Hitting some hurdles - any advice greatly appreciated.

[Sean Ryther]

BP community,

I am not discouraged but also find myself probably in the same situation as many who are starting out and seeking advice to get some traction.

I don't have enough cash (yet) to make cash offers, so I keep losing out on the offers I put out. I am working with a single realtor and signed a 6 mo. contract (which I'm not sure is the best thing, but it is what it is) I am only getting houses from the MLS which I can also find on all the online real estate sites. So I feel like I am not getting an edge here.

I am at the point now where I am willing to go door-knocking.  I've never done it before, but hear from BT that driving for dollars is a good way to find properties offline.  

Does anyone have any experience with this method?  I recall him sharing a postcard option at one time.  I am fine even writing a letter.  I am motivated to do what it takes to get my journey going.

On a side note. I am looking to get more cash available by taking out a HELOC. Does anyone have any recommendations on the best lender? I saw Rocket Mortgage and Guaranteed Rate, but that was from a limited search.

I am also curious about other creative ways to get lending so I can be that guy who makes the cash offer and not always losing out to the cash offers.  I just bought the Audbile version of the book by BT so I'm sure I'll learn ways shortly.

Thank you in advance!

In Health,

Sean

[Mackenzie Grate]

Don't give up Sean. Your post made me think of a couple of things. First, if the partnership with your agent isn't working, tell them you want to part ways. You just have to put it into writing and have that critical conversation. However, if the issue is that they haven't been bringing you off market deals, to be honest, you may have unrealistic expectations of them at this point in your investing career. 

You are going to have to do the leg work for off market deals on your first one yourself most likely. Experienced agents who do have off market deals usually send them to investors that they know will close no matter what...in other words, more experienced investors. It's not because they don't want to send them to you, it's because there are less of those deals and they need to be assured whoever they send them too, they will close and won't get scared off with a few challenges along the way. Newer investors tend to be more risky in that sense. All off market deals have issues that need to be addressed. It's more likely an experienced investor won't walk when something comes up. 

Plus, honestly, it's very hard for realtors to do the legwork to get off market deals because we are licensed and there are laws that pertain to us that don't to wholesalers. For example, right now in New York we are still in a "state of emergency" meaning realtors cannot cold call anyone to sell there house. It makes it much harder for us to get together off market deals with that limitation. Not impossible, just harder. So do the legwork yourself. Jump in. But recognize that if your agent is educating you along the way, and helping you to understand the market, even if you find one off market, they brought you value too and played a role in your success. Good realtors spend a significant amount of time educating their first time buyers and often times people don't recognize how important that is.

Hope this helps a bit. Good luck. You have what it takes, just keep going! You'll get there. :)