Hi! Last month my Dad and I bought our first house as investors. We have our tennents and a Positive cash flow. We ended up buying by owner. The market is very hot here in Boise and that was my sixth house we bid on. One of my best friends was my agent and she seems annoyed. I tried to make it up by trying to use her on the next house. She basically wouldn’t so any searches or analysis unless I signed a buyers contract. I told her I am willing to sign a contract that deals with all MLS listing and any thing she helps me on (market anaylsis etc) but if I buy a house I find by owner I don’t want to be committed. I have never signed any buyers contract before (I have bought 2 residential homes). Plus I told her about something I found by owner and told her I was a little afraid to buy it (I wasn’t confident about market value) and she bought it. I don’t think I’m unreasonable. Truth was I found many of the house I bid on myself and was using her out of courtesty.
I went to an estate sale. I think I want to buy the house before it goes on the market. THat way I will be the only one bidding. I hate the feeding frenzy of the other bids. Has anyone ever used this technique to find property? Any advise would be appreciated.
My two cents:
You’re not being unreasonable, your realator is and, I think, just a little less than honest (where she would go in and grab up a piece of property that you were basically looking for advice on)…if it were me, I would be finding an honest and upfront agent, pronto. She is “gold-digging” a hot market.
Anyone else have an opinion on this?
I am probably going to get my liscence this summer. I was going to call another agent that I have done business with in the past and try to get my information. He is a broker and I might want to work for him. I thought he was very professional. I actually think he is better then my friend but I wanted to give her the business to help her out. I ended up doing a lot of my own searches (on the MLS) without all the information.
you will understand where your friend is coming from once you have your license. just remember all that free information you asked for, you will be asked. the expense of having a license, and even more if you are a Realtor, will become apparent, and you will not be willing to give away free information to be used by those wanting to “do it themselves”
With friends like that who needs enemies.
Just my opinion.
KEC
I think my friendship will survive. She just gets strainge ideas sometimes. I just don’t want to work under those conditions.
I met with the other realtor and am real happy with him. Hopefully he will throw some leads my way and I don’t have to sign a buyers contract. He has an investment strategy that seems interesting. He is fond of lease to own and carrying second mortages on property. He also thinks he can find me some discount property. I hope he is right. That would be easier then dealing with asbestos tiles.
Has anyone dealt with asbestos floor tiles?
maybe when she sees you working w/other realtor, it will open her eyes & she’ll see friendship is more important than $'s
Good luck to ya and her
KEC
i think you should tell her you value your friendship and don’t want to ruin it over investment deals. and then use another agent.
i’m sold on lease-options too!
Things seem to be working out. I just bought another house (pending inspection and loan). My friendship is intact. We seem to be doing better not doing business together. The other real estate agent seems to be ignoring me. He hasn’t responded to my calls for over a week. I found this house by owner after he stopped calling me. He has yet to show me a house.
– Debbie
Thanks for sharing your story about using agents. “I tell agents, I have XXX number of properties and I am looking for some more. I am looking for a 3 bd, 1.5 baths,built before 1978… If you’re selling, I’m buying. I will use whatever agent can find the property I want.” My best friend is an agent and I can’t always use her. It was difficult at first because we are both single parents, work for the same 9-5 company and cross paths often. Plus, I really wanted to use her. But agents have lives and sometimes one agent just can’t do everything we need done when we, as investors, want it done. If a deal comes up and she is not returning my calls then I go to the next agent and see if they will return my call. If my best friend later asks why I did not use her, I just remind her that I called her first.