All Forum Posts by: Rodney Lorenzo

Interesting you say that, because before being represented, I did make an offer through the seller's agent and knowing that she would've kept the full commission, you'd think she would get me to make a stronger offer than the one I made, but she didn't. Agents are doing the bare minimum these days. There is a form in CT (the market I'm targeting) that you sign, that tells you if the offer has been seen. An agent who looks out for his client would provide such a form to a buyer that's struggling to land deals. Again, my issue is with the listing agents refusing to communicate with my agent, thus, keeping me from making offers on other properties. I have no control over their lack of communication, especially when I can't even speak to them. BTW, everyone's paying over the asking price in this market. It's the only way you can make a stronger offer, because yes, I do have to finance and I do have to have contingencies in place. 

I have tried already what you suggested. I can do the numbers without financials, but I also know that some listing agents hold them for either their favorite buyers OR they just have an unorganized seller that doesn't keep records of anything. I once even had a listing agent (before I got representation) not even suggest I make a strong offer, knowing full well she would've gotten the full commission if my offer was accepted. Isn't it their job to get the buyer to make strong offers, especially when they're also representing the seller? Well she didn't and my guess was because this was in Little Poland and my last name isn't Polish. Yes, believe it or not, discrimination does occur quite frequently in this business and people from certain demographics only like to do business with their own kind. No one ever talks about it though.

Unfortunately, I have no control over incompetent listing agents that don't know how to communicate. There aren't that many good deals for me out there where the numbers work for me, so when I get my offers ignored, it doesn't make me happy. Having an agent when most listing agents refuse to co-broke is also out of my control. All I know is that if the listing agents was to represent me, they would be more hesitant in ignoring my emails, texts and offers. It's just the way it is in my market and I have no intention in letting incompetent listing agents impede my investment journey. Would you?

Despite me having a good agent, I still have not been able to invest in anything in this market. The main factor, unfortunately, has been listing agents that don't communicate, aren't transparent or flat out ignore my offers or requests to get financials. Sometimes, I have to reach out to listing agents directly because I notice that they respond quicker to me than to my agent. They think I'm not represented. My question would be then: should I just approach the listing agents directly for representation? Many tell me that the listing agents don't have any incentive to represent me. The fact that they don't need to split their commission is an incentive enough, right? One even told me over the phone that they don't need other agents to sell their properties. He was nice to a certain point, but when he noticed I was already represented, he all of a sudden wasn't so nice. I may have to wait 5 years for the next buyer's market if this keeps up and the rising mortgage rates aren't helping either. I wanted to start my investing career in my 50's. Now it seems it may get pushed to my 60's instead. 

Hi Shanterra. Depends how much personal cash you have to invest. Enough to forego a bank? Banks/lenders look at employment when it's a SFH or small MF. If you want them to focus more on the revenue the property is generating, rather than your unemployment status, look for asset based, commercial loans. I believe you can get smaller properties with such loans as well.

If it'll make you feel better, I'm in my 50's and only starting now due to an inheritance. It's never too late and with no debt, you've proven that you're financially responsible. May this year be very prosperous for you!!

Hi Dustin,

I'm in Westchester County and plan to invest in CT. Because this market is rough for buyers right now, I have to have my options open to both residential 5+ and mixed use. The location of the property (high trafficked location) and the type of businesses, is something to consider. If you had a laundromat, hardware or convenience store, I'd say jump on it. The leases tend to be longer too.

I'm jealous that this deal literally fell into your lap. Take it and run with it. Good luck!!

Hi Corey,

I'm a newbie and have set up an LLC because I'm aiming for commercial investments. You may not need them at first with smaller investments.

Like Ken Aim said, the more layers between your assets and lawsuits, the better. Multi layered asset protection is key to preventing the piercing of the veil. Especially when you set up the controlling entity in states that legally do not have to reveal the owner's identity, such as Delaware or Wyoming. 

Think of an LLC as a box and that you're putting each separate asset into its own box. Worst comes to worst and you'll lose one asset as opposed to all of them.