There is nothing immoral, unethical, dishonest or illegal about a broker buying a good deal if a seller calls with one. Like wise with calling a relative or the brokers BEST customers.
What the author wants here is like having a group picnic at a creek containing gold. If we are all picking throiugh the water and I find a big nugget, should I put it in my pocket or sell it to somebody walking by for half its value? Of course we are all not made of money and cant be buying everything that comes by. Also, if a buyer hires me to find properties, I do not take advantage of what I find during the search. THAT wouldnt be ethical. Ive taken this thing off subject---just wanted the potential buyer to know what he is up against and how to help his probability of getting a good fixer. RELATIONSHIPS are key. Im not being self serving either. Im not doing work with/for investors at this time
I spend 100% of my time with Investors and write dozens of offers every week on just these types of properties. As the other agents are stating below, the competition is getting thick. Most every house has multiple offers, or is difficult. Obviously the more repair the less competition. Often it is a timing thing. Since we watch daily, and all of our activity revolves around investment we get to know the seller or agent habits and can spot a good time to negotiate. You have to be prepared, cash ready, or financing ready. You have to act fast, think fast, and know your team and your costs to repair. Marvin is a bit bitter below! There are deals out there, they are just harder to find and negotiate than the genral public thinks. If you want to talk give me a call.
Cash is king now but only in limited circumstances. In the creative financing days, 'dont wanters' were who you wanted to find. They didnmt want the props for a variety of reaons, including simply hating to deal with renters.
Now everyone thinks that real estate values have dropped through the floor and buys are all over the place. They think that lenders are giving property away. NOT! Its a fight to get them away from the lenders. You see, lenders are backed by our idiot government now. They WANT to foreclose. They want high selling prices to make money while the government keeps them afloat. They are sitting on 1.6 million properties that are still to be marketed. They cant dump all of em into the sell zone, it would kill values. They can, with our tax money backing, ride the wave and hold out for maximum returns.
Yes, values have dropped to where they should have been had the banking world not screwed us all, but they still have a way to go down. Most 'fixers' have been walked away from by upside down sellers. Trying to find private fixers setting on 'sweat equity' is almost impossible. Not trying to be a jerk but if I found what yuou are looking for---Id buy it myself. Im just telling you this to prepare you for the real world, lol.
Call James and dont waste your time contacting a bunch of agents or just fishing through sites hoping someone will have a deal for you.
I would highly suggest interviewing at least by phone several agents to find one who is experienced, competent, has good communication skills and you believe would work well with you. Investment properties are receiving multiple offers now and so it could be a longer time frame than you thought.
Personally I want to provide enough information for a client of mine to make a good informed decision and I am not available Friday afternoon, if you would like to contact me as one of the agents you interview feel free to give me a call tomorrow.
Susan Agli, Broker, SRES, ALHS
Coldwell Banker Morris
Licensed by the state of Oregon
I'm a Certified Investor Agent Specialist. I personally have flipped homes over the years. I work with investors and in fact one is closing next week where my client will net between $18 and $27k after rehab.
Give me a call and we can discuss. I need further details from you before we start working together.