What to do when the market won't take you seriously?
Most Popular Reply
Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votesQuote from your initial post: "Thank you for any input or chastising you have to offer."
Quote from your follow up post: "...I'm not really well informed. Not sure how to even find REO properties and when I do I don't know how to even extend an offer....I know that is a bunch of excuses but I have a lot of people in my ear telling what isn't possible here and really no one telling me what is."
My answer to you: Learn how to analyze markets, how to use (not spend) money, how to network to find more money,...how to make offers. It's not the responsibility of others to "tell you" what to do, or not to do. It's yours.
Quote from this post: "...advice like “get smarter” is not helpful..."
My answer to you: Then ask a specific question...not a general one looking for others to "tell you" what to do. Others can "teach you", but not "tell you" the answers. It's the difference between studying for a test, and learning...or just getting the test answers ahead of time.
Quote from this post from you: "You could have taken the time to present one resource but advice like “get smarter” is not helpful and frankly insulting."
My answer to you: Insulting is asking others for answers, not asking for knowledge. However, here's a resource of "knowledge". If you have any specific questions, I would be happy to answer them for you.
https://reiclub.com/
42 Replies
- Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes7y
If you want agents to take you seriously, show a substantial bank account and a solid financing preapproval.
- 7yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
Find a different agent...or, maybe there is something you do (or don't do) that causes them to not take you seriously,...or, maybe they are taking you seriously and you are assuming that they aren't.
- Real Estate Investor · Macedon, NY · Member since 2016 · 251 posts · 290 votes7y
@Nick Rini what do you bring to the table that your realtors other investors don't? Are you a cash buyer with solid proof of funds? Are you willing or able to close quicker than others? Willing to pay more than others or make a cleaner offer, ie no inspection? If you aren't, there is no reason for them to come to you before their other investor clients. You may want to try a newer agent that is looking for new investor clients and doesn't have other customers that you will have to compete with.
Personally I think every listed property is a potential deal even if you think they have been picked over. My first flip was a stale REO listing. They were asking $59,900 and had been on the market about 6 months. I offered $28,000. They countered at $54,900. 30 days later they dropped to $54,900 as a listing price. I re-offered $28,000 and they countered at $49,900. We did this for 5 months and I finally bought it at $30,000. At first the realtor wasn't all that excited by my offer but once she realized I was a serious buyer and ready to close she took me much more seriously. She now let's me know about her upcoming REO's before they hit the MLS.
The other options are to reach out to local wholesalers for off market deals or you can start your own marketing efforts. This will get you the best transaction price if you're buying direct from seller but it can be very costly and time consuming to set up a strong marketing campaign.
Another option, see if you can find a local active investor willing to JV with you. You provide funding they bring the deal to the table and you work out some kind of split.
Keep working, keep grinding, you'll get there
- Rental Property Investor · Member since 2018 · 483 posts · 956 votes7y
What's your position? Cash buyer? Financing? Do you have pre-approval in hand. You probably haven't found the right agent yet. You need one that has pocket listing. Once you find the right agent and can close the deals you will receive more offers than you can buy.
- Allentown, PA · Member since 2019 · 39 posts · 6 votes7y
@Clifford Paul @Joe Villeneuve @Wayne Brooks @Paul Bowers Thanks for the feedback. I really don't have anything special to offer. I have money and could be a cash buyer. I have pre approvals and a mortgage person that has given me letters. Other than that I'm not really well informed. Not sure how to even find REO properties and when I do I don't know how to even extend an offer. Plus I've asked the agents about this and they give me the run around. I know that is a bunch of excuses but I have a lot of people in my ear telling what isn't possible here and really no one telling me what is.
- Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes7y
Adjust your expectations to what the market offers today and not what it offered in the past.
District Invest Group546 Reviews - 7yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
Originally posted by @Nick Rini:
@Clifford Paul @Joe Villeneuve @Wayne Brooks @Paul Bowers Thanks for the feedback. I really don't have anything special to offer. I have money and could be a cash buyer. I have pre approvals and a mortgage person that has given me letters. Other than that I'm not really well informed. Not sure how to even find REO properties and when I do I don't know how to even extend an offer. Plus I've asked the agents about this and they give me the run around. I know that is a bunch of excuses but I have a lot of people in my ear telling what isn't possible here and really no one telling me what is.
There's your problem in a nutshell...you're not serious.
If you were, instead of putting the reason for your offers not going through on not being taken serious, you would be eliminating the reasons why you're not taken seriously. Keep in mind, it's not the REA's job to fill in your blanks for you.
This means you need to do the following, in this order:
1 - Get informed
2 - Learn how to analyze markets
3 - Learn how to use money (not spend it)
4 - Learn how to network to find money (not your money)
5 - Learn how to make offers
It's not "other people's" responsibility to "tell you" anything (such as what works and where it works)...that's your responsibility.
