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All Forum Posts by: Vanessa Brown

Vanessa Brown has started 2 posts and replied 42 times.

Post: What kind of car do you drive?

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

2006 MINI Cooper. Love my baby and I can park it anywhere in the city. Also I can drive all over the area and still keep my gas costs down. 

Post: Beginner from Washington DC Metro Area

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

Congratulations and welcome!

One way to get ahead of the curve is an MLS alert. This will send you properties literally the minute they are entered into the MLS, your agent should be able to set one up for you. All REOs go into the MLS but they aren't always available to investors right away. Plan ahead and wait for the category to change over. It's like auction sniping on eBay but it's a good way to get it done. Lastly don't limit yourself to REOs and foreclosures. There are a lot of homeowners out there who are eager to sell and can still negotiate with you on their own terms. They are more than wiling to take a sure deal but are sometimes overlooked.

All the best. 

Post: Are obese people a protected class?

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

ALWAYS ALWAYS check the fair housing laws for your state, county and city. They can differ dramatically. 

The Fair Housing Act has 7 protected classes: race, color, religion, national origin, sex, disability, and familial status. Your state may add more, your county even more and your city more yet. 

One thing to always remember is that if they are fat enough to be sick, it does not matter what your regulations say they fall under a federally protected class twice over. The Fair Housing Act protects the disabled and the Americans With Disabilities Act protects the disabled. This is defined by any "disability" that impairs normal functioning and that the person must take medication or treatment for. This is an extremely wide law that covers everything from diabetes to food addiction to you name it. 

Do the background checks, make the qualifications and rules clear and disclose them to all interested parties. Above all else do not ever waver from your routine for anyone. 

With certain areas of the country you're going to have more issues than others. I've started reinforcing toilets and the floors as well as putting grab bars in showers as part of my normal rehab routine. 

Post: Why do I need an agent to get "full MLS access?"

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

All of these are extremely god points about the MLS.

When personal information is open to the public you open the seller up for abuse (just look at the scams on Trulia and CL). Every other day I get a request for a property that I check into and find to be a false or outdated source. 

Also agents pay for their MLS, you too have the right to join and pay. I belong to MRIS it's a couple hundred a quarter and I'm sure if you go to MRIS.com they'll be glad to help you out or at least tell you why they can't.

In our area there's only one MLS (MRIS). As far as I can tell it covers, DC, MD, VA, WV, DE and PA. As you go from site to site the difference in listings and what is shown is partially MRIS vs other areas but it has more to do with the person setting up the IDX exchange and their license status. In short...what is shown comes down to the law. In our area you must be a licensed real estate agent to tell someone the address, price, bedrooms, baths, etc. This is why when you sign up on certain sites they take your info and have an agent call you or if you call and office the receptionist will put you on hold and go find an agent. If you as a consumer set up a real estate site you would not be able to show these things. As an agent my IDX and hence my web site has everything in the MLS that is available on any customer report I would print out at my desk because I have the right to pass on this information.

At some point yoi'll have to decide if you want to get a license or not but for now (since you don't pay your buyers agent anyway), make the best use of a free commodity. 

Post: New member from Seattle looking to invest in the Washington DC/ Baltimore area

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

Welcome to BP! You've picked an extremely interesting market. Definitely take the advice about driving your area. Google maps can help from where you are now, but the area is definitely block by block. The Arts District is an awesome tip as well. 

I'm sure you'll get all your resources together and hit the ground runnig. 

All the best and lots of success!

Post: I'm a NEWBIE!!!

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

Be prepared, do your research and be able to make decisions and move quickly. Baltimore isn't as bad as DC but I've listed houses and got 4-6 offers the first day. I'll look at houses that have bee on the market 7-14 days and think...hmmmm must be something wrong with it. 

Post: I'm a NEWBIE!!!

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

There are a lot for things that all happen at once April-July (October in DC). Like wedding season is April-October there is also house season.

The projects people bought by end of year have been rehabbed and are going on the market.

Buyer are like wait..I got this tax refund, let me buy a house.

People who want to sell and buy but did't want to move in the cold are all out.

Open houses are packed.

New investors are out, it's warmish now they want a project.

Lending deals are popping up everywhere and much more marketing money goes into lending ads.

People start trying to wrap up estates that they didn't want to deal with when it was cold.

Snow-bird Realtors have returned from wherever they go in the winter.

It's going to get so much worse before it gets better :)

So yes more competition but also more deals. Everything real estate tends to expand when it's warm. Especially in areas that have a snow season. 

