All Forum Posts by: Oye Alle

Thanks Jon, as a matter of fact it's because of a realtor I met down there a couple of years back, that I decided to go get my license, he was flipping multiple back then, not sure what's going on now.  If the market changed tomorrow, would you say move to a hotter market i.e. should I tailor my strategy to the market, or see what I would want to do.  I would think staying close to home and adapting to the market would make better sense, but want to get your take.

Thanks Gideon I was hoping to flip. Wholesaling is something I just started exploring as I have yet to win a deal to flip. It appears to me that wholesaling should get you in and out deals faster. It's either my numbers aren't tight enough or my bid is too low, or perhaps a combo of the two on the offers I've submitted. I am planning to build up some cash reserves and then hopefully in 3 to 5 years drop wholesaling for just flips and holds depending on the deal. This is all I am doing now, I do not deal with retail buyers and sellers at the moment, I tried to, but found it to be a distraction. so I would also need to figure out a way to cover my monthly expenses both business and personal asap. I am not tied to the MLS, in fact I am willing if need be to turn my license in, because I am still wondering how ethical it is for an agent to be talking to a distressed owner with the intent to buy the property. In talking to my broker she says there is nothing illegal or unethical, however she wouldn't do it.

Hi I am about an hour south of Washington DC in Virginia, I have been trying to get deals on the MLS primarily (I'm an agent) in my local area, I am primarily looking in my immediate area and up to 10 miles south. As immediately North it is uber competitive. I am not having much luck, it appears it's competitive here too. I've also started looking at hubzu, homepath, hudhomestore, (all of which show lower prices than the exact same listing on the MLS by the way). My question is what numbers do I need to be looking at to determine what is a good area, if my area is no good (not enough deals/overly competitive) then perhaps I need to drive, which I have no problem doing. For instance it would appear based on very preliminary figures that Prince Georges county in Maryland might be a better area, the margins are smaller, but it appears there are distressed properties everywhere. Its an 1 - 1 1/2 away but apparently a lot of the rock stars feel comfortable enough to invest out of state. What/how do I need to define the area where I will be farming for deals? How big does it have to be? What are the telling numbers that would make you say, "ah this is a good area."

Hi I'm a newbie hoping to flip and or wholesale I am an a licensee in VA. I'm wondering what happens when you fail to sell the house within your projected holding period. Now the Hard Money starts to get expensive and perhaps you even stand to lose the investment to the HML. Are you able after you've done the repairs, and failed to flip within say 3 months, obtain financing via a bank or regular lending institution? (I understand that there is certain financing you are unable to make use of within the first 90 days or so, or something like that) Can you get them to lend say at the new appraised value, as opposed to what you are into the unit for? (hopefully the appraised value is at least more than what I am into the unit for) My issue is I want to be able to have a little cash to use toward the next deal, and maybe even over time build up cash reserves, as well as pay myself for living expenses.

Thanks those replies posted real fast, will speak with my broker.

I am a newbie got my license mid 3rd quarter 2014.  I am curious, can a licensed agent put a contract on a property subject to without going through his brokerage?  I am just wondering what the real estate agent can legally and ethically do?  I am attempting to get into investing, and can't imagine how my brokerage wouldn't frown upon me buying a property and flipping it, without the brokerage being involved, is that even legal?