Why you need to be specific as a new or seasoned investor!
"Send me good deals", "If you come across a good deal just let me know!"
Those are two request that I hear all of the time. I have talked to many other real estate agents that deal heavily in investment property and they get the same requests ALL THE TIME. Guess what? Those are bad request. Useless really.
Here is why: Unless we have worked together in the past I have no idea what a "good deal" is to you. I don't know if you are looking to buy & hold turn key properties, BRRRR, flip, provide hard money, ect... I also don't know how you are planning to pay for the property which factors in to which properties are viable options for you. Yes, other agents and I could play 20 questions to figure those things out. But usually we don't have time. High performing real estate agents are probably some of the busiest people you know. More than that, we get those type of request so often that we know people asking vague questions probably aren't ready to buy.
So what should you be asking? I'll run you through an example using my personal criteria:
"I am looking for small multi-family properties, 2-10 units, with value add potential. Ideally these properties are priced 20% below market value, have below market rents and would be ideal BRRRR candidates. I can consider properties that require cash or properties that will finance as long as they meet my criteria. Please send me anything you come across that might fit that criteria"
When I know what someone wants down to the level of detail above they have a much much better chance that I think of them when I come across what would be a good deal to them. In addition to making it easier for real estate agents, other investors, friends/family to tell you about deals - being specific helps you narrow your focus enough to identify the properties that could work for you and strategize to overcome any challenges.
Be specific about what you want and you just might get it!
Thanks for reading & happy investing!
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