Does this Work in California?

If you look up properties on foreclosure alert and find any there that you are interested in click on the details on the left side it will give you the Attorney and their # that is handling it for the bank and you can make an offer directly to them. When you are looking at properties the name of the listing agent is there start dealing with them directly when you can.I send post cards and emails to every listing agent I find on foreclosure or Hud properties,they want to sell them and if they can cut the other realtor out of the picture they will contact you. Just remember to tell them that your an investor and not working with any Realtors exclusively and who ever brings you a deal that's who you will buy it with.

That is Great Advice Jim,

We will incorporate it immediately.

Thanks,

Rick & Peggy

In Deans book 'Profit from Real Estats RIGHT NOW' check out chapter 6, 'The Perfect Real Estate Agent= Huge Profits'. There you will find some great strategies on how you can get a great an agent on board with you, I think its important that they understand exactly what it is that you are trying to accomplish and that you arent just someone trying to buy a house for half price, But that you are a Real Estate Investor looking for an agent to be a part of your team, this is an opportunity for the right agent, they are hungry right now, so mabey you will get some good ideas in the book. Im in California as well, Ive talked to several agents willing to submit low offers here in northern Ca, Im just getting started with my REI bus Wholesaling specifically to begin with to raise cash, then on to buy and hold etc. What area of the state are you doing business in? If you dont mind my asking? Ive been noticing alot more FSBOs in my area, dont even need an agent to make an offer on these. Im looking fwd to your success, so keep posting your progress and ideas...

Thanks, Tom

please don't give up. you are not the only ones having a hard time finding a real estate agent willing to do what you need, and not just in CA. hang in there and keep pressing on. i agree with Tom - look at FSBO's and the other things he mentioned. they are great suggestions. sometimes we have to do things differently from everyone else to make things work for us. i would be one of those. i'm not textbook when it comes to anything! but, i will keep pressing forward. don't forget about CL and other free classifieds in your area. also, make sure you are letting the agents know what's in it for them. unfortunately, most people only care about what it will get them and how it benefits them. so, that is what you want to concentrate on. i have a contract on a property and the seller just about did me in yesterday. i hung in there and we got it worked out, but i was ready to tell him "no deal". it was just concerns he had and i dealt with each one. he thanked me for doing that. (thank goodness he emailed me and didn't call me on the phone. my first inclination was to panic and be very upset.) so, believe me, if i can do it, so can you!!! i'm also a realtor and i know their reputations, so i tell people i'm an investor with a real estate license, but there are some good ones out there. we have some on this website too. determine you will do whatever it takes to fulfill your dreams.

If you have yet to do so go to an REI club meeting in your area and ask investors there to give you referrals for their Realtors that work with them. That is the best way in my opinion but you can also call the listing agent of the property, tell them you are a cash investor and can close quickly and that you would like the agent to represent you as well. They will be glad to do it because of the double commission no matter what the offer is and on top of that I have found that most listing agents for REO's already work with investors...

Hi Tom,

Thanks for responding to our posting. We're in the Santa Clarita Valley which is a mere 30 miles north of Los Angeles. This area of the county has not experienced nearly as big a decline in values and in turn the agents out here are pushing very very very hard for full list price. None of them want to be associated with Investors looking for wholesale properties. We've run the ads, done the mailings, cold called and even tried working with many only to have them refuse to write the offers we present. Its extremely discouraging and quite alarming when you think about it. The agents here are perpetuating the artificially inflated prices of the market almost 100% and this will lead to major losses in the future for those buying at these artificial prices.

We're just trying to find something that works here. Any advice you can give would be greatly appreciated.

Rick & Peggy

of Santa Clarita. You are just down the road from Palmdale and Lancaster. These are beat up areas and where you will find the deals. Homes are cheap and many investors are looking to buy and hold for cash flow. That means you can go higher on your numbers like 80% LTV because these properties are long term holds.

You also need to go direct to listing agents and have clean contracts... no bs clauses. All cash, quick closing and have your repair list ready to show why the property needs to be discounted more.

