Rochester, NY · Member since 2014 · 152 posts · 65 votes
Any referrals (or current members) for good investor friendly realtors? I have a realtor currently who has a few real estate investment properties of her own; I like her a lot and assumed she could help me. However after reading so much on here, I am just not sure she does or understands how to get me where I want to go.
What is reasonable to expect of an "investor friendly realtor" vs a regular realtor?
The market is set by buyers and sellers. When you're looking for an Owner Occupied property in a nice area, you are competing against owners who pay retail prices. This makes pro formas look pretty unattractive to investors.
A "Deal" is relative to your goals. Some people do buy investments in nice areas and to them it is truly a deal because we can get it under contract for less than retail through good negotiating. It may not have a 10% cash on cash return, but it has stable tenants with low vacancy, less turnover, higher caliber tenant etc. Others strictly want cash flow and would not consider buying such a property at all. To them, it does not make sense and they end up with higher ROI, higher vacancy, worse tenants, more turn over, and sometimes even declining values. Each investor is different and unique. The deals that I personally purchase may not be the deals that you are attracted to and vise versa.
Anyone that wants a deal that has EQUITY upfront must know the market and be ready to react. You want an agent that knows the market. They need to see the listing and know it is a good deal automatically, without doing any research. They are so in tune with the market, that they are easy to spot. This comes from knowing each submarket, desirability, average days on market, neighborhood demographics, etc etc etc. The reason I get my clients the best deals, is because I've helped them determine their goals, pinpointed the area that they are gravitating towards, and brought them the deal AS SOON AS IT LISTED. There is absolutely NO room for hesitation when a property is priced with equity in it. Clients will be receiving the same listings through their emails as well. If they see something that they think works they bring it to my attention and we either go see it, or I explain why it isn't good, and we don't waste our time.
What percentage of the offers you write are for cash purchases?
How many transactions have you personally done this year?
Please provide me a pro forma (on the spot) for this investment property (give the address and rental rate). All the information is public, with a laptop they should have a pro forma generated with in 5 minutes.
What areas would you invest in and why?
What was the last multi-family you sold, and please provide the pro forma.
How many multi-family properties have you sold this year?
Rochester, NY · Member since 2014 · 152 posts · 65 votes
12y
Hi Everyone. Thanks for your PM's and suggestions. I have already connected with Mark as well.
I'd really like to know what others on here think is important in looking for in an investor friendly realtor. What should/can I expect starting out? (i.e. will this kind of realtor run numbers before even suggesting we look at a home, etc). What would be some good questions to ask of each realtor to decide which is the most qualified/experienced to help with REI?
The market is set by buyers and sellers. When you're looking for an Owner Occupied property in a nice area, you are competing against owners who pay retail prices. This makes pro formas look pretty unattractive to investors.
A "Deal" is relative to your goals. Some people do buy investments in nice areas and to them it is truly a deal because we can get it under contract for less than retail through good negotiating. It may not have a 10% cash on cash return, but it has stable tenants with low vacancy, less turnover, higher caliber tenant etc. Others strictly want cash flow and would not consider buying such a property at all. To them, it does not make sense and they end up with higher ROI, higher vacancy, worse tenants, more turn over, and sometimes even declining values. Each investor is different and unique. The deals that I personally purchase may not be the deals that you are attracted to and vise versa.
Anyone that wants a deal that has EQUITY upfront must know the market and be ready to react. You want an agent that knows the market. They need to see the listing and know it is a good deal automatically, without doing any research. They are so in tune with the market, that they are easy to spot. This comes from knowing each submarket, desirability, average days on market, neighborhood demographics, etc etc etc. The reason I get my clients the best deals, is because I've helped them determine their goals, pinpointed the area that they are gravitating towards, and brought them the deal AS SOON AS IT LISTED. There is absolutely NO room for hesitation when a property is priced with equity in it. Clients will be receiving the same listings through their emails as well. If they see something that they think works they bring it to my attention and we either go see it, or I explain why it isn't good, and we don't waste our time.
What percentage of the offers you write are for cash purchases?
How many transactions have you personally done this year?
Please provide me a pro forma (on the spot) for this investment property (give the address and rental rate). All the information is public, with a laptop they should have a pro forma generated with in 5 minutes.
What areas would you invest in and why?
What was the last multi-family you sold, and please provide the pro forma.
How many multi-family properties have you sold this year?
