My 30 days Challenge .what do you think ?

General Real Estate Investing
1

Hi my name is Cyril,

First, I am a real estate agent working with sellers for the last 4 years and now I’m looking to become an investor.

I have no funds and not that great credit and need to get some $$ as soon as I can…so If I’m not wrong, wholesale might be the right type of invest to start in my case. I’m planning to be a landlord in the future and do some flip sometimes. As a Real estate agent, I do a lot of cold calls and i’m familiar with expired listing, fsbo,and just classic cold calls…so I started to create a buyer database that might be my potentials buyers in the future. I’m going in 2 days to an investors meeting for the first time and I’m now part of this forum to learn how to do my first deal and I really really really REALLY want to do it in the next 30 days ! Do you guys think it’s possible ? Where or how should I "Fast start " ?

2

I think it’s possible, but the only ‘fast start’ to this business is finding a deal that investors want. It all falls from that.

Frankly, most serious investors don’t seek out agents to find deals. They find their own. Why? Because agents represent unnecessary overhead and interference, and investors need deeper discounts that don’t include paying real estate commissions, and sometimes include creative financing (taking over loans subject to, etc), where there’s no money to pay commissions up front.

Not to mention the agent has a fiduciary responsibility of getting the highest price possible for his client, while the investor has a vested interest in equity-stripping Grandma Moses down to her adult diapers.

Short of all that, if you can find, negotiate and tie up genuinely-interesting, investment-quality deals (rehabs, wholesale flips, etc.) then the worlds your oyster.

Go for it.

3

thanks for your answer
im not looking to get areal estate agent commision but just find a deal ,put under contract and give for a fee to a potential investor so what should i do first
i might have an interesting deal ​,a triplex under market value …,what should i do now ?

4

Once you’ve found and negotiated a deal, then you tie it up with a purchase contract.

Legally speaking, any contract is assignable, but you want to be a tad more deliberate about it, and place the words “et al” after your name on the purchase agreement.

Obviously, you have to disclose to the seller that you are an agent …and deal with how ever that affects the negotiations.

Depending on how committed the seller is, and if the laws in your state permit a memorandum of agreement to be recorded against the property you are flipping, you file the memorandum (and be prepared to remove it, as necessary), which protects your deal, if the seller decides to shop your offer. Otherwise, you can deal without a net, and see what happens. For anything less than five thousand in fees, it’s not worth filing a memorandum. However, if you have a potential profit of $30,000 on the table, then file it.

Send a photo of the house, along with all the property details, including an estimate for repairs, after repair value, and terms of the sale to your list of buyers. Put the property on all the free classified sources you can find, and be sure to quote the expected profit potential of the project somewhere in the ad. On craigslist, keep the ads ugly and organic. Shoppers expect that

You’ll want a portion of your assignment fee to be non-refundable, while the balance is billed to escrow. This way, you get paid something if the buyer bails, and the rest when the buyer actually closes. However, the up-front money helps discourage posers, wannabees, and potential ‘closing failures’ from screwing with your deal.