Offlineok i took action by calling a real estate agent and asking him quetions from deans books. he anwsered yes to most to all of them which is a good thing but he ask me if i had any down payment money and an escrow letter from the bank stateing if i had money to pay for a home. i told the agent no, and that i didnt need that to make money with him. i told him about assigment contratcs and that i had some stratigies that wld make us profit. he then said that without down payment money and an escrow letter from the bank no real estate agent wld work with me. is that true? do i need an escrow letter n down payment money to work with any agents? someone help me plz im confused??
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ismael soto
Ismael,
I ran into the EXACT same problem as you when I first started looking for Realtors. Check this thread out to speed up the process of getting help:
http://www.deangraziosi.com/real-estate-forums/financing-and-credit/3132...
Basically, all you need to get is a Proof of Funds letter (can obtain these for free) and do a double closing to wholesale your property to the end buyer. Just tell your Realtor that you have cash buyers backing your transactions. Theres better explainations in that thread as well as other threads.
Here is another one that might help you out:
http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/2959...
Keep it up!!!
Dominic
Are you new? Check out my NEW and IMPROVED Guide for Beginners! http://deangraziosi.com/real-estate-forums/everything-else/128413/domini...
hey thank you for the advice, u been helpful to most of my questions, ive notice u been replying to all my post. mabey you should pm me if ur interested in working with me as a partner and doing deal together or just helping me out with advice. i hope to hear from you soon. thanks again
ismael soto
Try calling more agents, he sounds like he is just trying to discourage you.
What you can also do is try bird dogging to get started,the wholesaing later. that is the easiest thing to do, you dont need an agent for it, just buyers. find a property that your buyer/buyers want , get him/her to sign the B-dog contract and point him to the property. if he/she buys it, you get your money, anywhere from 500-2000, I would start out with 500-1000 to build a relationship with your buyers first. and in the process keep trying to find a realtor.
Your buyers list is key to both, get as many buyers that you can so that you can move the properties fast and can have confidence that one of them will take it.
good luck
Richie.
about having down payment money, or an escrow account. Here's a company that will provide you with the funds that you need and as far as having down payment monies, just put into your contingencies that any down payment(EMD) are to be returned if you decide to back out of the contract for whatever reason(s)that you've stipulated in your contract(s). Don't worry about having money, just don't bother with a know it all agent.
Bryant Slade
thank you for the advice guys i appreciate it, ill make sure to keep looking for a new agent...
ismael soto
RE agents are interesting people. Most of them do not think like investors. If they did, they would be very wealthy and not work 80 hours a week chasing buyers and leads down. What does this mean? You don't have to be so upfront with the agents. The agent did not need to know that you are going to do assignment of contract. All you tell the agent is I work with a network of investors and I have an unlimited supply of money. (You can use www.coastal-funding.com for your POF letters.) I buy 10 to 20 houses a month and then resell them to other investors. Sometimes I buy and hold, but mostly I resell them. As a result, I am very aggressive with my offers, but I close on time, every time. That is all you tell the agent. Once you go past that, you're providing too much information. That is when they start freaking out and telling you it's against the law, when it is not. It just becomes a mess. Remember, you give the basic information and nothing more. Hope this helps...
KimmyJ
Press on...
Sometimes its better to go for FSBO because youll have less competition. you will work directly with owners and you dont have to deal with a discourage agent.
This is exactly what Dean talks about in all his blogs. Once this narrow minded realtor did his number on you, it was time to go to another part of the game.Keep the negative minded people out of your game plan, and it will feel like a ton of bricks off your back. Keep looking, the realtor you are looking for is out there waiting for you. Good Luck....Jan
Ismael ,
You need to take heed what everyone here is telling you . Anyone that is against what you are trying to do or is negative in any way -- get away from them immediately !! They will kill your dreams .. Don't ever let them do that ..
Listen to Kimmy J -- hook up with Coastal Funding and print those pof letters and keep making offers until one is accepted. Then focus on getting your front money ( escrow and closing costs ) . There are a ton of properties out there and lots of investors that want to buy them..
So best of luck and go do it !!
Peace out
Randy