buyers technique. What do you think?

I was able to find an agent through KW but on our first meeting the agent requested I sign several documents saying that he could not represnt me unless I do so ? Also, he said before he takes me to view any properties I must complete a financial statement proving the funds I have available and they will throughly go over my financials. I asked him how he felt about putting in lots of low offers he said he does not like to put in low offers because he does not want to get a reputation that his offers are rarely being accepted...

I mentioned that I would like to do some wholesaling and he said that I would have to put down 10%+ earnest money and let the seller know that I plan on wholesaing the property and then the only way I could wholesale is to do a double close ? I walked away from our meeting discouraged...

Has anyone else been asked to sign several documents before an agent would represent them ? After reading kareng's post I realize perhaps I should not tell the agent or the seller that I plan to wholesale but is that being dishonest ? Is it possible to wholesale without an agent ?

Welcome to the DG family!

Obviously, this is not an agent that you want to work with. Often, agents will try to get you to sign exclusive agreement s with them. Don't do it! That ties you in to working with them and no other agent and then if they don't perform in the way that you need them to, you are tied into a contract with them.

As long as the property closes, it does not matter how it happens. Whether you are paying your OWN cash or some one else's. You are not being dishonest with them. They just do not have to know everything about your business. You are working and studying and putting lots of effort into becoming a professional REI. You don't tell everyone how you do it or where is your advantage? You are doing absolutely nothing dishonest. Is it really any different than when you are young and dating, if you have to borrow money from your Dad to take a girl out, do you tell her that so she doesn't think you are dishonest. NO! Because it doesn't matter. The end result is what matters. You just made it happen.

Don't let that meeting discourage you. Many people just don't "get" it. Just keep looking until you find one that does. They are out there.

One very important thing that you need to do is fill out your bio fully. The first thing that we do when you ask a question is look at your bio to see where you are located and a little about you. If it is not filled in, we assume that you are not real serious about all this and you don't always get as many responses as you would otherwise. Plus, you can network much better when we know if you are in our area or not.

Best of luck to you! A great realtor is out there and you will find him/her. Don't give up!

Karen

Valerie,

Haven't found that RE Agent yet, but still looking!

Well I say you test the waters and you will know when you have acquired the right agent.

Sandra

Karen thanks for the advice...I agree that he may not be the right agent for me so I am still looking for a real estate agent. I am so glad I did not sign any of the contracts he gave me ! I am definately serious about getting started and I am currently reading Dean's Profit from Real Estate Right Now. My plan is to complete my 1st deal soon...I am working on my buyers list and calling on some FSBO properties this week. Is there anyone on the site who wholesales in the Washington DC area ?

There are plenty of Investor-friendly real estate agents to be found at REI Clubs.
And buyers, too! Vendors, title companies, credit people, contractors, ...etc.
If you cannot get to a meeting, they have websites & blogs.

PS. Keep in mind that some FSBOs have already been rehabbed by other REIs.
You'll be able to recognize the difference on the interior....it has been nicely upgraded for retail sale. Those would be great for buy, rent, and hold strategy.

Each agent is different about what they can, will or won't do. So, at any time if your agent or yourself is unhappy with the way things are going, you can get out of your agreement (if needed). You don't have to sign any agreement, and if you don't sign, you only get limited representation yet you still have to sign a form, stating you acknowledge you have that option to choose.

When you find the right agent, they are not obligated to do everything for you. Why should they? The properties they send you are yours to do your homework on, or due diligence. They realize investors aren't their typical client, who will request to physically see every house that matches their haves/must haves on their list, only for the agent to find out they didn't like the house anyway.

When I show interest in a potential investment, I look further into it, and do everything I can without bothering my agent too much. By utilizing their assistant when possible and doing it this way, I don't waste their time or mine. I do my homework on every property of interest, before I make contact with the agent on it, and I don't bother them with irrelevant questions or tasks, when the answers are elsewhere, or where I can do it myself. I feel that it's not his or her job to do everything for me ~ why should it be? We have specific criteria we're looking for only, which our buyers need. It is our duty to find that inventory, specific to their needs.

As time goes on, you will learn their likes and dislikes and so will they. Karen G is right ~ You don't have to tell them every detail, not even your exit stratagem. They may have many concerns, but the 2 main things on their minds are: filling your property needs, and their commission. When you find the right one, they trust that you will get the job done, and you will.

Treat your agents like they are gold, and they will return the favor!