All Forum Posts by: Charles Large

Hello, Gabriel.

I have over 30 years of experience investing in rental properties in Mexico City, from single family homes to multi-family buildings. I also do it in Texas.  Feel free to PM me, perhaps I can be of help.

Charles.

@Katie Greenman, thanks! 

I agree 100%. It took a few months of analyzing listed properties the he offered me, but he know understands what kind of deals I want. We are in the final stages of purchasing a 51 apartment portfolio and he is representing me, not the seller in this transaction because the seller would not commit. He now has a listing for a complex with 18 units that I am probably going to acquire because it is close to meeting my criteria. This guy is the only agent that I have found in our area that I trust. 

@Paul Kubin, 

I do not use a realtor to represent me or to "find me deals". I use Realtor.com or any other website that lists MLS properties every day because most agents must focus on the deals that are easier to close. In the rare case that I find a listing that makes sense, I contact the listing agent who will male twice as much commission if he sells to you, or even reduce his % to make the sale.

I just bought a property that was listed for lease. Walked the home and told the agent that I was interested in purchasing it. He said owners were not interested in selling it, but I got his email, crunched numbers to find out what the owners were clearing, calculated repair costs, wrote a letter of intent with all this information and offering to pay the agent 3% commission. The house is now mine at a good price.

I feel that most residential real estate agents are not interested in dealing with investors.

Good luck!

Is this event taking place today as promoted? Thanks!

In the past 18 months I've analyzed around 300 to 400 multifamily properties in my area's  market, and contacted some 200 to 300 listing agents. Most of them have been residential agents and only 3 had some knowledge of how investment properties work. That is a very sad 1%!

I believe that most properties worth buying usually do not even reach the MLS. For instance, I am under contract to purchase a portfolio of 51 units through a savvy and smart broker who could not get the seller to sign a listing contract. When he share basic information of this portfolio I knew that it was worth signing a representation agreement and pay him a good commission. This agent understands the business and constantly looks for good investments. Now we will probably go under contract for another complex of 18 units that will not hit the MLS.

On the other hand, I purchased a 7-unit apartment building from a residential broker who did not even want to show me the property because he thought that it was not a good investment when it really was.

We also purchased a 5-unit apartment building directly from the listing agent who was also the property manager. He knew everything about the property and the transaction was smooth.

Hello Jessica! You certainly brought an interesting case to the forum!

In my humble opinion, we as investors should understand that if we want to purchase good deals, we become problem-solvers. We also have to take certain risks, the higher the risk the better the potential result. Right?

I agree with those who suggested paying the brother to leave the house. Pay him 20% of what you agree upon when he moves out and 80% if the house passes inspection within a week of him leaving.

The brother is the reason why the house is sold at this price. Why has he not been evicted? 

Good luck with this deal!

Count me in!

@Kush Khandelwal , you and I do not see eye-to-eye when it comes to Mexico. I agree, BP is a great source of advice, knowledge and positive thinking. However, I find it to be my responsibility to warn those who are making a bad judgement and this is clearly the case. 

Have you ever had a property taken by the government? My family has. Mexico's government expropriated thousands of acres from my family. Oil producing land that they took in 1938 and became "the People's" property.

I recommend reading a bit about Mexico's history and policy in the past century. Then review the current government's action. I bet you will sell whatever you have.

BTW, I'm typing this post from Cancun, Mexico. It's beautiful!