All Forum Posts by: Jackson Pontsler

In conjunction with @Dave Foster attorneys are great if you want a good iron clad lease agreement if you are looking for rentals.  Attorneys may be useful contact in the realm of probate and bankruptcy.

Question are you looking for Utah or Ohio because your post and title don't match

The biggest advice I can give is to determine what you want that means:

1. DETERMINE WHAT YOU WANT! (A flipping company, rental portfolio, apartment building etc....)

2. DETERMINE IF YOU CAN START THERE! (you may not be able to start with apartment building)

3. DETERMINE STRATEGY TO GET YOU THERE! (Wholesaling -> Flipping -> Apartment building)

4. FIND SOMEONE WHO IS ALREADY A ROCKSTAR WHERE YOU WANT TO START AND WORK FOR THEM/ BEFRIEND THEM.

5. LEARN THE ROPES FROM YOUR FRIEND TILL YOU REACH THAT LEVEL OF SUCCESS

6. REPEAT 4 and 5 TILL YOU GET WHERE YOU WANT TO BE!

This would mean finding a rockstar flipper in your area and befriend / work for him/her.  I wish you the best my friend.

A exclusive agreement is usually done with retail home buyers not real estate investors.  As a flipper i have agents send stuff to me all the time.  I only sign exclusive agreement specific for the property they show me.  Mind you since you are new and don't have a lot of experience a broker could potentially do alot of work for you and if you just turn around and use some other agent they get no compensation for their work.  Its a balancing act, I would recommend talking with the broker and stating that any property they show you then get to be your exclusive agent but that you are working with other agents that are bringing you deals and they deserve to be properly compensated for their work just as he/she will be compensated for his/her work if one of the properties that you are shown pan out.

BTW good word choice but I doubt too many people know that neophyte means beginner

Plan and prepare as if you are going to buy one this year.  Get a good agent, talk with some wholesalers, overall be proactive.  You may not purchase one this year but if something does pop up this year or next year you will have positioned yourself with your finances, knowledge, and experience to recognize and capitalize on a good deal.  BTW welcome to the group.  Feel free to reach out as these forums are always willing to answer your questions.

No prob.  The Utah REAI has local meet ups every month.  If you want the details on that reach out to @Jeff Rappaport.

The biggest advice I can give is to determine what is:

1. DETERMINE WHAT YOU WANT! (A flipping company, rental portfolio, apartment building etc....)

2. DETERMINE IF YOU CAN START THERE! (you may not be able to start with apartment building)

3. DETERMINE STRATEGY TO GET YOU THERE! (Wholesaling -> Flipping -> Apartment building)

4. FIND SOMEONE WHO IS ALREADY A ROCKSTAR WHERE YOU WANT TO START AND WORK FOR THEM/ BEFRIEND THEM.

5. LEARN THE ROPES FROM YOUR FRIEND TILL YOU REACH THAT LEVEL OF SUCCESS

6. REPEAT 4 and 5 TILL YOU GET WHERE YOU WANT TO BE!

I wish you the best my friend and like I said feel free to continue reaching out.

Welcome Chad to the community.  There is a wealth of resources here and in the local REIAs.  I'm glad your first house hack worked so well.  If you have any question feel free to reach out or use the forums.

@David Hines For the most part I haven't found many wholesalers who are bringing good deals to flippers (not much agents either but it is a sellers market and I don't have an in for any pocket listing).  In our hot market its more of catering to buy and hold and even then its not that great of a deal.  Where I've found the most success is with other flippers who then assign the contract to someone else because of their large workloads.  

I'm fine with wholesalers but my biggest suggestions for them are:

    - Learn how to estimate: repair costs, ARVs, selling and holding costs.

    - Learn that they need to put money in escrow to show seriousness to their sellers.

    - I don't mind about their assignment fees as long as I get a big enough profit.  i.e. if I'm making 20k for flip your assignment fee shouldn't be 20k.

The problem with wholesaling is gurus are stating that it is the method to make money in real estate without having any money, and then the gurus only go over the process not how to accurately or legally procceed wtih the 3 points above which any flipper would love to teach them!!!!

I also want to add a final not about adding value.  I've seen wholesalers and agents who don't really add any value.

We've read above how many wholesalers didn't add in any value (thankfully some do have their heads on right)

I've seen agents who overprice homes that sit on the market while the seller needs to sell right away.  These agents in my opinion didn't add any value to their clients only problems.  Even ones that only represent buyers whole only put them on an electronic email list and say (email me if anything looks interesting)

Adding value is an important part of the buisness and I have an agent regulary, and pay him his full 3% or 6% if he represents both sides because of the value he provides.  There is a wholesaler who I purchase from because he honestly, is helping people, and has his head on straight when it comes to what I'm looking for.

I overheard a collegue say they have found deals working with property managers as they help their clients unload inventory.  

Has anyone had any experience with this they would be willing to share?  

How is it best to approach a property management company to ask them inform you when opportunties are avaliable?

I have an idea of talking to them about me purchasing the property and would allow them to continue to act as the property manager but don't know if this the best option or if this is against a common company policy.

@Ben Sears

This is a numbers game. You will probably be rejected at least 10 times before you find a deal 20 times if you are only offering on the MLS. Keep it up. It may take a while but life rewards action not sitting around and doing nothing!