Wholesale RE agent Question - Posted by kiva Sutton

Posted by Diana on June 30, 2001 at 23:28:25:

This is the first message board that has ever got me hooked…I have been sitting here reading these posts for about 3 hours now…and to this one I had to followup. I am a RE broker/agent…and yes I am motovated…I am also a nubie to this industry…and you people have given more education in buy/selling RE than I ever recieved in school or working with my current broker/manager…I think I may have found my niche…assisting (for a finder’s fee of course) you investors in the Springfield area find buyer/sellers…

Wholesale RE agent Question - Posted by kiva Sutton

Posted by kiva Sutton on June 29, 2001 at 12:44:24:

Hello Flippers,
What exactly word for word, are you all saying to your RE agents to get them to help you? I havent been having success with RE agents because of their apparent predominent beliefe that the market is so hot (CT) that even if a house is a fixer upper it will still sell for more then you would need to buy it for as a investor to make any money. As soon as I tell them I am looking for fixer uppers the light goes out in their eyes and they say, “Well we will see what we can do, but you know it is almost impossible to find one yuo can make money on in this market,” The seem to give up on the spot. And if they do give me something the house is truly worth zero and understandably has been on market for a year or more.
Any feed back would be much appreciated.

Thank you,

Kiva Sutton

Re: Wholesale RE agent Question - Posted by Kim

Posted by Kim on June 30, 2001 at 14:39:30:

I work with a real estate company that only lists foreclosure properties. 95% of our properties are sold to investor/rehabbers. And yes they do make money. To find a local real estate agent in your area that works with foreclosure properties go to the fannie mae web sight (they are the biggest seller we work with) and look up properties for sale in your area. Their web sight will direct you to the local realtor that markets properties for them. These realtors will probably be glad to help you find good investment properties in your area. (fanniemae.com I think) If you are from Kansas City, send me an email. I have on average about 100 properties that I am marketing for my company and would be glad to show you any REO property in the MLS.

Find a motivated educated realtor - Posted by Kim

Posted by Kim on June 29, 2001 at 14:40:26:

I think it’s who you speak to not what you say. SO many realtors just want easy deals – which is often a nice family looking for a nice home. If they say no, just move on to a realtor that LIKES helping investors. Many realtors don’t even educate themselves on these types of deals and truly don’t know that they’re out here.

I can say that because I’m a mortgage broker and 2 years ago if you would have called me and said “hi I want to but a trashed house at 60% of the market value because it’s in such disrepair. But, I’m going to make a lot of money off of it.” I would have rolled my eyes (you would have been on the phone so you couldn’t see my eyes) and then I would say “I’m sorry, you’ll need to pay cash for a house like that. Bye Bye”. Now I know better and because I’ve learned and I’ve become interested in investment deals and I’m doing it.

So – just hang up and try someone else. You’ll find someone! In Kevin Myers book (Buy it, Fix it, Sell it Profit), he mentions placing an ad in the classified section that says something like “looking for real estate agent to find properties for investor 555-5555”. I haven’t had to do that but I can imagine that you’d have realtors calling you. Ads in the paper are cheap!!