All Forum Posts by: Ryan A.

Hi John

The trouble I think I'm having is that they don't want to do the leg work or check listings for me if they don't think I'm serious. If they force me to be serious (by signing) they can justify doing the work because they are guaranteed commission. As of late, realtors and agencies are pushed to sign many people to ensure that they are working towards an end. The general agent mindset is that if buyer's dont sign, dont waste the time.

My though is that this shouldn't apply to me. Are they not taking me seriously enough?

I've worked with three agents so far.. when I tell them I don't want to sign they wince! :roll:

hi Minna

Excuse my jumping in...I can't send you a message so...
I have a question about being an investor working with a realtor that I can't seem to find an answer to. You may have some insight...

If you don't mind let me know so I can elaborate.

Thanks Ryan

I've been working with a few Realtor agents to look for property. Each agent covers a different geographical area.

I've been researching everywhere looking for opinions on the relationship between a buyer's agent and an investor. I've even read the Realtor's association web articles trying to get a sense of how they feel. I understand there are agents that work well with investors and others who don't take it so well.

Both agents want me to sign a representation agreement but are very opposed to the idea of modifying the agreement for shorter than six month terms and are also opposed to a modification that excludes FSBO and unlisted properties from our agreement.

My thinking is: if I sign with agents and then I find a private seller who does not want an agent or brokerage involved, I don't want to have to tell my agent if I don't want to. I definately don't want to pay comission to my agent if they didn't find me the house and I can handle negotiation and paperwork!

The buyer's agreements are worded so that ANY property I acquire within the term will be subject to comission fees.

What should my position on this be?? How do agents handle investors? HELP!

hi quattro

check out this post

http://forums.biggerpockets.com/viewtopic.php?p=69076#69076

It's a package of documents to assist in a short sale proceeding.

Good luck!

If it was any closer it would have bitten my nose.

Thanks Josh

Start looking for motivated sellers.
Check your classifieds for stale ads. Call rental ads and ask if they might be offering a rent to own. Find ugly houses. Find dirty houses.
Distressed property is key to good deals if you dont mind cleanup. Find an owner who wants out.
Start talking to people and check your newspaper classifieds daily to see whats out there. Call any lease to own ads or rent ads by owners just to ask about the place. You may find they have problems that you may be able to solve.

Good Luck

Forgive any ignorance.... :oops:

Is this a niche market? I'm assuming a small percentage of the population owns luxury homes? Wouldn't the volume of sales be lower? Although I'd assume the returns would be higher...

EDIT
Although... you may be in a market where homes are more affordable; in my area middle class families own 350k 3bed homes and luxury means 5bed 3bath at around 500k to 1mil.

Good info. I can see this being overlooked if not thought about!

Is your name tied to a business? (sole proprietorship, DBA)? You will need to fix your credit.

First, get current on debts.
Next, make sure you pay all bills on-time.
Take out a small secured loan or credit card from your local bank.
Pay it back on-time / quickly.
Take out a larger secured loan/credit card from your local bank.
Pay it back on-time / quickly.

If your business is an LLC or Corp you need to develop the businesses relationship with lenders and other businesses. This may take some time.
The same idea applies here.
Go to your local bank and obtain a small secured loan for your business.
Pay it back on-time / quickly.
Get a larger loan.
Pay it back on-time / quickly.

You get the idea. It will take time.

Time and steady on-time payments will increase credit score. Too much debt will decrease credit score.

Baby steps.

It all depends on who you're investing in, right? Is somebody developing and selling the land? What are they building? What is the company's track record? Can they offer previous investors names so you can check their credentials? Most investors need reassurance.

There's always good deals out there, just use common sense and do your homework.