All Forum Posts by: Gabe Cole

It totally depends on what you are looking for. If you are looking for a good flip you can ask the agent if they have ever helped a client purchase a property to flip or if they have ever done one themselves. You may also ask what properties on the market they know of right now that are very good deals? I usually know of a few properties that I have seen off the top of my head that are the best deals out there and I think any good agent should know the inventory well enough to be able to discuss a few properties without the need to check the mls.

One thing you definitely need to consider if you want to get your license is that you always have to disclose that you are a licensed agent when completing any transaction for yourself. If there is another agent representing the seller then it is not a problem, but if you come in direct contact with the seller than it can be very sticky to purchase direct from an owner if you have a real estate license. If you get the property at a very good deal you will have to have different disclosures to cover yourself.

You would need to disclose you are an agent and also it would be a good idea to have them sign a print out of the comps so there is no question that you have taken advantage of anyone.

Lastly, if you are an agent then you need to hang your license with another broker and work under them. ie Prudential, RE/MAX, Coldwell Banker etc.

If you have a Brokers license you can be on your own.

I hope that helps with your questions.

It will probably help to find an agent that is also an investor themselves. If not, make sure they have worked with plenty of investors in the past. A lot of times with a quick phone interview you will be able to tell if you are talking to someone that knows what they are doing.

In CA once the owner is 3 months delinquent the lender can file the NOD. Then there is another 3 months until the NOT is filed and then 21 days for the actual trustee sale. I have found recently that some of the banks are waiting a little longer to file the NOD because they are so backed up. I have a client that hasn't made their mortgage payment for 6 months and the NOD was just filed.

Hi Everyone!

My name is Gabe Cole and I am a Real Estate Broker and Investor from Orange County, CA. Yes, I do live in The OC and No, it isn't as bad as it looks on all the TV shows.

I have been an agent for about 6 years and I am now also listing some REO properties for banks. I also specialize in short sale transactions, so if anyone has any questions about that I am here to help. I am also here to learn more about REO bulk purchases as I am just getting my feet wet in that industry.

Glad to be here.

I forgot to mention, you must have a seller with a hardship situation. The banks won't allow a short sale if the owner has no hardship and can still continue making the payments. If the owner has no hardship and must sell, they better be prepared to carry back an unsecured note because that is also what the banks are asking for when the seller can afford the payments.

Eric,

Banks are now much more cooperative with the short sale process. I had one with Countrywide about a year ago and it was like beating my head against a brick wall. Now I just wrapped one up with Countrywide where they at about 90K off the 2nd and they approved it in 30 days. It is like they have done a 180. I am eager to help out clients that need my assistance now with short sales becuase they have a much better chance of closing than they did before.

The best business cards I have seen are double sided with UV coating, which gives that real slick glossy look. I have one with my photo, name, main contact # and company on the front and then additional contact info on the back.

zip realty is an Internet based discount brokerage. They charge lower commissions on the selling side and give a rebate back to the buyer on the purchase. I believe all their agents work from home and they are provided with some leads through the companies website. With this tougher market I would want to work with a solid well known namebrand. I am seeing the discount companies going out of business right and left in my market area.

Commission is always negotiable, but you also want to know you have an agent that can negotiate. I have found that agents that cave very quickly on their commission are even quicker to cave on the negotiation of the sales price and terms.

You also have to consider the current market conditions in your area. If the market is slow and there is a lot of competition you may want to consider paying higher than a 6% commission to make your home stand out. I work in Orange County, CA and we are now seeing builders offering up to 10% just for the buyers agent to bring a buyer!