Fllipping Questions for SCook - Posted by Trevor Rose

Posted by Trevor on May 10, 2002 at 18:35:14:


Thanks for your response. I appreciate it. Couple of questions/Comments:

  1. So in Cook’s course then, when he says that you should make 20-30 offers per month through realtors, then do you think he is b.s.'n? It obviously has worked for him.

  2. I agree that not all realtors are going to be thrilled with the idea, but where I come from there are plenty of hungry realtors that I think would be comfortable doing this.

  3. How have you been successful finding wholesale properties?

Thanks again for your input.


Fllipping Questions for SCook - Posted by Trevor Rose

Posted by Trevor Rose on May 10, 2002 at 13:40:31:


My gratitude for a great course. Very readable and comprehensive. I learned much! I did have a few questions however:

  1. Using the multiple offer strategy with a realtor, the seller will pay my realtor’s commission at closing, correct?

  2. What is your basic formula for pricing? FMV minus Repairs minus 30%?

  3. Have you ever worked with more than one agent simultaneously? I ask this because I forsee the possibility of an agent getting burned out on writing 30 offers per month. Is this ethical?

  4. I appreciate all of your repair estimates; they are very helpful. Do you know of a quick way for me to determine if these repair costs would be comparable here in Phoenix, AZ? Obviously, I could call all the various businesses that provide these, but i can forsee that being a challenge to get straight answers.

  5. In your course you mention working with an attorney. It seems here in AZ, they don’t work w/attorneys but merely Title Companies. Do I need an attorney or just a title company?

Again, thank you for your time and for a great course. I am anxious to get started.

Trevor Rose
Phoenix, AZ

Re: Fllipping Questions for SCook - Posted by dave (bal’mer)

Posted by dave (bal’mer) on May 10, 2002 at 22:19:49:

Here are a few of my suggestions. I am a not very experienced but I hope I can help some.
Try to find one good realtor. Develop a good relationship with them.
Realtors are like investors in that they work for future payments and rewards. If you intend to do rehabs telling the realtor that there is the possibility of a listing in the future could help them see the larger picture.
I suggest finding a realtor through open houses, giving you the opportunity to talk to them, and there are so many other benefits to just going to open houses in your area. Tell the realtor greeting you that you are interested in investing and get a feel for their response.

You may not be able to do 20-30 offers in a month anyway. That is what Steve does. You may start off slower.

You can offer to compensate realtors for their time pulling comps etc.

Back to your questions,
The seller pays the Realtor’s commission when you buy a property. Sometimes with bank owned props it is a set fee, not a percentage, this sometimes generates a better commission for your realtor on lower priced houses.

Steve’s course gives the two formulas, he uses the lower of two formulas. I think you may have typed it wrong. It is FMV less 30% less repairs. The way you have it could skew your numbers a bit. Talk to a few handymen in your area to get a feel for prices. When you go to look at houses, and you see a rehab, go in and talk to the handymen, contractors. This has worked very well for me.

If your realtor writes 30 offers and you get 0 accepted, he/she will be a bit burned out, it is your job to keep them motivated and try to continue the relationship, not abandon ship. I think they will get more upset if you leave after they have done all this work with you.

Check out Steve’s website, he has a banner at the top of some of the creonline pages linking to his new bootcamp.

best regards,


Re: Fllipping Questions for SCook - Posted by Matthew

Posted by Matthew on May 10, 2002 at 18:22:09:

Mr.Cook might be out of touch with a realtor writing 30 offers a month for one “newbie” buyer!.take it from someone who has written multiple offers, more than 10, is going to cause a little caos. as well as a possible ridicule by listing agents for low ball offers,the agent’s broker will problably not be happy with this and might recommend another line of work,and the realtor has got to make a livin too,handling other clients as well.

Re: Fllipping Questions for SCook - Posted by Trevor

Posted by Trevor on May 13, 2002 at 14:01:50:

Thanks Daivd.


Re: Fllipping Questions for SCook - Posted by JJJ - FL

Posted by JJJ - FL on May 10, 2002 at 21:31:29:

So who cares if they ridicule you. Let one of your offers get accepted, then invite him/her to your closing so they can see the phat check you get.