All Forum Posts by: Greg Alway

@Horacio Gutierrez

You should have 2 accounts. The security deposit is still considered the tenants money and should be held in a non interest bearing account. That way you avoid having to deal with financial accounting headaches. Then you have your other account that you typically use for buying properties, maintenance and what not.

I have talked with a few Realtors and they are saying that it takes up to (2) hours in order to submit an offer once a client identifies a residential property they want to purchase.

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Example:  You are at your desk.  A person you never met before comes in and states that they want to make an offer on a property immediately. ....... The clock starts now!

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How long does it take you to submit an offer on average?

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What have you done to automate the system?

Try to find a Savings and Loan type of bank.  Those banks have different lending criteria and are more geared towards Real Estate.  Submit another question to the bigger pockets community about these types of local lenders in your area.

Once you find one, go and talk with them about one of the potential real estate deals you think are a good investment.  Have them run the numbers with you.  If you buy right, they may even lend 100% of the purchase price.  Good Luck!

Hi @,

I appreciate your information, however I am unsure on how to evaluate it.

I am new to real estate investing but a bad deal is still a bad deal.  While rent does increase.  I do not believe that it increases as quickly as housing prices increase.   Certainly the laws of supply and demand take effect.

If you have information that shows a detailed analysis of rental amounts and how they increase or decrease as a direct proportion to housing prices, then I certainly can evaluate that information and adjust my investment formulas.  IF you can break it down my zip-codes that would be even better.

As of now I am stuck with things like rentometer, craigslist, padmapper to estimate existing rentals in an area to determine what rents are generally going for.  I will not hope that tomorrow is a better rental market.  I prefer to deal with today.

How many rentals do you have? How much did you pay for them?  I certainly would like to know.  But what I do know, is that I have dealt with other "investor-friendly" realtors that have no idea what it takes to invest in real estate.  Their moto is: Just pay more!  Therefore I am a bit jaded, when I hear "investor-friendly".

What I also believe that you are missing is that I may be spending thousands of dollars each month in order to get the attention of potential sellers through my direct mail campaign.  For those that I my offer does not fit I will direct them to a realtor that is helping me.  

What if I am able to direct 1-seller or 3-sellers your way each month?.  How much is it worth to you?  Is it worth taking the time to make me happy by putting in 4-8 offers each month, even if it is low? 

However it seems that once I ask a realtor to put some time and energy in, they all start to back away and state "Just pay more!"

Hi there,

I have begun my direct mail campaign to the Tacoma/Lakewood area of Washington and have been in contact with a few potential sellers. 

I am looking for multiple Realtors in this area that will be able to meet me at the sellers location,run the paperwork, and be there for any inspections or issues that may come up. Yes, I said multiple.  I will use one realtor per deal but I need multiple people to call when I get a deal.  People have lives and may not be available when I need them.  Overall they will be my eyes, ears, and legs since I am investing from 2-hours away.

Since I am bringing the deal to them, I will pay them a 1.5% commission of the sales price.  If I need to sell the property they will be the first person I contact.  At which point they will get the standard realtor commission once the property sells.

I also need the Realtor to put in offers for me on multi-family properties that are on the MLS. My offers are going to meet my investment criteria and therefore may be 40-60% or lower than list price.

As such, since they are putting in offers for me.  I will direct those potential sellers to the realtor, that I am unable to close the deal with, if they are looking for a realtor.  I will direct people to the last person who helped me.

If you know anyone that would be interested please send me a message with their contact information, a recommended Title/Escrow company, along with any good books you read or listened to.

Thank you,