All Forum Posts by: Bernard Weingarten

I am thinking of going to contract on some single family homes near where I live, having in mind to sell some or all of them before closing. 

My r/e experience doesn't include this kind of thing, and I need help in evaluating and putting this together and knowing how high to bid and when to walk away if need be. 

I am happy to pay for some coaching so that I explain the details and create a win/win proposal. (I wouldn't want a proposal that is not win/win.)

Any takers? 

Bernard 

And no, I don't go shouting out my ideas. It is a corner office, both agents have desks there, and I sit opposite my agent. The other agent is doing her thing--calling, working on the computer, filling out her own forms, etc. And some of the time she is out of the office. 

This was not in Brooklyn. This was in my small town in CA, where I spend a few months a year. Most of the time I am in Brooklyn caretaking for mom. Things are indeed different in small town America.

Mike, 

Thank you for your input. 

So if my agent shares an office with another agent, I am always at risk that a deal will get stolen? 

And... one of the other agents serves as an assistant to mine. So I can sit with my agent, she tells her assistant to prepare paperwork, and he can then turn around and steal the deal from me? 

I thought there were ethical rules barring such behavior. 

If there aren't, what you are saying is that the entire setup of the office is unethical since it invites breaches of confidentiality. 

That is really shocking. 

Thoughts on this? 

Bernard

John Anderson, it was a low offer. The point is not that others bid. It is that the ONLY bids came via the two agents who share my agent's work space. My concern is that they took unfair advantage of their knowledge. 

If the bid had come through a different agent, I would just chalk it up to 'life happens'. 

Russell, I can't really bid higher than them because it would no longer make sense in terms of rehab and fix. 

In terms of having months, not really. The bank originally priced it unrealistically, and nobody bid. As soon as they lowered their ask I began placing bids. 

I recently bid on a foreclosure in my small city in CA. For weeks nobody bid on it, as if it was under the radar. The bank and I went a few rounds, and finally reached a verbal agreement on a number. So one Friday afternoon last month my agent entered my bid, and we expected the bank to approve it on Monday. It would be my first foreclosure; I was excited.  But... that Sunday two higher bids were entered. They came via the two agents who share my agent's corner office. They had been there and had overheard my bid. It seems too coincidental that a property that had no bids on it for quite a while, gets two other bids within 48 hours of mine, via the only two agents who know of my bid. My concern is that they took advantage of this knowledge of my bid and began pushing this foreclosure to their investors. I spoke with my agent about this, she spoke with the owner of the agency, who spoke to the two agents, and I will hear tomorrow where things stand.

In advance of that... does anybody have thoughts?

I withdrew from the coaching program I had considered. 

Thank you all for your responses. Keep 'em coming! 

And thank you to all who reached out to me with offers of help and/or investment possibilities. Keep those coming, please, as well.

Bernard

Hello folks, 

I spend most of my year in Brooklyn NY, but my address is listed as Ridgecrest CA. 

When I tried to correct the address, it didn't 'take'. 

Can somebody in admin help me? 

Bernard 

I am so pleased to find this group!

After losing two deals (on foreclosures) at the last minute, I asked myself if I could benefit from mentoring. I spoke to two coaching organizations (Rich Dad, Peter Harris) and also to companies that offer turnkey r/e investments. 

Turnkey investments means that for a relatively low down payment I get a positive cash flow. Somebody else has already done the work, located the neighborhood, bought the house, rehabbed, and has saved me a lot of the work. 

Peter Harris helps with commercial real estate (apartment houses), which I don't have the knowledge to do on my own. I think apartment buildings is a faster way to get to my goals. But I t sure. I am in Brooklyn NY, the market in this area is red hot, and I don't know how many good deals there are. I could go out of my area

The Rich Dad folks say that their goal is to help me create a plan and a team and to see my way clear in terms of reaching my goal, and meanwhile I can consult with them about any deal I want. I'll be speaking to them again on Tuesday (Jan 3), and have till the end of the day to pull out with no penalty. 

Does anybody have a take on any of this? 

Thank you, 

Bernard