Law of Attraction

Hello Raven

Check out Foreclosure Alert .com It's a free trial for 14 days.

It's a lot better then what was out there.

Jim Kendrick

Look at several sites that have foreclosure listings, I had one that was free for 30 days. Then they wanted like $49 a month. I called on the 25th day to cancel, to save money, and they countered me with, what about $19 for an additional 3 months. So anytime you see free, for so many days, use it till then and be sure to cancel a few days before. They give you another deal.
Also, Matt mentioned REMAX was good to work with. And they are nation wide.
So I did call a REMAx office about a house, and ended up with a young man that has sold to investors, but never knew what we all do.
Needless to say, he is really going out to find me deals, and I put my first one under contract last week.
So call a REMAX, or I could check with mine in your area, to see if he can help you. He has even watched some of my DVD's on my training, and said he wants to really work with investors now, and he said yesterday he intends to help me make money, so he will.
What state are you in?
Sandi

Im in Maryland. Thanks for the advice. I'm guessing though that once a realtor gets involved they want paid. If a bank takes it back they want a cut as well and dictate the terms. Im looking to maximize profits and control the terms. I didnt think it would be this difficult to attract desperate sellers, especially when you know they are there. I do have limited success with expired listings, had a guy tell me last night that once his listing expired he has had lots of calls and has an offer on the table. Maybe Dean has to many wise students in my area...I'm trying as hard as I can....

I quess he does have a lot students!! I find that too..
My agent brings up foreclosures, expired listings, short sales, everything.
But all our training says, you need a good agent. What is good about this, they still get their commission, not from you, but from the seller or the bank. You aren't out anything, considering he is finding the deals, negotiates with the seller or bank, and does all the paper work. And I have on my contract that he did for me, that I can assign the contract.
It is easier than trying to find something. I too have an 888# and don't seem to get much for calls on that. But keep it out there, with the holidays some people have other things on their mind.
If you can, ask some small businesses to let you put up a flyer, and offer them something if they find a deal for you with just talking to their customers. If they can tell you that they got the number from that business, offer a little incentive if you get a deal. Word of mouth is everything.
Good luck!
Sandi

I do have an agent Im working with, The problem I have is sticking the deposit money out their to lose. He wants me to include deposits with all my offers and If Im doing the 25/1 ratio you can see that money gets eaten quickly. I feel that your best deals come with dealing with homeowners..... no banks involved and no realtors.
I just need to tap in to them some how ! Thanks for all your advice.... I soak it all up !

Raven,
Wo wo wo, the agent works for you first off, so here is how to get out of the
deposit with the offers. Take a check write it out to lets say $500.00 for deposit. Make a copy and send it along with all your offers that way you are offering with a piece of paper of a written out check, if it has to be a thousand then whatever, but then you are not out any money at all....see the trick?
Now what i meant of the agent works for you is if the agent says you cant do that, then fire them and get a new agent. I know many agents that use this same trick and nothing is said, and it's legal.

Thats the trick i learned from my agent, so i wasnt loosing money one and two, we can put in a ton of offers that i dont really have to be at to sign a check. Hope that helps!

Shawn

I only put down $500 earnest money that I pay after the offer is accepted. Then it is not cashed until we close. I talked with another person from Wis and she said the Realtors she works with, demand this money up front.
The friend I am staying with put an offer on a small farm and only put down $250. Maybe it is the mood of the agent, I don't know.
But let us know how you do.
Just read Shawns post, and he is right. Even my agent asked me if $500 was okay.
Sandi

Remember that earnest money check means nothing until the offer is accepted. The only way to get an accepted offer is to make a lot of offers. That's number
one! Number two, have a 7 or 10 day inspection clause that will allow you to back out if you can not find a buyer and still get your earnest money back.
Number three. Don't offer on properties that will never go to an investor anyway! Know what you are offering on and how to do it!

You are right about working with homeowners in DISTRESS. (key word, distress!)
It is way easier to get a contract and assign it. The problem is as you stated, finding the home owner that has a deal that CAN be assigned (profitable for you AND your buyer) Back to knowing true ARV and accurate repair costs and having a buyers list of REAL cash buyers.