Now, go out and be responsible.
- Allentown, PA · Member since 2019 · 39 posts · 6 votes7y
@Joe Villeneuve This is exactly the problem I am finding. Lots of rhetoric and no direction. You could have taken the time to present one resource but advice like “get smarter” is not helpful and frankly insulting. I have more than enough money to purchase anything on the market with cash. Furthermore, I have been learning how to analyze deals and make offers. My problem is that when you tell agents what you want and they show you what is on Zillow I have a problem. I am not interested in direct mail marketing but if that is my only option I would explore it.
If you motive is to insult people please find another forum other than this one. I am sure you are not a perfect soul and wouldn’t appreciate someone taking the opportunity to belittle you publicly, would you?
- 7yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
Quote from your initial post: "Thank you for any input or chastising you have to offer."
Quote from your follow up post: "...I'm not really well informed. Not sure how to even find REO properties and when I do I don't know how to even extend an offer....I know that is a bunch of excuses but I have a lot of people in my ear telling what isn't possible here and really no one telling me what is."
My answer to you: Learn how to analyze markets, how to use (not spend) money, how to network to find more money,...how to make offers. It's not the responsibility of others to "tell you" what to do, or not to do. It's yours.
Quote from this post: "...advice like “get smarter” is not helpful..."
My answer to you: Then ask a specific question...not a general one looking for others to "tell you" what to do. Others can "teach you", but not "tell you" the answers. It's the difference between studying for a test, and learning...or just getting the test answers ahead of time.
Quote from this post from you: "You could have taken the time to present one resource but advice like “get smarter” is not helpful and frankly insulting."
My answer to you: Insulting is asking others for answers, not asking for knowledge. However, here's a resource of "knowledge". If you have any specific questions, I would be happy to answer them for you.
https://reiclub.com/
- Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes7y
@Nick Rini , As said above you may not be getting the run around. Most Real Estate agents do not know much about investing or what makes a good deal for an investor. in most areas all MLS listing s are on Zillow. If that is all an agent is showing you, that is because that is all he or she knows to show you.
REO properties are listed with agents sold on the MLS. It is extremely rare for a bank to deal directly with a buyer. That is especially true in this hot market.
Not really, in most markets all investors are complaining about the lack of deals.
There are many threads here on finding deals. doing a search should bring some up.
I suggest you start here by reading the Ultimate Free Beginners Guide and listening to the podcasts.
Regarding @Joe Villeneuve, he is one of the most respected and helpful members here and has been on this site for many years. He is someone you should follow here, as he gives great advice there is much you can learn from him.
You are not always going to like the advice you get in life. You are much better off hearing the tough honest advice, rather than listening to those that just tell you what you want to hear.
- 7yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
Thanks Ned. Much appreciated, as I respect your opinions as much as anyone else on this board.
- Allentown, PA · Member since 2019 · 39 posts · 6 votes7y
@Joe Villeneuve You and I don’t need to interact anymore. Save your advice for someone else. I had the chance to read through some of your contribution son other posts. You are exceptionally condescending and negative as further evidenced by your smile less picture. I get it. You are an all knowing God of real estate. I was warned people like you exist on this platform. My mistake. Good luck to you in life sir and please don’t waste your time responding further to me.
- Allentown, PA · Member since 2019 · 39 posts · 6 votes7y
@Ned Carey Thanks for the guide suggestion and I respectfully disagree with your assessment of Joe as outlined above. How he has responded is exceedingly rude and uneccesary. He should save his efforts for someone more valuable than me.
- 7yJoe VilleneuvePro MemberPlymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
Originally posted by @Nick Rini:
@Joe Villeneuve You and I don’t need to interact anymore. Save your advice for someone else. I had the chance to read through some of your contribution son other posts. You are exceptionally condescending and negative as further evidenced by your smile less picture. I get it. You are an all knowing God of real estate. I was warned people like you exist on this platform. My mistake. Good luck to you in life sir and please don’t waste your time responding further to me.
Now I know why nobody takes you seriously
- Allentown, PA · Member since 2019 · 39 posts · 6 votes7y
@Joe Villeneuve and now everyone sees your real purpose on this forum.
- Allentown, PA · Member since 2019 · 39 posts · 6 votes7y
@Joe Villeneuve We will see how serious I am I guess...
- Flipper/Rehabber · Matthews, NC · Member since 2019 · 198 posts · 239 votes7y
@Nick Rini Just had the opportunity to read your posts this morning over a steaming cup of coffee. One of the things that would be very valuable for you to learn is that when you are looking to a forum like this to "help" you and "advise" you, it might behoove you to not shoot yourself in the foot. And do so in a way that is on permanent record for everyone to see. Sometimes our emotions get in the way. There is something to learn from everyone.
