Why am I being ignored?!

[Richard Boyd]

Hello everyone,

I'm a new investor and I'm currently searching for a multifamily property in West New York. I'm separating from the military at the end of the year and I will be attending college. I will only be receiving GI Bill money because I can't get a job yet, GI Bill money cannot be used for a mortgage because it's not considered income, so I will have to find a place with owner financing or lease options...

Every real estate agent I try to reach out to just ignores me; it's becoming frustrating. I understand the reason I'm being ignored is because no one wants to help someone starting out without any solid money because they would probably just waste a lot of time.

What can I do here?! Should I rent and wait on promised income? Reach out to FSBO's?

I'm not entirely ignorant of Real Estate, I just need one break to prove this fact.

I want to have a home locked in before I arrive with all of my household items and no house!

Any input would be greatly appreciated!

Thanks!

Best regards,

Richard Boyd

[Chris Simmons]

Basically, what you are looking for are houses that are typically not represented by Realtors.  When a house is listed with a Realtor, the commission to be made by a realtor representing the buyer is known.  Very few homes listed this way have owner financing or lease options associated with them and conversely, the homes with owner financing or lease options are generally sold by the owner without Realtor involvement.  So...the reason they are ignoring you is because they already know what you don't......it is highly unlikely they will make a dime from you so why get distracted from their next $5,000+ commission.

There are ways you can mitigate this.  You can sign a Realtor up to act as your Buyers Agent and get their time and attention.  In the agreement, you specify that you will pay them a certain amount....either daily or hourly....whatever you two can agree to.  This payment will most likely have to go to their broker who will then decide what amount actually goes to your agent, but that varies by state and is your agent's issue to worry about.  This way the agent knows they are getting paid either way and opens the door to For Sale by Owner deals that aren't offering commissions.  The good news is, you can specify in your contract that if you buy something, and the agent does get a commission paid by the seller, that whatever you have paid to them, up to the amount of the commission, gets returned to you and the agent simply gets the normal commission.  Often times, a Realtor can talk a For Sale by Owner seller into paying the Buyers agent commission so you may not have to.  But, if you don't buy anything, or buy something so cheap the commission is negligible, this money you pay to your Buyers Agent will get you the time, services and attention of a Realtor.  

If you want a house bad enough, put your money where your mouth is.  If you just want something for free, well, don't get upset if someone smarter that you doesn't want to give it to you.