Chapter 6 - "The Perfect Real Estate Agent = Huge Profits"

yeah I read that part!

Thanks for the reply. There are so many great parts and good information in Dean's book. I have started it over again to find anything else I may have overlooked. Good luck on your investing. Believe and Achieve! - Joe

Thanks for the post Joe. I think this is a major hurdle. Even though I am working with a realtor, I'm not seeing any results from her as of yet. It may be time to find someone new to work with. Anyway, here are the questions that I asked.

I start out the meeting by letting the realtor know who I am. I talk about my successes in other areas of my life and let them know who I am as a person and what I stand for and what my expectations are for our partnership. I ask the realtor to do the same with me.

I let the realtor know up front that I have a list of questions to ask them.

Here is the list that I use:

1.How long have you been in the business?

2.Tell me about the most rewarding transaction that you have had during your career.

3.Tell me about a time when you worked with an investor to purchase a home.

4.Tell me about a time when you worked with a client to purchase a property using owner financing.

5.Tell me about a time when you worked with a client to purchase a foreclosure. A short sale.

6.Tell me about a time when you handled an assignment of contract.

7.Tell me about the lowest offer you ever made on a property as compared to FMV.

8.What area are houses selling the fastest in right now?

9.What types of properties are selling the fastest right now?

10.What price range of homes is selling the most or the fastest?

11.How many offers do you average writing in a week?

12.Tell me about a time when you worked with a client who didn’t use any of their own money to finance the deal.

Just like in any job interview situation how a person answers a question may generate a follow up question.

I believe that the most important thing is that you have a good feeling about your agent as a person, not just how much money are you going to make me and how much money do you expect to make. Don't get me wrong, financial independence (and each person has their own definition) is one of the main reasons that I have decided to invest in real estate but it isn't the only reason. If it were the only reason I was doing it, it wouldn't be any fun or very rewarding.

I'm sure that there are questions that I should ask that I'm not asking so I'm interested in seeing what other's have to contribute.

Thanks for sharing you list and information with us. The one thing I am beginning to realize in my area is that there are so many real estate agents and so many proeprties, that I almost need to work with more than 1 real estate agent.

I have found that certain agents specialize in certain types of properties and certain local areas or communities. Thus, if you have a real estate agent that specializes in REOs, they may be able to understand your goals if your targeting making offers on REO properties.

Also, the listing agent controls a lot of the cards, like it or not. I found that dealing with the listing agent may give you a slight advantage. Good luck on all yoru deals. Believe and Achieve! - Joe

Just got done w/ chapter six, its exciting.

Thanks for the comments. There are so many great tidbits of information in each chapter. I found it helpful to take some notes, highlight and even tab certain sections of the book for future reference. Good luck with your investing. Believe and Achieve! - Joe

I had an interview with a Real Estate Agent tonight that went really; really well. I asked the list above and it helped the process a lot. He has experience working with Investors-and like me-was a person of honesty and integrity with a desire to do the right thing which meant more than "just making a buck". We are on the same page in the concept of being Transparent-as dean talks about often how important that is.
My question is-he asked me to send him a working Criteria for the MLS that he could send to me to start looking for "motivated sellers" . Does anyone have any suggestions here? Or just go with plain vanilla "3BD;2BA at least 1200 Sq ft SFR newer than 1950 built"? Thanks for your input. Thanks to Indiana Joe for all his great posts-you really help motivate us.

Thanks for the positive comments and feedback. You may want to determine what type of homes you are most interested in such as a price range and an area or community near you. For example, homes under $100,000 that have been on the market for more than 120 days in zip code 12345. The longer a home is on the market, the more motivated the seller may get to take a lower price. Matt Larson does a great job explaining his approach with the 25:1 strategy in Dean's new book and Matt goes on to discuss the motivation of sellers.

Another approach might be to inform your agent about the area you are interested in and to put together a list of available properties with the search criteria words to include the following: REOs, Bank Owned, Corporate Owned, Short Sales, Estate Sale, HUD etc. These types of homes may require more work but you should be able to purchase them at a greater discount. I hope this helps. Good luck with your real estate investing. Believe and Achieve! - Joe

Ever since I started out months back, I have actively searched for an agent but found it to be difficult since most were rude about my strategies. So, what I did? I stopped looking and focused on the properties and guess what the agent that I send my MLS listings turn out to be an investor herself! I dont know if that is a great combo, but hey I didnt have one before and she understands and has been through the process. Anyways, sometimes you have to relax and you never know they just might come to you.

Thanks for sharing the information and insight on your REA search. It is so true that if you do all the right things that eventually things will begin to happen....you will find that great real estate agent (REA)....that next great deal....that new local bank to provide financing!

Thus, possess and display the right positive mental attitude and good things will happen. The more positive energy, the more that will happen, the more that others will want to be around you and the more opportunities that will come your way! Good luck with this new real estate agent and investing. Believe and Achieve! - Joe

My agent has started sending out LOI (letters of Intent) per information I read here on the forum; because formal offers can be so time consuming. However-the agent told me he's getting lots of negative feedback; and that banks (here in Central Tx) not accepting LOI's at all. Does anyone (or anyones agent) have experience with sending out LOI's vs formal offers in the 25:1 strategy attempt? I PM'd Cbrpower last week; but have not gotten a reply(plus he doesnt know who i am; anyway-) Thanks for your responses.

Dont feel bad that CBrpower (Mat Larson) havent gotten back to you and he hasnt even gotten back to me since I PM a couple of times. I am sure others will help you.

Warm regards,

Paul T. La moy

I was told to use a purchase contract, submit deposit and proof of funds or preapproval from Chase and fico score.

You can ask Matt Larson a question under his new forum listing at "Ask Matt Larson a Question"

http://www.deangraziosi.com/real-estate-forums/everything-else/24089/ask...

My advice would be if you found a good agent you can work with to sit down and go through your standard "offer to purchase". Most agents have these forms on computers or on zip files. She can fill out all your standard information, contingency clauses, etc. You will then only have to complete the address and purchase price. This should speed up the process when making offers. Just ensure you go through the complete purchase agreement and understand the complete purchase contract and always include all the information you desire necessary. I hope this helps. Good luck with REI. Believe and Achieve! - Joe

The only thing i don't agree with about hiring a real estate agent is let says you get a deal locked up and you have a cash buyer. And the deal goes through the next time that real estate agent might go after that cash buyer and leave you out.

Thanks for your insight. The one thing I have learned in life is try to always surround yourself with people that are ethical and have integrity. In business it is the same. If you ever discover anyone on your real estate team that does not see or understand the "big picture", it is often worth while to find this out sooner rather than later. Thus, if a real estate goes around you for future deals, that may not be the best real estate for you. It is always better to fidn this out early on. Good luck with real estate investing. Believe and Achieve! - Joe

AMEN Brother! Well put and AWESOME advice; "always surround yourself with people that are ethical and have integrity"

John

Anybody happen to know of a Real Estate Agent in Southern Illinois who might be a "Dean disciple"?

Thanks.