All Forum Posts by: Mark Wolffer

one problem you will find: The attorney may have his "broker friend" list the property. Since he needs to get some bids on a certain time table.....he may be listing it on the mls. BUT....the mls pulls a couple cash buyers like yourself who bid on the property. However, the broker's buddy investor (who tells the broker "friend" that he will use the broker "friend" as his seller's agent once he rehabs or tries to resell the property.) Now the broker makes a full commission twice on every property he basically hands to his friend the investor. If you can't break the relationship between those two people....your bid is a waste of time.

You might want to contact all the women who live alone and are at least 70 years old with lots of equity. Your cash offer can get them a nice small home in a senior community with cash left over to have fun. I query all my data for certain attributes to find the most likely sellers.

As a data aggregator, I'm well aware of the data available thru ReboGateway. It looks like you need to be a licensed realtor....Yet I've never had any issue dealing with non-agents for data.

Its all according to what you are trying to accomplish. If you would like to discuss...you know how to reach out to me.

I agree with Joel.....

Also, if you are dealing with an agent, you are most likely paying full price. Properties are listed by agents who are suppose to get the Highest price for their client/seller.

Do what seasoned investors do...pay 70 cents on the dollar. If all you had to do was call a realtor and have him sell you on something on the mls...........all the investors would be doing that . It would save them time and they could multiply their wealth.

Instead, investor build relations with brokers who feed them probate cash deals at a discount, and even though its a bid process....they will make sure you get the deal, if they want you to.

Go after vacant properties that have been sitting for 9 months with no income to the owner. Check to see if the owner also has other properties that may also be putting a drag on his income stream.

The more novice investors rely on mls properties...the more properties left for the real investors.

That is very simple:

If you are trying to save a few bucks and just create a "partnership"...........Never in a million years

because you can't escape Liability. You can be clean as a whistle, but if your "partner" makes any errors or get sued.............you lose.

You have to shield yourself from him and he needs to shield himself from you.

Look into a corporation or an LLC...but remember that an LLC does not give the protections of a corporation.

Welcome Lanis.....I also reside in the Inland Empire, review some of my posts...it may be helpful. We could also meet up at a local StarBucks in Rancho or Ontario

@Jeff Petsche,

Jeff,

I understand your market area and others like them...in fact I place quite a bit of tennis around your area.

Some of the common problems can be resolved by not going after properties that everyone is looking at. When you hit up an agent, that agents job is to help you make money for him. The typical agent has access to the MLS. The MLS is not the hotbed for discounted investment properties. The seller agents job is to NOT sell below market value. The only part of the MLS that can deliver below market property is the "probate" sale....but you need cash. Not only that...why would a broker/agent sell to you a probate property (bid) unless you also agree to make them your seller agent/broker after you rehab the property. Any smart broker will already have many cash buyers waiting to buy probates...and they will help their "friends" to get the best deals. Markets throughout the USA are getting quite competitive and the major buyers have the marketing dollars and knowledge to keep most "little investors" out.

Are you going after properties that have been vacant for 9 month or longer, where the owner lives out of state, and where the owner has "x" percent of other investment properties also vacant? If you look for properties before the mass market sees them....your odds will increase.

Are you reaching out to women over 70 who live alone and have tons of equity in a home that is too large for them?

If you have any questions of how data mining can find you properties...hit me up.

@Brian Garrett In regards to protection from some GC's: I tend to look at this from two viewpoints. First, my viewpoint that I'd like to pay the least for the best work. Second, from the GC's viewpoint which wants to keep me as their customer for repeat business...but also to charge me the most possible. Without industry specific experience you will have to rely on the GC's reputation...and if that can't be ascertained, look for another GC.

Like they said....6-8 instead of 10 and maybe 30k, but remember we are just speculating. Get multiple bids and then show them to a pro...pay them a few bucks to give you their opinion. Learn Learn Learn

So...who has title? Did it go through probate? How do you know the daughter owns it?

Can you afford to go to court? Hire an attorney? and deal with the potential trashing.

Emotion kills the potential investor....if you don't know all that's required to come to a decision, just move on to the next property. 

Your property is liveable...but required all that work? Nope...it won't pass inspection and that 10 week rehab sounds fishy. If the contractor has 1/3 expenses, 1/3 labor, and 1/3 profit............and he wants 23k for 10 weeks of work?...that means he is willing to work for two and a half months for only about 8k in profit....that doesn't pay the bills, too cheap. By the time its half way done...he will approach you with another 20k needed for all the new unexpected problems that he will surely find.

a mailing list is only as good as you have segmented your market area:

1. are they homeowners?

2. when did the homeowners purchase the property? (do you really want to waist your money on people who don't have equity or moved in just a few years ago or even worse...last year)

3. what are the ages of the home occupants?  (are they empty nesters, are they over 70 years old, or are they parents with kids in school)

4. do you know any of the homeowner occupations?  ( some occupations pay really well and are very secure...so they tend to not need to sell at a discount) (others like salespeople may have come on hard times)

5. do you know if any of them registered at a payday site in the last 60 days? (need cash)

By segmenting you are able to better target your advertising dollars and expand your market coverage area

Correct @Elizabeth Wilson...and if I may add........know the true cost of a lead. Don't throw mud against the wall hoping for a hit. Segment your market and work smart. Why connect with everyone when you can drill down to just the homeowners that have great equity and are also more likely to want to have you purchase their home....like maybe they are 70 years old now and she is no longer with their spouse..........or they are empty nesters.