Home Buying in Portland>Question Details

Elisa Boynton, Both Buyer and Seller in Portland, OR

How can a new investor hook up with a "seasoned" buyer's agent in wholesaling area?

Asked by Elisa Boynton, Portland, OR Fri Aug 31, 2012

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Marvin Von Renchler, Broker, Portland, OR Doing what you just did. Thousands of real estate people haunt this place looking for clients. You face several problems though. 1---most good real estate people have lists of clients who are all looking for the same thing. Everyone and their cat and dog wants a 'buy'. 2---Real estate people will also buy these deals themselves. If you are dealing with a lot of cash, things will be different and agents will come out of the woodwork. If you are looking for 'creative deals' then you will be part of a vast army of folks trying to do that, and your chances are slim. Yes, banks own homes now. Yes, THOUSANDS of properties have been, or are being foreclosed on. Does this mean deals are everywhere? NOPE! The banks dont deal. Sellers cant deal. Our government (VOTE OBAMA OUT) guarantees the banking industry wont take losses so the banks have no motive or desire to 'dump' properties.

I am a 33 year seasoned buyers broker. I was operating as a buyers representative before real estate people even thought about agency. I do not believe it should be legal to represent both buyer and seller in the same transaction. I was giving creative buying seminars in the 80s when one couild actually use creative financing to steal 'dont wanter' property. That said, I will only deal with buyers who are using cash. Buyers who are properly counseled and know whats really going on out there. Sure, once in a while everyone who keeps dogging it will find a gem and make some big bucks but in this market its a lot harder to do. Profits are not as large. Many investors are looking for rentals and longer term ownership. They are not trying to flip. Flippers must go for houses in bad enough shape so the banks dont want to deal with the problems. Not many of those around either.

Are you a flipper or do you want to try and ride out the next few years by holding properties? I will go on record to say we have more bottom left in the Oregon market. I dont care what the spin doctor reporters say. I dont care what the government wants the people to believe. Its bad out there and will be worse before it changes.

So, if you are a flipper and need to use creative ways of purchasing, welcome to the throngs of other hopefuls. Sorry if I sound negative----Im very positive. I just call it like I see it.
0 votes Thank Flag Link Tue Sep 4, 2012
interview at least three agents that have completed an above average number of transactions in your area of choice. Pick one and sign an agency agreement for a specific area with her or him. If the agent knows you are on board and not going to shop your business elswhere he or se will work harder and be a team player. Then make offers; the best deals are not advertised that way if they were they would be sold in a day. good luck
0 votes Thank Flag Link Fri Aug 31, 2012
Hi Elisa,
An investment Realtor has to be able to calculate the potential gain of the property. By doing so, the investor will limit his exposure. Not all the properties are suitable for investment, therefore you have to know the upside before you can avoid the downside. Larry
0 votes Thank Flag Link Fri Aug 31, 2012
Lots of questions you need to answer. What area of town are you interested in, are you a flipper do you have a contractors license? How much money do you have? Some areas have started to move last fall and a few areas this spring. I work with investors. Give me a call. Tom Inglesby.
0 votes Thank Flag Link Fri Aug 31, 2012
Hi, Elisa:

Our agents work with many investors. If you would like to attend one of our investor workshops, please feel free to contact me. I'll be happy to provide further information.
0 votes Thank Flag Link Fri Aug 31, 2012
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