Post: Finding Real estate agent

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

It is very true that you may be getting agents with issues. It is also true that they may be deadlisting you. There are a few things you can do to help with either of these 2 issues. 

#1 Don't limit your search to just 2 companies. I'm sure the writers of the book have their own reasons, but that makes no sense. As with most businesses where people are independent contractors, it's the agent, not the company. Those may not even be the better companies for investment agents in your area. As an investment agent there are certain things I look for in choosing a broker. I need all kinds of agents working at the company because I can get my flips sold in a heartbeat by the traditional, open house, sign posting agents; I need commercial agents for my big apartment complex deals, I need land only agents when that comes up, I need REO only agents. That's the kind of diversity I'm talking about. These companies may only have 1 type and they may not want to be bothered.

#2 Ask to speak to the office manager or broker. To avoid getting the next person in line, skip the line. Explain what you are looking for and ask the managing broker to suggest someone based on what you need. 

#3 Be reasonable.  Make sure that the person isn't actually knee deep in an open house or on the way to a settlement when you call. They may be busy, so give the first contact a reasonable time frame. No contact in 24 hours is too long but thinking you'll have a list in 5 minutes is too much as well. 

#4 Have answers to reasonable questions. When I ask someone if they will be purchasing with their own cash, hard money or traditional financing and they don't have a clue...deadlist. Even if you don't know for sure, have an answer. Script: "I will be financing my properties. I have set aside [amount of cash] and upon a recent check my credit score is about [number]. I have been researching lending options and I may be going with the [whatever loan program at whatever bank] but I am open to other options if they can refer you to someone who may have a better deal." Of course you need to actually research loan programs, the internet is your friend in this. Don't flounder; if it's one thing we agents can smell it's bad fish.

#5 Create a discussion, not one way information drain. This is your deal, do some footwork. It will benefit you in the end when you are the expert and not simply relying on the advice of someone else. Look at the market in your area, read blogs, look at prices, chart movement and on market times. The entire nationwide MLS is at your disposal if you go to www.Realtor.com. Look at it. Pinpoint an area, price range, and basic plan. If someone comes and tells me they want something East of the river, in the 2 up and coming areas noted by DC planning, that need 20-50K in work, and are currently under 300K; I can put that list together. If you come tell me to find you a deal in DC, I'm not interested in doing your job as an investor. If you ask me what I think about those 2 areas I can help you, if you ask me to analyze all neighborhoods and tell you where to invest, I'm not going to do it (steering issues). 

#6 Ask how you can help yourself. If you just want "Some" listings ask the agent do they have a website with a search function. At my site my clients can visit the site, create a personal account, create their own autosearches, and mark favorites that they want me to look into. Find out if the agent has a site like this, where you can fiddle around and get all the listings you want without creating a serious tie issue for them while you're  not quite  ready. Sorry but my site doesn't do Arizona :).  

Continue to ask around Bigger Pockets, continue to read but know it may not always apply to you, go to REI meetings and meet agents there, contact agents who are listing a lot of ugly houses. New agents are good, you can learn together, but you may also want someone who already knows, especially if you don't.

Keep at it, all the best and much success!!

Post: I'm a NEWBIE!!!

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

Welcome to investing! You look like to are off to a wonderful start and as always the BP community never fails to offer wonderful advice and outstanding activity leads. 

DC and Baltimore are definitely very different and it is a good decision to get started in the suburbs. If nothing else the pace is just a tiny bit (not much) slower and the confusion can be just a little less. 

I have a few clients who seriously prefer the Baltimore County area, and I've done quite a few deals so I'm always willing to offer insights. We're moving into the crazy season, but I'm always available for a chat. 

All the best and much success to you!

Post: Hello, Fellow Investors! I'm Ready to Make Some Money!

Vanessa BrownPosted
  • Residential Real Estate Broker
  • Washington, Washington D.C.
  • Posts 44
  • Votes 37

Welcome! As you can tell you are getting some great advice right out of the gate.

@Nereo Mendoza

 is 100% correct there are some great investor meeting near you. There are also some you may want to visit in further locations to know what is going on in the entire metro area. Part of knowing your numbers and understanding your market is knowing how it compares to other areas and understanding how these areas may affect what you're doing. 

So far you've gotten nothing but great advice. Check out the guide, talk to everyone you run into and enjoy what you're doing. You have an outstanding business plan and appear to have a wonderful personality. 

I wish you all the best and success!