All Forum Posts by: Brandon Hood

Lenna, to be brief, if the gentleman you are working with is a professional and reasonable wholesaler, he will understand if you want to wait until close as is customary in a wholesale transaction.  Up front smells like trouble to me.  If you are working with a trusted mentor, take his or her advice on this one and keep everything on paper and timed right.

Teresa, I have attended similar seminars that have this same type of doom and gloom mentality, and while I do believe that because disclosures will potentially, and initially more than likely will, slow things down with the mandatory 3 days to present to buyers and for them to sign off on them, I do not believe that ultimately 30-day closings for non-cash buyers will be a thing of the past.  I believe that title and escrow companies are just doing their diligence in managing expectations up front so as to keep clients happy if the 30-day close is not as common while everyone adapts to and understands the new process.  In the end, everyone involved in the transactions will want to have things streamlined and closed as quickly as possible, so making sure that attention to detail is achieved to protect consumers, in this case primarily the buyers, as the Dodd Frank Act seeks to do, will be a priority to keep things moving quickly, but within the new parameters.  Just my opinion, and I know that you and I both want to keep the 30-day closes around!

Welcome Nick! I hope that you find the BP community as warm and helpful as I have.  Let me know moving forward if there is any way I can help get you going.  I have a couple of friends up in the Santa Monica/ Malibu area that are interested in real estate and are a bit far for my reach right now out of San Diego, so lets see if we can possibly get you connected!

Hey Henry! I would recommend narrowing your focus based on a couple of things.  First, I would look inward and see what your goals really are; do you want to generate a working income in a flip business? Do you want to zero in on producing passive income as a landlord and ramp up what you already have? Is commercial a lucrative and fulfilling option for you?  Its seems like you have dabbled in quite a bit, so really tapping into what you are passionate about will probably provide insight for yourself to find what options are available moving forward.

Second, and complimentary to this, check out what your local market is doing (if that is the area you want to work in).  You alluded to a sunset market on the bar business, so knowing that, where can you get your money to work for you? Is it in line with that passion you found in reflecting your goals?  If you can't find it in your city, is what you want to do available in your state? If not, where at? 

The decision is ultimately up to you, and I won't pretend to know Oregon's market and tell you specifically where to put your money (maybe someone who knows that marketplace can jump in and help with that!).  What I can tell you and do know is that people who do what they are passionate about and then take that and go on to educate and act on it are the most successful kinds of people, so I hope in that way I was helpful!

Hi Lakeesha!

I am sorry to hear that the Realtors you have interacted with have not acted professionally. I would recommend presenting yourself professionally in this next meeting is a good starting point (not to say you have not been, but just a friendly reminder).  With a bit of professional dress and presenting a framework for what you intend to accomplish, if not a full plan to build off of such as your property search criteria and your long term goals, even a newer Realtor who is still learning, or a less than professional agent will be more likely to succeed and stick around because you have set and can manage their expectations from that point moving forward.  

In regards to the close-minded attitudes, I would say that some Realtors are comfortable in their niches and, as you mentioned, may or may not be open to different opportunities because they are comfortable, complacent, or have enough business otherwise.  Seek out someone who is and shares your vision, and screen for agents that work with expired listings since that is what you personally want to work on (note that this is a tough market and takes a thick skinned agent and not all will do this as a result). 

To keep a Realtor that you are starting to work with engaged, I think this goes back to managing expectations up front. Let them know that if they can help you start to achieve your goals, an opportunity for a steady stream of listings will potentially be available to them when you turn a property over (if you are a doing a buy&sell based strategy for example).  A sharp agent will see an opportunity for continued business and potential referrals.

I hope this helps Lakeesha! Let me know if you have any questions, and feel free to reach out to me personally if you need more specific advice.

Great question Phillip and one that anyone just starting out should be asking!

There are a number of advantages to forming great working relationship with a Realtor a priority moving forward. One that you will hear often is access to the Multiple Listing Service (MLS) which enables an agent to send you properties that have been listed on the market within your search criteria. The MLS also enables a Realtor to run accurate comparables for properties that have sold recently, allowing you to price investment properties accordingly.

Outside of the MLS a Realtor is your key to view homes legally and ethically in your area, as often times there are certain times or restrictions placed on unlicensed folks for showings. A Realtor who is active in their market and areas should know things from demographics to price points to market appreciation and other valuable information, and if they do not off of the top of their heads, they can easily access that information or find someone right away in their network who does.

That is briefly some of the highlights of what advantages there are, but keep and mind that there are more and others can jump in and add to this start. 

The only perceived disadvantage that comes to mind (I may be overlooking something as I am biased as a Realtor here in CA) is the cost associated with working with one. This is cost is accounted for during the close of the sale at an average rate of 6% commission (negotiable) and if an agent is providing all the resources that they should, that money should be well worth it. Note that not all agents are equal because some are not trained or proactive in their education and/or ethics, so screening may be another thing to consider (essential if you ask me) to find someone who specializes and is successful in the type of real estate you are looking for and in the area. For example as an Realtor myself, I wouldn't claim to know all of San Diego, let alone all of CA, even though I am licensed here and have lived and worked in San Diego since I can remember. 

Hope this helps! Feel free to post here or reach out with a personal message if you have more questions. 

@Curt Davis and @Mercedes Cantero thank you both for your input! It looks like Direct Mailing Campaigns are beginning next week!

Hi all!

My first week here with the BP Community has been nothing but amazing, and I have already met some phenomenal people and learned an immense amount.  With that, I have put the pieces in place to launch my own investment group and have a great deal of the legwork in the books to get going.  I will humbly admit that I need some advice in moving forward, and would love help and support from you all.

I've been putting in the hours to refine several searches targeting pre-foreclosures and absentee owners in San Diego as my primary demographics for wholesaling and flips.  In regards to the pre-foreclosure owners, what is the best way to get in contact with them? Phone calls? Door knocking? Mailers (I plan on this for the absentee owners and can see value in it for pre-foreclosures as well)?  Looking to connect the dots because I have several cash buyers lined up and *potentially* motivated buyers, so this is the critical piece of the puzzle to determine their levels of motivation and viability of making that cash offer on the property to get things started.

I have several exit strategies from assignment, to back-to-back closes, to a cash purchase and flip, so again please feel free to help me zero in on getting in front of these homeowners in the most efficient way(s) possible! I look forward to all the great ideas you all will have, and can't wait to hear soon.

@Jake Thompson Firstly, thank you for your service sir. Too few men hear the call, and fewer answer.

Second, I would like to introduce myself, and more importantly my dad, who is not on BP (yet), but is a 20 year Marine Corps Vet, and currently a Broker and Property Manager here in the San Diego area.  As a Realtor, I hang my license with his brokerage, Corps d'Elite Real Estate Group, and I would love to talk further about the opportunity to work with you and Lindsey, so please feel free to message me and we can set something up. 

Also, I have a Real Estate friendly accountant whose clientele is made up of roughly 70% real estate oriented folks (and the majority of which are investors), and who invests himself.  I highly recommend him, so again, please feel free to message me if any of what I have mentioned interests you, and I will be happy to give you any details you need to make an educated decision in building your team, regardless of whether or not we end up working together.  Hope this is helpful, and I look forward to hearing from you!

@Brandon Heath

Always good to hear from a fellow Brandon! Thanks for the shoutout, and let's make sure our paths do cross! Great logo for your photo business btw.  Have you considered doing real estate photos of homes? Let's talk about it my friend!