My Dad Is An Appraiser (Advantages?)

Is that a trick question? If your Dad doesn't charge you for an appraisal, might you be able to get a pretty accurate after repair value of a property?

He will be able to help you spot needed repairs and work up repair estimates.

Not to mention what a great support person he will be encouraging you on!

Karen

Thanks for your feedback guys, I know it sounds like a stupid question just so new at this I want to use mls for my advantage. I met with realtors and since I look young and am not a cash investor I feel I am not being taken seriously. I been having agents tell me that they need to verify cash when I place offers and never hearing of locking up a contract without that.

Right now (doing it myself since the agents I contact don't know how)I am putting together the cash buyers list from areas my agent said they think are hot for investors. Right now I have to say I am not pleased when it comes to finding an agent willing to put in the time to get me everything.

yes, I've heard of agents not taking younger people seriously; so you have to work a little bit harder on your credibility; and that comes with experience, which comes from learning, and all the knowledge that you need to learn can be found on this site... read DG's book 30 Days to Cash in RE (more than once!); the more your read, and put into action what Dean teaches, the more comfortable you will feel doing wholesaling, and talking to re agents...

You can tell your agent that you work with several partners who bring in the cash once your deal is under contract.

Your dad can be a great teacher; try to calculate the repairs and ARV of a potential property; then ask your dad for his numbers, and see how yours compares to his... do this several times, until you get good at estimating, asking your dad for his advice; I'm sure you can learn a lot from him

Way to go man dont be discouraged I have worked with a ton of agents & one think I can say is that what will help I think is to not meet with them it is a waste of time and they wont see how young you are-it's none of their business how young you are of course. but you can talk to them over the phone & continue to be confident & know that any agent who is good would want to see a proof of funds to put in offers, without that they wont because they dont want to waste their time working with just tire kickers you follow.

they want to know you have the ability to purchase that property when your offer get's accepted. So you can give them a proof of funds from besttransactionfunding.com Also dont tell them you are wholesaling, some agents dont understand that yet & it will only confuse them. Just say you are going to buy fix n flip properties, they dont have to know that your buyers will do that, that you are wholesaling to them OK.

Actually the most important thing is reading & following Dean's book 30 days to RE Cash, if you dont have it get it & follow it to the letter, I have gotten 3 deals doing just that & you will to.

PS Sorry for the long post but yea everyone is right too you can get free estimates of repairs from your Dad & comps from him too on props that tell you how much the prop is worth all fixed up. Congrats Jeff hope I didn't sound preachy-keep going.

I was typing while you were too ha funny, yea what she said!

Thank you so much Valerie I appreciate the feedback. I have been reading Deans 30 days to cash as well as working on the program. Im apart of Insider Elite as of last week learning a ton. It certainly is stressful and can take you out of the comfort zone but know I can do it.

Ill stick to email contact with these agents until I can get some deals locked up to prove my worth. Facing so much negativity right off the bat from these guys I can see why some would just quit, but Dean does a good job pointing out that if they don't see your vision move on. Thanks again

Tony this reply was priceless to me! That is some amazing information I didn't know I could do something like besttransactionfunding.com. That could solve my issue and allow me to get some deals under contract now (if accepted). I will stick to the phone and email with these agents till I get more experience and can show confidence in person as well. Today I seriously felt like I was being interrogated all day, it was pretty uncomfortable but the positive is it can't get much worse for a beginner lol.

I am apart of Insider Elite now so been doing the 30 days to cash book and program. Ill probably read the entire book tonight instead of going by the blue prints just so I can see the end game and know what I am talking about when I talk to my agents.

When you work on your cash list do you have a certain number you stop at? I am seeing that this is taking some time when it comes to creating my spread sheet.

My spreadsheet includes (buyers name) (tax address) (sold price) (purchased property address) (year built) and (room counts) that the kind of system you use as well? Thanks so much for your time.

Real estate agents often have to decide what investment of time is going to return them the largest payback. Since you are new to the wholesaling field, they may not be willing to "go out on a limb" and provide you with all the information you need. But... if through your contacts, you find an agent that seems to meet your qualifications and you feel comfortable with, them make sure you run your offers through them. After one closed deal, they will no doubt see that you are a professional and are not playing around - after that they will no doubt be more willing to provide information.

PS - I bet your dad has access to the MLS system as an appraiser. There is you way in!

That's a good point thank you! After learning more I see I have access to things that would allow me to show proof of funds for these offers which was my original issue, now it's describing to the realtor that they still make their normal fee from the assigned contract and what I do doesn't concern them, but they fail to see how it doesn't as of yet.

