All Forum Posts by: Keith Robinson

Hi Christopher. Like many have said it is tough. And if you're just getting started I will tell you how I started. The MLS. Yes you're competing with other investors (and the general market) but at least it is a collection of people who said "I want to sell my house". My goal was to write five offers per week on houses on the MLS and when I did that I got deals with some consistency. The last few years it has been harder to find 5 to write on per week so I shut it down and just recently turned it back on.

The criteria I would look for is

Aged Inventory: something on the market longer than the expected time frame for your market.  In mine its roughly 60+ days on market. 

Small Houses on Big Lots (that are also aged): these have small addition upside that the "in and out" guys will sometimes pass on. 

Keyword searches: contractor, fixer, cash only etc search the MLS for keywords that fit with a flip product.

Slam all the properties you can into a spreadsheet and start cranking offers out.  Many/most will not respond, turn down etc.  That is ok I just follow up with the agent weekly until the sell it or counter me. 

It is hard, and takes a lot of focus and a serious spreadsheet to manage all the properties you've got "circling the runway" but this has worked for me over the last 14 years. All the other stuff works too I just liked the ability of having a huge list of people who wanted to sell their house at my finger tips. Even if everyone else had the list too. 

Lastly I never wholesaled anything I would do the projects myself so while I assume there would be enough margin in the deals to wholesale my guess is it would be a little harder than finding off market deals.

Good luck!

 Congrats!!  Also remember you can factor in market shifts into your deal sheet.  So if you think the market is trending down say 6 percent for the year in your area then just factor in some downward pressure on your resale price while you're holding the asset and look for quicker/in and out projects.  They are harder to find (lots of competition) but since you're in no hurry just keep looking/writing offers and one will land. What's that old real estate adage "you make your money on the buy... not the sell".  If you need any help in the process feel free to DM and I can share what I know/have if it would help you

Hi Jim and welcome. 

Like some others have said using that construction background gives you a leg up on some fix/flip deals.  I also get a sense (and this could be way off) that you're dipping your toe in the water which makes sense. And it will be a journey from Dave Ramsey to a lot split ground up three house deal. :) 

I would use the old John Wooden "Be quick but don't hurry" as you expose yourself to the process.  Maybe even considering partnering at a lower dollar amount as a "come along" investor for somewhat less risk and a way to start to experience it without consuming a full risk deal. Just be really selective about who you pick to partner with. 

If you want an intro to some folks in Florida I know some great agents there who specialize with investors and I'd be happy to make one if you'd find value in that. 

Congrats on starting your journey! 

It depends.  

Are you looking at/reviewing a deal they're bringing to you?  Then yes you should sign it imo.  For that transaction it makes sense.  

If they're asking you as an investor to sign a blanket "work with me for (blank) months as your exclusive buyers rep" then I would not.  

Maybe something in the middle like "I agree to allow you to exclusively represent me on any investment opportunities you bring me" or some such agreement. 

In the "normal real estate" space this is somewhat common to ask for. So my guess is the agent is just doing their normal process with you as a "buyer" and not thinking about the nuance of you being an "investor buyer".

Hope that helps!

Welcome to PB