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4 Ways To Get Others To Find Great Real Estate Deals For You
11/27/08 10:27 , Categories: Articles Here are 4 amazingly simple ways to get others to find great real estate deals for you.
First, and this is an obvious one, hire a real estate agent or broker to scour their multiple listing service (MLS) and only bring you the deals that meet your very specific criteria. The overwhelming majority of real estate agents and brokers are paid only when you buy or sell a property using their service. They can look through the inventory they have access to and share with you the ones that meet you very specific needs. Then, when you find one that works for you, you buy it with that real estate agent or broker. You get a great deal and they earn a commission.
Second, find
Follow up:
Real Estate Bird Dogs to go out and scout out potential deals for you. They may scour the MLS, real estate websites, classified ads, newspapers, real estate magazines, drive neighborhoods looking for vacant or for sale buy owner houses and work their personal networks to find potential deals. Then, they refer those potential deals to you, you work the lead and buy the house. Many Real Estate Bird Dogs are paid a per lead fee and/or a finder's fee on any deals that you close on. It is more common for a Real Estate Bird Dog to be paid a small amount for each potential lead they bring you.
A step up from Real Estate Bird Dogs is the Real Estate Wholesaler. Unlike Real Estate Bird Dogs, Real Estate Wholesalers will go one step farther and negotiate the deal for you and put it under contract. Then, they usually mark the price up from what they are buying it for--careful to keep it a true deal for their buyer--and sell it to other investors or, in some cases, retail buyers. Real Estate Wholesalers tend to work a lot with other investors and sell their rights to buy a property instead of buying and selling the property. They tend to make their money as an assignment fee that you pay for the right to purchase the property using their contact.
Finally, you can find a partner that has a great deal. Partnering with the right person can allow you to leverage your strengths and the strengths of your partner. Partnerships are not to be taken lightly, so do your homework BEFORE you take on a partner. But partners can be a great source of deals that where your potential partner has a great deal, but doesn't have all the resources to do it themselves alone.
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2 comments
When doing a deal split with another wholesaler, what contracts are being used? I'm looking for suggestions.
If another wholesaler submits a deal to me for my buyers, and he's got the property under contract, what is the best way to handle these situations? Many coaches and mentors are doing this with their students, what exactly are they doing?
Thanks,
Mark
"Immediately comes after persistence"
James replies:
While you can contact your attorney to find out what is the best to use in your particular case because details vary each time and a general rule is not usually appropriate for your unique situation, this is often done with an assignment of contract.
Don't miss the part in my response where I tell you to ask your attorney for your situation.
Sincerely,
James
So the general rule may not be appropriate for my situation and I definitely should contact my attorney; Okay I get that.
Multiple assignments of contract seem confusing to me(hence I should speak to my attorney;) sometimes an option is used, maybe a "flex" option agreement to market someone else property, and the final thought, I guess seems most appropriate, would be either to have both our names on the assignment of contract or a partnership. Any further thoughts before I submit the question to my attorney or title company? I appreciate your thoughts.
I need a local mentor:)
Thanks,
Mark
James replies:
Yes, since each situation is very different, having a strong dream team with great legal advice is critically important. I may write up a checklist of some questions to ask your attorney that I will add to the cookbook at a later date, but right now, just ask them what you need to know based on that particular deal.
Yes, having a local mentor is extremely important too. I have had and have lots of mentors for various things and found them invaluable.
Sincerely,
James
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