All Forum Posts by: Michael King

So what do you think is the best way to find a real estate broker who is very pro-investor as opposed to retail sales based? I would assume they would want their agents to do a fair amount of retail sales in addition to their investing to make the liability of taking you on as an agent worthwhile, correct?

Excellent advice. Thanks again for the info Shaun!

I got-ya. Thanks for the information! That's why I was so confused. The stuff I was being told just didn't seem right to me. Guess it's time to investigate further.

On a simpler note, any idea how to tag someone on Bigger Pockets? Is it like other networking sites where you just use the "@" symbol?

Much appreciated.

Thanks Shaun, that is exactly what I thought! I am planning on dealing with FSBOs and tired landlords (all off market properties), so I really didn't think there would be any sort of commission. And when it comes to assigning contracts, I figured that wouldn't involve any sort of commission either. Guess I'll have to see what my team leader was getting at.

If I decide to retail a property, I'll likely hire another Realtor to do the job so as to not tie up my own time. Really, I just got my license to have access to the MLS, but now it almost seems like everything is a lot harder to do if you have a license. Though the MLS is a great resource to have for doing due-diligence.

Perhaps I'll have to look around at other offices.

Hey Shaun, what about commissions when buying "subject to" the seller's existing financing? I assume that's the same thing, no commission if it's an off market property?

Thanks again!

Hi everyone,

    I am a licensed real estate agent in the state of MA. I am in the preparation stages of starting up a wholesale business. I have almost everything I need to begin, basic knowledge, attorney's to ask questions to, all the forms/contracts, etc., but there is still one thing that confuses me. I am a licensed agent and I hang my license with a broker, how would the commission work if I am the principal in these wholesaling transactions? My first few deals I plan to use a long term lease with an option to purchase to lock up the properties, and then either assign the entire contract to someone else, or retail the property to an end-user.

    I spoke with my team leader about this, and got a very brief explanation about it. Basically he said that I would essentially be representing myself as a buyer's agent in the deal which would require the seller to pay me a commission. But I don't quite understand. Can anybody help me with a step by step as to how this process would actually work?

Oh yeah, I never thought of the MLS. Now considering I have my real estate license, do you think it would be ethical to talk to the owners directly? I assume it would be, because the listing is expired and also because I would be a principal in the transaction. Does that sound about right?

Hi again everyone! This is kind of a repeat question, but I'm looking for some more help. What are some good sources for finding FSBOs to call? I live in Fitchburg MA and I am looking to call about 80 FSBOs a week with my script. I have checked all the well known sources (i.e. forsalebyowner.com, local newspapers, craigslist, etc.) but it seems that there isn't a lot of turnover with those sources. In other words, when I log on, it seems to be almost all the same houses week after week. Also, it seems that to get a good pool numbers to call, I have to do a large radius from my hometown - sometimes even 50 miles. Anyone have any ideas of where to find a decent source of new FSBOs?

Awesome. Do those sources consistently provide a good amount of leads? I feel like there wouldn't be a lot of turnover. Like you would see a lot of the same houses over and over again day after day. Also, how do you know that the listings in the paper are FSBO's? do you only look for ads that say "FSBO" or anything with a personal looking phone/email?

Hi everyone! Anyone know some good sources for finding FSBOs and Rental ads for calling? Something that is updated regularly? Thanks!

Thank you for your response Nathan. To answer your question, I bring in about $100 a month extra from the rent which goes right to maintenance. On the subject of budgets, I am already on about the tightest budget you can imagine. Were it not for my lovely girlfriend, I probably wouldn't eat. So I can assure you it doesn't get much cheaper than this. However working at the credit union, I do understand there are a lot of people out there who can't seem to grasp the concept of a budget.

As far as my parents go, I certainly do not take them for granted. They are an excellent resource and very knowledgeable on many subjects. However, they typically buy multi-families with traditional financing. I have excellent credit, but my DTI doesn't allow for me to use the same method of investing. Thus, I am planning to invest more creatively - lease options, subject to purchases, etc.

I must agree with both you, Nathan, and Jean. KW certainly does encourage investing, however I do get the impression that many, if not most, of their courses and training are retail sales oriented.

Thank you everyone for the advice!