All Forum Posts by: Richard Davis III

At this point, the only variable you can really control is price. If a listing gets stale, a price drop usually gets more interest generated. Maybe ask the agent to do a social media campaign along side the price drop? 

How good is your agent's Marketing Plan? What do they do, other than list on MLS, that actually could result directly in the sale of the property? I know you can't really control this now, but for the future its something to ask/consider. A LOT of agents just list it on MLS and forget about it. (Not saying you agent did or didn't do anything, just asking those questions so you consider them).

Best of luck!!!

Yes it needs replacement. The inspector will confirm. Are you speaking directly to the seller or are you using agents? You should for sure ask for some concession based on the inspector's recommendations. However, this was something you saw prior to writing the offer correct? I would have addressed it immediately in the offer. 

@Hari Narayanan The project manager I invest with does a 50/50 split. He gets 50% for managing and the passive investors split 50%. But he also personally guarantees against any loss and will (and has) pay all losses out of his pocket after returning any initial investment to his investors. I have invested with him 2x. The first time I got a 20% ROI in 10 months. The second (this time) I am projected to get about 15% in 4 months. The ROI and basically risk free investment are why I have no problem at all paying him 50% of the profit to manage it.

@Andrew Postell Following. May PM you later of that would be okay. Waiting to see your next reply.

@Aaron K. Exactly.

@Carl Ohai Realtor.com leads vary a lot based on zip code and it's not per lead its per month to be one of five agents to get notified when a lead clicks on the info.

I've done realtor.com leads for years. I hate them. They are a ton of work and the closing ratios average out to about 5% nationally. (I was putting down 10% to 13% closoned for several months but I literally had no life and had ti stop because my family was dissolving over it). I will not be renewing my lead subscription from them.

If you cannot answer your internet leads in under 4 minutes dont buy them. Seriously, these people expect to be contacted IMMEDIATELY. Plus 4 other agents are calling them too.

Overall I would say you really should have the right lifestyle to make these leads worth it. If you are a more hands off/phone is off past 7pm type agent then developing a solid marketing strategy is likely a better use of your funds.

For fix and flips, you're going to want to get really good at knowing how much repairs will cost with 15-30 minutes inside a property. You will also need to get really good at knowing the ARV (that might be the Agent's job it sounds like?).

The best way to find consistent flip deals is by doing direct mail marketing campaigns.

Do you have a contractor/crew lined up? Are you familiar with timelines for repairs/etc? Familiarize yourself with these aspects of flipping.

Lots to think about. Those are just a few things I came up with without knowing what you do/dont know already.

Cheers & good luck!

spokeo.com is what I use. I pay for the basic membership (7$/month). It gets you a decent amount of info. It works about 90% of the time (which is very good).

Cheers & good luck.

As for the agent, the first thing that jumps to mind is integrity... Without that nothing else matters.

That being said, seek out people that walk the walk. As a Realtor, I am confident in my ability to assist investors because I am one, I know the lingo, and I do the things. That's what you have to look for in an Agent. Your agent should own property! This is so important because they will be able to actually speak from first hand experience. They should be familiar with or have done flips. They should be active in REI groups (BP/FaceBook/REIA/etc). Ask them to prepare a cash flow spreadsheet/printout. Ask them how they determine if a property is a good investment. Test their ability, while still respecting them of course.

A good agent will likely have a good inspector, a good foundation contractor, a good roofer, etc. So IMO, finding the good agent would be a major victory in forming your team.

Set clear expectations. Communicate your goals. Learn their goals. Actually make them a part of the team. 

I have a small group of clients I try very hard to get deals for. These are the people who use me for every investment they make. While you do not have to be exclusive, it will form a stronger relationship and you will get better deals from an agent you use exclusively. 

This is last because its just my opinion. You may want to interview a few younger/newer agents (maybe 2-3 years into it) because they wont have long standing client relationships your competing with. They also wont retire in 5 years forcing you do find a new agent. Again that's just an opinion. 

Hope this helps! Good luck.

Joining your local REIA may be of benefit. You could also post on a local forum such as craigslist that you are looking to buy property with cash as many wholesalers and distressed sellers use sites like that. Facebook Buy Sell Trade sites for your area are great to find both wholesalers and distressed sellers. You could even join a few facebook groups and make a post "I buy property in ZIPCODE" etc (make it sound better than that tho lol). Another tip would be to just get out there and start networking all things real estate. I've met wholesalers/tired landlords/distressed sellers at credit card hacking classes and home inspection seminars.

Direct Mail is king tho. Its costly, but the best way to generate real/consistent leads. If you're serious about consistently buying property directly from sellers then you are nearly required to use direct mail. The flippers I know who do the most business spend thousands a month on post cards/mail packets.

And lastly, hook up with a high quality real estate agent who really knows investing in your area. You may have to go thru a few to find the right match, but that's a good thing. As an agent and I can tell you that I send all the deals I learn about to a small group of people. Those people make me money (sending their loved ones to me, listing their flips with me, etc), and in return I want to make them money. We are a team. They see it that way and so do I.

Cheers & Good Luck!