To earn respect, give respect. To receive service, give service. To learn, listen.
- Allentown, PA · Member since 2019 · 39 posts · 6 votes7y
@Dutch Langley Thank you for the advice. How would you respond if someone told you that you were not serious? Is that respectful? Would you speak that way if you were in a room face to face with that person? I was not disrespectful until I was disrespected. Believe me, if I could delete this post I would. I hugely regret asking for any advice.
Sometimes you just have to do things yourself...
- Flipper/Rehabber · Matthews, NC · Member since 2019 · 198 posts · 239 votes7y
@Nick Rini My husband and I enjoy poker. Occasionally you might get into a hand with someone that irritates you for one reason or another. It ramps up and you really want to place a bet that is huge to knock him out. You may win...you may lose. My favorite question to my husband is..."is it really worth losing your tournament life?"
So, someone told you that you were not serious. Take the comment and either reflect on it and see if perhaps it is true or just ignore it. Either way you don't lose the tournament.
- Allentown, PA · Member since 2019 · 39 posts · 6 votes7y
@Dutch Langley Truly thank you. I really appreciate your insight and perspective. It’s my fault for interacting in the first place but I’m glad I had the opportunity to read your words.
- Investor · Boston, MA · Member since 2015 · 1k+ posts · 3k+ votes7y
"The lady doth protest too much, methinks"
Are you mad at @Joe Villeneuve for being "negative" and "disrespectful" or because someone else pointed out a fact that you already know to be true, but are embarrassed about?
If its the former and you don't like negativity and rude (however you may define it) people, then REI possible isn't the path for you. In my short time buying RE I've run into lots of negative people and even more failure. This game aint all sunshine and rainbows. If it is the later, who cares? We all overestimate our abilities when we got started. Re-orient and move on.
Granted, Joe and I don't always see eye to eye on a lot of things related to investing, but his advice is spot on in this case and I respect the time he takes to help compete strangers become better investors.
So to move the discussion along, what concrete steps have you taken in terms of education? If we know that we can better point you in the right direction to further hone your knowledge, which give you the opportunity to find ways unique to your area to find your own deals.
- Allentown, PA · Member since 2019 · 39 posts · 6 votes7y
@Bill F. I appreciate the response. I think this particular thread isn’t the place to continue this discussion. I will reformulate my questions at a later time and see if it’s more worthy. Thanks for the feedback and good luck to you.
- Real Estate Investor · Macedon, NY · Member since 2016 · 251 posts · 290 votes7y
@Nick Rini okay, this thread has gotten off track a bit so let's see if we can get back on track. I'm not sure if you have narrowed down your buying criteria but that could make a big difference. If one investor is calling realtors saying I'm looking for good deals on investment properties but the other is saying I'm looking for 2-4 unit buildings or single families in these three zip codes, I'm looking for turnkey properties or value add properties, I want properties with ROI in the x to x% range, etc... To me if I were an agent this would start to show me that you are educated, focused and serious and would certainly add to your credibility.
Have you been going to any of your local REIA meetings? This is a great resource for meeting agents that understand and specialize in working with investors. Don't be afraid to let them know you're new to the business but you have the ability and desire to close and you are educated and ready to roll (once you actually are).
As far as where to get educated, obviously Bigger Pockets is one of the greatest resources available. The podcasts are a great source of info as well. Some people learn really easily by reading and listening, some don't. If you are better at being taught by others per say, get around other investors and learn from them. Go to REIAs. Trust me if you have money available and are willing to partner with experienced investors so they will teach you, you will be a very popular guy. I've asked some of the dumbest questions ever when I first started going (actually still do) but the amount of local knowledge you receive can be amazing. This is a great source of education as well as a chance to be around people doing what you want to do.
- Specialist · Member since 2019 · 494 posts · 220 votes7y
@Nick Rini It is hard to get started. In addition to shopping another realtor - think about finding your own off-market deals. These are people who share motivational characteristics of people ready to sell, but haven't yet done all the work they think they need to list property. The best way to find them is to send out mailers.
Some good lists to target are Absentee Owners with Equity, Seniors with Long-time Ownership and Homeowners with Low Financial Stability Scores.
You should work with a list broker to optimize your list for your area. From there, there are a lot of companies that can help with the printing and mailing. Be sure that you highlight that "selling your house can be easier than you think" with the advantages of working directly with you instead of the more traditional route.
Good luck.
- Rental Property Investor · San Diego, CA · Member since 2017 · 439 posts · 578 votes7y
@Nick Rini
People here are giving you sound advice.... you’re just choosing not to hear it. It’s a cold world, grab a jacket.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.