All Forum Posts by: Mark Johnson

@Chandrika Vasudevan I’m an agent in St. Louis and know the different areas very well. I’d be more than happy to share my opinion with you if want to reach out to me via PM.

@Alberto Anguiano

1) HOLD: How to Find, Buy, and Rent Houses for Wealth

2) The Book on Estimating Rehab Costs

3) The Book on Flipping Houses

4) Never Split The Difference for negotiating skills

5) The Wealthy Gardener for mindset

@Collin Emerson Miller I will add that I know an investor that has a similar type of property located not too far from you on the other side of Delmar (which is not doing nearly as well) that she uses as a rental.  This area is located next to 2 major universities that both have medical schools. She rents out each room individually and says that it is by far her easiest rental to manage.  

@Collin Emerson Miller. I live and work in St. Louis as a real estate agent and something does seem off with that deal.

I haven’t seen inside of it but $100K in renovations for a fire damaged building seems low. The houses in those neighborhoods are pretty old and the rehab on non-fire damages property would be upwards of $100K depending on the scope of work.

However, the ARV is the biggest issue. The comp you're using is the list price for a For Sale By Owner that has been sitting there for 20 days. You really need to know your stuff when looking at comps in that neighborhood.

I actually went to college at SLU right around the corner from there and know the area very well. Feel free to reach out with any additional questions. I’d be glad to help!

@Jordon Porter Make sure you can easily explain the process over the phone.  As a realtor, I do this all of the time and the biggest issue is typically with the other parties not know how to do it.  Also, I would suggest sending them a separate email with a PDF copy of the contract prior to gettting their siganture. This is a little riskier but it also allows them to take their time reading through the paperwork. Both DotLoop and DocuSign move through the paperwork quickly and do not make it easy for the user to read the contract.

I agree with everything @Julio Garcia said above.  

I am not sure what type of investments you are looking to do but ask them to help you analze a deal. I think it would become evident very quicly if they know what they're talking about. 

As an agent I can tell you that what other agents want from their investors are clear buying criteria and being ready to actually buy the property. Most agents dislike working with investors because they're always being approached by want to be investors who will never actaully buy a property.  

@Frank S Scala II

1) Building trust & establishing rapport

Most people that get into this business are usually social so this is not that hard but it is definitely on the most important skills for an agent to have. I think the ones who are the best know how to read the situation and understand how to change the way they communitate to fit the personality of the prospect/client.  

2) Follow up

Just like investors, the best agents consistently follow up. 

3) Pricing Conversation with sellers

This has not been as much of an issue over the last 5 years but it was when I fist got into the business in 2011 and in my opinion will be crucial again in the next year or so. The ability to explain pricing is an art form that separates the best agents from those that will be out of the business as soon as this seller's market takes a turn.  

4) Managing the expectatinons of buyers

This has to do with both your time as their agent and the house that they can afford. This varies by agent, but you need to set your own criteria on how you want buyers to treat you.  As long as your professional and properly explain them, the buyers should not have any issues. If they do, they're probably not a good fit for you and refer them to another agent.  

In regards to the house that they want, I think that sometimes you just need to fire a buyer if they can't come down to reality.  Most will adjust their expectations after seeing a few houses but there are always those that refuse to accept reality.  

5) Listing Commission 

The most difficult clients I have ever had have always been the ones that ask for a discount on listing commission.  Every single time!  Learn to stand strong and don't do it.  However, if this is an investor looking to do a whole lot of flips or a referall parner who sends you a lot of business, I would give them a discount.  

@Michael Henry I don't drink but would love to meet up.  I'm in agent and worked with several flippers & multi family clients. I have finally gotten into investment RE myself and am about 2/3s of the way through my first flip in the Creve Couer area.  Let me know if you would like to meet up.  

@Ben Zelenka It really depends on the agent your working for.  30 years of experience is amazing but a lot has changed over the last 10~12 years in this industry.  Has he changed with the times?  If so, listen to everything he says and closely watch how he runs his business.  I've been an agent for 10 years in St. Louis, MO. Feel free to reach out if you ever have any questions about how to suceed in this industry.  

Also, educate yourself as much as possible on the investment side of the business. This has been my biggest regret. Listen to as many podcasts & YouTube videos on the subject and read all of the Bigger Pockets books.

@Donald Allen I have not gone to it but I believe Megan Greathouse from episode #387 has a virtual meetup for St. Louis investors on Thursdays but I can't remember where I saw that at.  

Also, check out  www.MeetUp.com to find other RE networking events around St. Louis.  BP has some listed on this forum as well.  

I've been an agent for 10 years here in St. Louis and just started working on investment properties myself this year. I am almost finished with my first flip and am working on my first BRRR property. Reach out if you ever want to talk about how we can help each other out.