Posted by phil fernandez on July 07, 2001 at 18:24:01:
You could do it without realtors. What I would do going into a new area would be to secure a rental for yourself. Use that rental as a base to launch your investing career in your new city.
From there you start learning your new market.
Weeding out realtors - Posted by Joel - MN
Posted by Joel - MN on July 07, 2001 at 17:47:08:
I’m moving to another state (IN) next month and am visiting there next week to find a place to live. I want to email realtors in the area to find out which ones may be willing to work with investors. I may end up renting at first because of the short time span and my unfamiliarity with the area.
However, I want to buy a fixer to live in at first, then start investing. I think I’ll need some help in the beginning to find my own place in such a short time. After that, I plan to go the route of having motivated sellers call me.
In the meantime, I want to contact the realtors. Is it a good idea to contact different realtors working for the same broker? Or would that seem like stepping on toes? Any other suggestions?
Thanks.
Joel
Re: Weeding out realtors - Posted by Lor
Posted by Lor on July 08, 2001 at 14:08:45:
When I start looking for real estate in a new city or state, I’m not necessarily looking for a specific house but want to learn about neighborhoods. What neighborhoods are on the downturn/stagnant vs. appreciating/hot. Before even going to the town, I subscribe to the local newspaper and check out the classifieds and police log. I then e-mail a realtor at each office, mentioning that I am relocating to their town (no need to mention you are an investor at this point). I mention that I will be looking for a house to purchase and live in for only a short period of time and want to make sure that it is in an appreciating neighborhood. You might only get a couple of responses. If a particular realtor responds with a thoughful, insightful, detailed response, it’s a good sign you can continue picking their brain. I recently had a realtor respond with a detailed description of every neighborhood in town, school districts and trends. e.g. where are the yuppies moving and what neighborhoods the Starbucks are popping up in.
Re: Weeding out realtors - Posted by phil fernandez
Posted by phil fernandez on July 07, 2001 at 18:15:47:
Joel,
My guess is if you e mail 20 of them, you might get one reply. Especially if you mention that you are an investor.
Just for fun last week I replied to a realtor who ran a small ad in the area of my summer place saying he would find any type of property the buyer is looking for and in any area of the state. All he was really doing was punching a couple of computer buttons and everybody elses listing popped out. So he mails me about 10 multi unit listings. On the sheets there was nothing pertaining to income and expense figures. It was a joke. This was after I initially told him I would be willing to make offers immediately. How the heck does he expect me to make the offers without income and expense numbers. Pretty funny.
I call him back asking for numbers. He tells me he will call the listing brokers and get those numbers. I’m still waiting and have a good hunch that I’ll never hear from him again. Ya gotta love those expert realtors.
I got of the subject a little. What I’m saying is don’t expect much response.
Re: Weeding out realtors - Posted by Joel - MN
Posted by Joel - MN on July 08, 2001 at 15:36:07:
Thanks for the good advice.
I sent you an email, but it was returned as undeliverable.
Joel
Re: Weeding out realtors - Posted by Joel - MN
Posted by Joel - MN on July 07, 2001 at 18:19:41:
Thanks, Phil. I kind of figured that.
Joel