Kimmy you are so right! As you stated you must look in a market area that has distressed properties. Running around making 50% off list price offers on move in ready houses is a great way to tick off any agent. You must offer on investor type properties and base your offer on what the house will actually sell for today, even if its a buy and hold. I know people do it all the time, cash flow but near zero equity, but personally I do not just want cash flow, but cash flow and decent equity on my buy and holds!
A clean contract is essential! No bs clauses!! Agents, lenders and sellers can smell a no money, if I can't find a buyer I will cancel this contract deal a mile away! There are thousands of new investors out there doing this and it doesn't work any more.
Remember Rick and Peggy, you can market to and offer on all kinds of properties directly with the home owner, no realtors at all! As long as they are not listed, talk to them directly.
Also. I go to REI meetings to network with my fellow investors, I don't care what the club or their speaker is trying to sell. Going to those meetings is essential in building your buyers list, money lenders, contractors ETC ETC People that are ACTUALLY in our business.

Michael Mangham
MD Home Acquisitions LLC

We've been to several in different surrounding cities and found the exact same people putting on the exact same sale pitch for their brand of Deanism. Virginia Kaufman is the "Teaching Investor" behind this and we have zero interest in paying more money for nothing in return. If we could find an REI that wasn't put on by this person or her employees then we would love to attend.

With real estate investing it is always important when you hit a road block to go over it, under it or around it. Each area of the country has various types of properties and price points in each market. In the Chicago market, the average home can be around $400k to over $1 million. As you head into suburbs or surrounding communities the prices become more affordable. For Southern California you may want to look into different more affordable areas outside of Orange County such as Riverside.

We have friends that live in Newport Beach, however they invest in Long Beach or Seal Beach because properties are more affordable in those communities. I would also focus more on getting bird-dogs working for you, locating FSBOs, estate or probate sales, court sales, sheriff sales, short-sales, tax sales, auctions and even REOs. Good luck. Carpe Diem! :0) - Stacey

REI clubs. You may have to go some distance to find the club. San Diego has a great club. So does Los Angeles.

Don't go to the meeting to buy anything! How ever even if you don't like the presenter you will always learn something. But the main reason you go is to exchange your business cards with the people attending the meeting, not the people that put on the meeting. In this business you need to network face to face when ever and where ever you can!
Most clubs will let non members in for a by meeting fee. Its well worth it if they have over ten people attending! You could meet a realtor, contractor, buyer of seller there!! You have a much better chance of connecting with people you will work with than 50 websites! I know, I have 7!

Michael Mangham
MD Home Acquisitions LLC

is the Los Angeles meeting held?

If you don't already have an awesome buyers list, get one. They will give you the leverage you need to get the agents moving. Also, search out Agents who are also investors. They fully understand the need to make low offers.

Wish You Well

Google Real Estate Investor Club Culver City.

I go to that one and it has a huge group of people. It's also FREE. I think it is the 1st Tuesday of every month. Right off the 405 by the West Hills Mall. I would look it up but I am getting ready to run out to an auction.

Let me know if you all decide to go. I love to meet you.

Karen

Thanks so much for the heads up Karen. We'll do a search for the meeting and try to be at the next one!

This is the one I have been going to:

Investors Resource Center of America-Los Angeles
Contact Person: Steve or Robyn Love
Meeting Location: Four Points Sheraton Hotel
Meeting Address: 5990 Green Valley Circle
City, State Zip: Culver City, California 91306
Meeting Time: 1st Tuesday, 6:30 p.m.
Phone Number:
Fax Number:
Web Site: irca-losangeles.com

I had to remove the phone number or I get a nasty note.

Let me know if you will be going.

Karen

I have an exfather-n-law that buys real estate and own his onw biz in Monterey, Ca.. Lets keep in touch,i'll see if he is still buying properties, if so i'll let him no what u have avail; his health limits him some what close the properties to him the better.
Robert Tazz2122