All Forum Posts by: Ali NA

Wow, some harsh words and generalizations for poor Realtors.

The problem is that Realtors go to school, get their license and then begin working at an office and that is it. They have very little if any good solid training.
They get access to the mls and maybe floor time and then are expected to go it alone with very little direction. Its sad really. Mostly though it is not their fault. I can't imagine any other job or profession where you are expected to perfom without any training or experience.

That being said, there are many many amazing Realtors out there. They stay on top of the market, they are constantly educating themselves by taking classes, reading books, attending seminars and they are open to all sorts of creative deals.

Are there some bad apples out there? Of course.
In fact there is one specific real estate company that no matter what state, what town I meet with any agent from this company, they all have the same sleezy way about them. It must be something in the companys business model. I won't say here who they are, but anyone can email me and I would happily say who they are.

In any event, don't be so harsh on Realtors. They are human beings that are just trying to make a living like everyone else. Instead of thinking they are lazy and dumb, think that maybe they have not been shown the way and just have not been given any direction. Doesn't always mean they are trying to scam you or take advantage of you.

I have come across so many amazing new Realtors that had the potential to be really great but they got under the wing of the wrong person.

This market will weed out the successful Realtors from the amatuers.

If you are a new Realtor and trying to figure out how you can best service your investors, my advice would be to read as much as you can about the art of negotiating. After all, the Realtors job begins with the client says no!

Dear Dave,
Yes, find a new Realtor!! However, some things to keep in mind to make your next relationship successful.

Remember, your Realtor works on commission. So the higher the offer, the more they make. In a market like this many agents are starving and also have families to support. However, they have a fudiciary duty to do what is best for you. Legally, the Realtor has to present every offer. Stick to your guns and offer what you want to offer.

Finding a great realtor or mortgage broker or lawyer is kind of like dating...sometimes you have to go through a lot of rocks to find a diamond.

A good Realtor will communicate with you, provide you with information and insight and present whatever offer you feel is best for you.

I wouldn't go too harshly on them for showing you homes that may not fit exactly what you are looking for. If the Realtor is showing you homes they pulled from a list on the MLS, most likely they have not seen the properties beforehand. They may be going off the MLS listing which has a description of the house. However, some Realtors can be quite deception in their descriptions and you end up at a house that you thought was a 3 bedrooms that turns out to be 2 bedrooms with a really big closet.

The other key element to being a great Realtor is being a great negotiator. Unfortunately many Realtors do not have this quality.

I had a Realtor once present my offer and when it was turned down she said "I guess that's it. The deal is dead".
I had to give her all of the other scenarios to ptich to the seller. Some Realtors just don't know how to negotiate. It truly is an artform. If you are a great negotiator then you can guide the Realtor to make the deal happen.

Don't stay in an unhappy relationship with your Realtor. It will cost you too much time and money!!!

Hi Michael,
I currently have four rentals. Two properties in NJ and two down south.

The 8 unit building I am working on is a bit tricky because it looks like an 8 unit apartment complex but actually it is 4 duplex buildings with 2 units per building. Each building is built right next to the other with no space in between. Each unit is 2bd, 1.5 bath. They are townhouse style and are very spacious but unfortunately the prior owners did not do much to take care of the property.

Each unit was originally listed for $105,000. I watched the property for over a year and just watched it get lower and lower as it sat on the market. Once it got to $85,000 I made an offer of $59,000 for each duplex. The Realtor thought I was nuts. The seller countered $69,000 and I agreed.

At the time, my lender was taking a little longer to close than normal, plus the bank was asking me for 25% instead of the 20% I had originally been told. I didn't have the money and needed more time and the sellers said no and that they had another buyer. So that was it. Well, its been over 6 months and the property is still available and they have lowered the price.

I have since locked up the property on three of the buildings. The fourth one was no longer listed and I am working on the owner. The way the buildings are structured, it would not make sense to own just three of the buildings.

That is where the deal stands. The property will cash flow about $1600 from day one. The rents have not been raised in over 5 years and there is a lot of room for an increase. From the research I have done once I raise the rents to what is comparable for the area the property should cash flow about $2600.

Is there anyone out there still offering auto loan financing?
My brother is looking to buy a new car. I am helping him fix his credit but as of right now his score is about 600. Not sure who is still offering auto financing.

Any suggestions?

I didn't think there was anyone doing loans with a 580 fico score. I would be interested to know what banks are offering that loan product.

My advice to someone with that score would be to do whatever they could to get there score up as much as possible. Depending on what is on someone's credit report the mortgage broker can also do a rapid rescore to increase the score in 48 hours.

I do this for a living so I know increasing your score can be done very quickly. But only a mortgage broker can do the rapid rescore.

Please let me know of any banks doing loans for people with low ficos.

Alina is correct! Using another number is FRAUD! What confuses me is why people are actually offering this as a remedy for fixing their credit. I do this for a living and there are so many great techniques out there to improve your credit score that one does not need to resort to illegal scams or fraud.

Hi Dennis,
In my opinion, part of the reason why homes are not selling is not necessarily because people can't get loans but because they don't have the down payment for the loan. So if they don't have the 10% for the bank, they probably won't have the 10% for owner financing either. I have been seeing a lot of this lately.

A great way to get your property sold is to first figure out what you will take for the propert. For example, let say the property comps out for $150,000 and you know you would take $130,000...list the property with a good Realtor for $150,000 and in the MLS put "owner willing to finance down payment with full price offer" or "with reasonable offer".

That way you get what you want and instead of financing the entire amount you are only financing the down payment.

From what I am seeing these days, the down payment or lack there of seems to be the reason most buyers are not able to get financing.

Unless you are just wanting to owner finance, this method might be a good option.

Hope this is helpful!

I am currently negotiating a purchase on an 8 unit apartment complex. I put in an offer a year ago it did not go through. I dusted myself off, and kept an eye on it and now am going through round two. The are four sellers and they seem to be much more flexible. It cash flows nicely as is but will be much more profitable with a few minor repairs and updates.

My real estate goals are to keep buying rentals properties that cash flow.

Hi Aaron,
I am a new member also. I used to live in the Murray Hill section of NYC but when I decided to get into real estate investing I could not afford those NYC prices. Through much research and great instinct I managed to buy several properties just outside of the city on the NJ side. I can be in port authority in under 15 minutes.

Everything I learned was from reading books on investing and financing. You will find many books give general ideas but rarely give you "step by step" instructions. Still, reading whatever you can get your hands on will definitely help you. Research is very important.

If you have any questions please feel free to ask. I'm sure I could offer you some great advice about how I managed to figure it all out and find my little niche of cash flow properties.

Ali

What a great site! I am a new member and look forward to reading all of the great info and advice offered here at BP. I am also hoping to network and get the word out about my credit consulting business.

My journey began several years ago when I applied for an apartment and was rudely turned down because of poor credit. I had been very responsible for many years and my credit issues were from my college days. I decided in that moment that not only was I going to get the apartment that I wanted but I was going to buy my first home, not rent one. Within six months I made that dream come true and I have never looked back.

I have since helped so many people that have struggled unecessarily with credit issues. Its amazing how no one ever teaches you about credit and how it works, yet this one report affects every area of our lives. My goal is to empower people to take back control of their financial future, but to also understand that their credit score or credit report does not determine their self worth.

I look forward to all this site has to offer! :D