I would like to share this with everyone as I have changed my attitude towards most investors. I have been blessed and I mean that sincerely, by having this one investor that buys some of the crappiest properties that have been on the market forever because it needs a roof, foundation work, mold, etc. My investor will buy this property and turn this piece of crap into a beautiful work of art! I have sold 5 of his properties this year and they all went under contract within the first 30 days! I wish I could take the credit but it is the quality of work that he does, granite countertops, wood floors, frieze carpet, stone floors, stainless steel appliances, light fixtures, crown molding, landscaping etc, etc, etc. These are not high end properties, they are all below $150k geared towards the first time homebuyer. Not only does he give that first time buyer a fantastic home but he improves the neighborhood and increases the value! He has now told me to get ready for more as he plans on doing 2 per month. And now I have picked up another investor that I just put under contract that will be doing the same thing and his goal is to do 4 per month! The wonderful part of this is that I get the commission when I sell them the property and then I get the commission when I list the property for them. I see this as a win, win for everyone. I hope each and everyone of you will find investors like this, they are a joy to work with, they listen and they are LOYAL! The 2nd investor found me on REONetowrk and interviewed me for 3 hours before he decided I was the exact agent he needed. I plan on keeping before and after pictures and will share next time as the transformation is amazing! I would love to hear if anyone else has had similar experiences.
I am so excited for my newest investor - I just listed his first rehabbed property on April 1st and we had multiple offers, it was under contract on April 3rd for full list price -and because of this the neighbor next door, well, I am listing her property as well as soon as she finishes de-cluttering, etc as I have advised her to do - now listing my investor's next property. At this rate, who needs REOs! see the rehab complete by going to www.1921bigskydr.com
Just wanted to update my investors - I now have 3 and working on number 4. My 1st investor informed me that I need to find him 20 properties to rehab this year! My 2nd investor wants 10 this year and my 3rd is currently looking. I am seriously considering chucking everything else and just market myself as an agent for investors. It is becoming much more lucrative for me!
Deborah - most banks only sell bulk for 50 or more properties- if it is already an REO property then most of time they will have to be sold individually - try finding who the VP is in the REO Dept and see if that particular bank will sell as a package deal. Again, it depends on the bank. Good Luck!
Cindy, I am so happy with your good news. I have recently been contacted by two different investors that want to buy multiple properties-bulk REO buyers. One wants to buy 4 properties and the other 10+. I'm finding it challenging to locate agents with sufficient inventory or interest to "package" listings together. Do you have any contacts you can point me towards?
Cindy, that is great news-congrats! I love to hear when someone actually adds value to a property. I have 2 types of investors, those that add real value & then what I call the "fluff & buff" ones that just slap a coat of paint, install some cheap carpet, really cheap vinyl flooring & sell.
I have worked with good and bad investors. Some just want to be slum lords. I love the ones that really want to improve the home and the neighborhood like the one you are working with Cindy. These are the ones that will improve our market.
Cindy...A win-win situation. It is great that your investor is dedicated to producing an excellent product. Hoping your investor moves to my area the "flippers" are 50-50 here...it is nice to see quality but not always the case.
Great post appreciate your information...and you deserve loyality because your standards are just as high.
Comments
Great post appreciate your information...and you deserve loyality because your standards are just as high.