Do you know about - Investor-Friendly Realtors - How to Find and Screen Them (6 Foolproof Questions to Ask)
Rehab After Work! Again, for I know. Ready to share new things that are useful. You and your friends.Even before I became a Realtor, I was investing in real estate. And to become customary with distinct areas, I'd spend my Sundays going to open houses.
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Typical scenario:
I'd walk in and be greeted by Debbie Dimples. "Hi," she'd gush. "Thanks for advent to my open house." The aroma of fresh-baked cookies (or vanilla that she'd wiped on a few light bulbs--another tried-and-true sales tactic) was wafting straight through the home.
After we'd exchanged pleasantries, she'd get down to business.
Now, you have to understand that most agents regularly use open houses to get new clients. They don't expect to sell that one house that's open to you. Sellers expect open houses, not realizing that most homes aren't sold that way.
But when you're at an open house and say something like, "Well, this doesn't have sufficient bedrooms" or "This is a bit above our price range," the showing agent will cheerfully volunteer, "That's fine. I'm sure we can find something that's just right for you." Hey, it's all part of the business. But that's prominent to understand.
So, we'd talk. And Debbie Dimples would say, "What are you finding for?" And I'd explain that I was finding for a real estate investment.
Now, there's something else you have to understand. Real estate investors are finding for profits. That means they want to buy low and sell high (or medium). [They can also be finding for cash flow.] Maybe the investor is getting a great deal to begin with. Maybe they can add lots of extra value--new paint, new carpet, etc. But a house that's already been fixed up and is priced near the top of the store is a poor deal for an investor. And while the situation has changed a bit in the past join of years, generally the best deals never make it to the Mls.
So Debbie Dimples gushes: "Oh, this would be a great investment! The owners have just upgraded everything, so you wouldn't have to do anything to it!"
That tells an investor that the owners are going to want to recover the costs of those upgrades, and are likely not to be at all flexible on price.
If you listen to Debbie's guidance and bought the house, you'd be production a very poor investment.
So how do you get past the Debbies of the world and get to the investor-friendly agents and (hopefully) the good deals?
There are lots of ways. Here are two.
First, look for real investor-friendly Realtors. You can find some of them complex with local real estate investment clubs. You can find a listing of clubs, organized by state, at Cre Online. A distant second is going to a company's web site and finding for agents who say they focus on investing. Most clubs have a "Find an Agent" function.
Second, screen those Realtors. Once you've identified one or more agents who seem to be knowledgeable about investing, here are six questions to ask them. Make sure you get satisfactory answers.
(1) How many investment properties do you own? [Most agents who specialize in investing own investment properties of their own.]
(2) Tell me about the last three clients you had who were investors. What were they finding for and how did you help them? [Even if the agent works with investors, there are distinct types of investors with distinct goals. If you're finding to buy a fixer-upper to rehab, it doesn't help that the agent works with large investors who buys apartment buildings.]
(3) Can you give me the names of some references who are real estate investors? [Once you have the references, absolutely call them and ask about the agent.]
(4) How do you feel about land contracts or lease options? [An investor-friendly agent will at least be open to them; if the agent says they're not good or they don't work out, move on. This is a test demand to determine if the agent absolutely is investor-friendly.]
(5) Do you know any hard money lenders? Who are they? [In many cases, you wouldn't want to use a hard money lender. But an investor-friendly agent should know of some.]
(6) Is it possible to be a real estate investor without buying or selling real estate? If so, can you tell me a few ways? [Sandwich lease-options and wholesaling are two. Or using right options. Buying and selling notes would also be an accepted answer. Whether or not you plan on using any of these isn't the question. But you want an agent who understands distinct ways to spend in real estate.]
If the agent can't reply most of those questions, then the agent isn't investor-friendly and/or the agent knows practically nothing about real estate investing.
Follow those steps--and keep request those questions--and you'll at last end up with an investor-friendly Realtor.
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