All Forum Posts by: Asad Shaikh

@Michael Bettencourt Golf View Management, Richard Stewart is efficient and a good communicator.

@Daniel E. I am going to give advice from my own experience. Its long, but crucial to read each part. Please ask me any follow up questions bro and tag me when you do- I will answer bluntly and honestly.

1) Don’t be a secret agent. Let your gym, your barber, your tea club, your school board, old classmates, work colleagues and more now.

2)Don’t be let down if close friends & family don’t use you. I’ve had people turn me down on $300k deals because I wasn’t experience enough but closed $700k deals with strangers who trusted me.

3)Don’t be intimidated by larger price points and “luxury” clients. I’m working on this myself, but there is no formula: I went from a $400k deal being my highest to $700k 6 months later to $1.3 million another 6 months later.

4)Clients who are reasonably picky are actually easier to work with. If they are very specific and non negotiable on multiple criteria, it makes your job less guesswork and allows you to search for pre-market deals and pocket listings for them. Clients who are “open minded” and can’t have their goals/wants narrowed down often are tougher to work with, just my personal experience.

5)Yes you own your business and set your standards etc but don’t be afraid to work extra hours and go above and beyond for people who are serious & respect you. I don’t mind cramming 20 showings into a weekend for people who take the time to get approved & are ready to make an offer. I’ve written same day offers on properties I’ve showing in swimming shorts but only for the “awesome clients.”

6)Start studying “systems and processes” but don’t listen to an excessive amount of books/podcasts/gurus about them. Just pick a system that works for you, and start building a protocol around it. Lead with revenue, mean make money first and once ball is rolling start fixing the processes.

7)Don’t wait to hire a transaction coordinator. Find one that only gets paid if you close, should be $275-$400 depending on your market. I had one by my second deal and it helps free up a ton of time. Your clients will appreciate it too. Just sell it to them the right way and focus on negotiation of inspection period & appraisal.

8)Have a lender with a cell phone they pick up.

9)Spend time cultivating your SOI AND referrals from past clients.

@Bashar Salah what are your top 3 hobbies. Not new hobbies, things you have loved for years. 

I used to collect sneakers, play pick up basketball, and attend a mosque. 

Guess what? 

Those three sources provided 70% of my clients starting out.

@Danielle Nauman here are my tips. I've been an agent for two years. Net profit of 45k first year, net profit of 120k next year.

1) Don’t be a secret agent. Let your gym, your barber, your tea club, your school board, old classmates, work colleagues and more now.

2)Don’t be let down if close friends & family don’t use you. I’ve had people turn me down on $300k deals because I wasn’t experience enough but closed $700k deals with strangers who trusted me.

3)Don’t be intimidated by larger price points and “luxury” clients. I’m working on this myself, but there is no formula: I went from a $400k deal being my highest to $700k 6 months later to $1.3 million another 6 months later.

4)Clients who are reasonably picky are actually easier to work with. If they are very specific and non negotiable on multiple criteria, it makes your job less guesswork and allows you to search for pre-market deals and pocket listings for them. Clients who are “open minded” and can’t have their goals/wants narrowed down often are tougher to work with, just my personal experience.

5)Yes you own your business and set your standards etc but don’t be afraid to work extra hours and go above and beyond for people who are serious & respect you. I don’t mind cramming 20 showings into a weekend for people who take the time to get approved & are ready to make an offer. I’ve written same day offers on properties I’ve showing in swimming shorts but only for the “awesome clients.”

6)Start studying “systems and processes” but don’t listen to an excessive amount of books/podcasts/gurus about them. Just pick a system that works for you, and start building a protocol around it. Lead with revenue, mean make money first and once ball is rolling start fixing the processes.

7)Don’t wait to hire a transaction coordinator. Find one that only gets paid if you close, should be $275-$400 depending on your market. I had one by my second deal and it helps free up a ton of time. Your clients will appreciate it too. Just sell it to them the right way and focus on negotiation of inspection period & appraisal.

8)Have a lender with a cell phone they pick up.

9)Spend time cultivating your SOI AND referrals from past clients.

@William Brown read the book "One Thing". If you are going to be an agent, focus on that strictly. You will make a lot more money that way then tying yourself up with all the other roles.

I don't know how long you have been an agent, but I made $0 my first 6 months. Then approximately $180k in the next 18 months. Trust the process, be patient, lead generate and keep up with old prospects.

If you want to educate yourself on home inspections in order that you can give client's more useful advice, I think thats a great idea and could differentiate you in the marketplace. I would not actually offer inspection services though.

I'm in Tampa as well. First two years have been a realtor saving cash.

This year I am doing my first development project + also looking for a value-add block quadplex. Best of luck to you all.

@Jonathan B. if its a residential mortgage look up Allen Wenizapfel.

@Tom Crockford long story short: once you own the first property, you probably will need 20-25% down for the next investment properties. 

But there are many creative methods of financing, so I would outline your goals and then set a task to be done within 2 weeks: three sit down appointments with local mortgage bankers. Come in with specific questions and they will respect your time and open up their knowledge to you. 

@Charles Royale very simple. Assume the properties are in ok condition, light rehab, and write a purchase offer based on that. Then put in a blanket inspection contingency in the purchase offer for 7 days, meaning you can inspect the property and back out for any reason within 7 days. No risk to you. Ask your agent what is normal for your local area.

If you are a cash buyer have proof of funds ready, if not a rock solid pre-approval that has been pre-underwritten.

@Thompson Truong have an attorney write a clause in the contract that property is to be delivered vacant. If it is not vacant by date of your walkthrough, your deposit is to be refunded or the contract automatically extended. Don't close with tenants, you will go through hell to evict them if it comes to that.