As for MLS I do have access I have used it for the past few years typing up appraisals for my dad so I know how to find comps myself, and pulling the cash buyers lists from certain areas (helpful to know since I don't need to wait on someone else to do it) After going though a couple books I am now seeing that I could possibly filter my own deals though mls and just have my agent make offers on potential properties I find myself.

Only downfall I could see from this is me doing most of the dirty work lol.

IMPORTANT! IMPORTANT!!! DO NOT tell your realtors that you will be assigning the property!!!! As far as they are concerned, YOU are a cash buyer! It is not the business of the realtor how you close the deal as long as the deal closes!

When you find the end buyer, the assignment is between them (buyer) and YOU. Then, YOU take the assignment contract to the escrow/title co/atty (whoever will be doing the closing) You DO NOT involve the realtor in any way in this part of the process!

Do not tell them what you plan to do! You are right, they don't "get it" and will usually NOT work with you!

Karen

I am now seeing that, I was first asked if I had verified funds and was like what the hell I will assign this to my buyers. Now I learned that I can have funds backing me for a monthly fee so little by little I am seeing the big picture. Again your feedback is priceless thank you so much! I have a long way to go but am a driven individual and will be making things happen very soon.

Your awesome man, I'm glad yoiu liked the POF website besttransactionfunding.com, & maybe you know about linksourcemanagement.com I think(the website is in my fav's on my pc @ hm, i am in mex right now) and they provide for $80 a mo or it might be $100 now, bank statements for you to use fyi. Maybe someone else here has the website exactly, that can help you.

Also Karen is dead on and I didn't know you didn't tell the realtor anything just send it to escrow that it, I actually saw someone say they tell the realtors when they are creating the offer to put and/or assigns because they are not sure what company they will close the prop in.

That's awesome Karen & I am going to use your 70% rule to make offers unless my buyers will settle for less and speaking to that Jeff about the cash list of buyers I have never actually done that. I have just placed ghost ads & gotten tons of buyers like that or at my local REIclub meeting but I think I may do that soon so sounds good what you are doing. Having access to the MLS is golden.

So as soon as you have 5-7 buyers who want the same thing in the same area you could if you wanted to just pull your own listings of what your buyers want and calculate the offers and send them to a realtor you choose, create a template for offers having the agent send you a blank contract with your contingencies in them which are a 30 day close, cash offer, 14 day inspection, and/or assignment after your purchasing name(if it's your own name than that) & leave the rest blank, such as the date, offinger amount & the prop address.

That the agent will fill out for each offer because he/she will have an offer template for you-and tell them you will have a template for them when you are talking to them initially and that you want to make at least 10 offers a week-are they comfortable with that? if not move on(you will hopefully make more offers than that but you want to break them in little by little)

And tell them you want a long term relationship with them which you do, that will help, maybe your father can recommend an agent for you. You sound like a go getter you will be fine. Let us know what happens ok.

That is awesome information! Seriously these replies help me so much gives me a better understanding of everything! I will have my agents do that it'll make their life and mine much easier when putting in that kind of number for offers. My dad actually will not be of service to me sadly.

I asked him today, I was mailing out more letters to cash buyers in my area. I approached him and asked if he would like to make some $$ with me investing, he said nah he tried it before and he will let me go though it and see for myself. I was like are you kidding me?! I own other businesses (online) and all have been successful or at least not complete failures I am shocked my own dad can't see my drive and be a partner, which in this industry would be of great help since I am new. Oh well more fire to succeed after that conversation lol.

As for building the cash buyers list. If you haven't done it this way it could be huge (we will see my response rate) but I get to see how many properties these people are buying, what type, what price, ect... It's great information to have early on. Thanks again for everything!

That was actually me who said that when I have the realtor put the and/or assigns, I just tell them as we are filling out the contract, "make the offer in my name and/or assigns because I haven't decided yet if I will buying in my name or one of my companies' names". Then I just go straight into another subject. No conversation on that point. Act as if it is something you do every single day and that is that!!! They never question it. Unless, of course, it is a bank prop. They will not accept and/or assigns.

Karen

Another way - and perhaps much cheaper - is to make the earnest money payment part of your contingencies. Some state that the EMD will be delivered after passing the home inspection. Others state that the EMD will be paid within X days (usually less than 2 weeks) upon inspection approval from your investment partner (which is your end buyer). To facilitate trust, you give them a post dated check to hold or a copy of the check and you hold to the original until deliver.

Thanks for the info Campbell and Karen I will note these replies.