Go to your county(s) website and search for notices of default (don't know what they are called in your state)Print them out weekly.This is the first official notice a homeowner gets concerning the legal process of foreclosure starting. It is a matter of public record. There you go, every pre foreclosure lead that is filed in the county(s) you are working.

Don't expect to run 3 leads and get a deal! If offering through a realtor is 25 to 1, searching out distressed homeowners is 100 to 1.

Hope this helps,
Michael Mangham
MD Home Acquisitions LLC

Isn't it better once the agent tells you a homeowner accepted your low offer, then tell the agent to stay away and you pursue talking with the homeowner 1 on 1?

Also, any realtor who tells you what to do like demand any money up front is not the type of agent you want to work with. You have to understand they are working for you, not themselves. If you find any realtors like that, it clearly shows they do not understand what you're trying to do. I personally would find another realtor that understands what I am trying to accomplish.

Yes... That is a very good technique to know. Thanks for the advice !

If you have a realtor find you a property then go behind his back I would consider that unethical business practice and you will not last in this or any other business. Why would anyone be a low down sneak like that over the agents commission that more than likely the seller would pay? Find the seller yourself in that case!!
Also many times the agent does not control the amount of earnest required, the SELLER does! Obviously there is a severe need for education here!!
By the way, agents do work for themselves, that is how they make a living. They represent you.
I am not a realtor and I know that most realtors don't understand or like working with investors but the idea presented and the statements made are just plain wrong.

Michael Mangham
MD Home Acquisitions LLC

I was referring to a situation where an agent has his/her rule in terms of earnest money. I do apologize you took my idea wrong, so let me rephrase exactly what I was trying to say. The other post before me sandiboots said a realtor demanded money up front which had to do with earnest money. Now, like you said on your post, the seller controls the amount of earnest required so if any realtor asks me an earnest money up front, does that mean that realtor is correct? I absolutely would never back out or be sneaky to my agent in ANY given situation or possible deal, my old post was heavily emphasizing realtors being sensitive on earnest money and that it is best I go find another one(this is when they haven't found me any property yet.)

You're right I do need an education and that is why I am not at that stage yet so bear with me. Also, I would never ever go behind an agent's back and make an unethical business practice if they find me a property, and I agree with you 100% doing a low down sneak move will not last in this or any other business. I should of typed on my old post that I was new on finding agents/earnest money and that I was uneducated.
Again, I do apologize if my old post mislead you or anyone in a wrong way and I am clearly new to this whole agent/earnest money scenario.

I am glad you clarified your statement. Keep reading the posts here, order and read all of DEAN's books if you have not. They don't cost very much and they will really provide a TON of educational information!
Remember, agents are our friends when We build a relationship with them. Never burn any bridges I always say.

Good luck in all you do,
Michael Mangham
MD Home Acquisitions LLC

Well this thread really got busy..
But bryan413 my agent asked me what I can do for the amount of earnest money. (another person from Wis said she was told she HAD to put down money with the offer, I told her that was wrong, but she said they insist.)
I have sold 3 homes in 32 yrs and don't ever remember me as the seller saying what I needed for earnest money. And all those were through agents. Never knew they asked the sellers. And as I said, my agent asked me what I wanted to put down.
Anyhow hope raven1234 got some good answers on here.
These posts do help all of us alot.
Have a good day!
Sandi

Yes very good answers. Think I added 5 & 6 to my screen name ! In follow up to all. I do know how to get foreclosure's thru a realtor,bank,notice of default, and I prev. had purchased some at the court house sale. So I guess the pool I was referring to is ones that are still in the closet, no one but family members know that foreclosure looms. I ran my newspaper ads in the " house for rent" section figuring that if someone was headed to foreclosure, they would be looking for a place to move to soon and they would not be buying, dont know if that was on target or not. I have 100 bandit signs coming this week, I will see what happens after I get them planted. I will also take your advice and look for another realtor. I have two that I have used over the years and are well respected in this area, maybe to the point that they have had some success and see no reason to accept new methods. Im a hard worker and hard thinker. Sometimes this can be a little frustrating, but I will keep trudging forward! I to have a vision !!