Thread: Real estate agent friend... what can she do for me?????

First, it's almost an impossibility that you'll find a property eligible for profitable "wholesaling" or "filpping" in the MLS. The job of a listing realtor is to get the best possible RETAIL price for the seller, and then you have to add in the commission.

No aspersions on your friend, but if she doesn't know this, and persists in showing you things in the MLS, then you need to work with someone else with experience representing investors.

If your friend is a divorce attorney, would you use them to defend you in a murder trial?

Originally Posted by jimkimmons

First, it's almost an impossibility that you'll find a property eligible for profitable "wholesaling" or "filpping" in the MLS. The job of a listing realtor is to get the best possible RETAIL price for the seller, and then you have to add in the commission.

No aspersions on your friend, but if she doesn't know this, and persists in showing you things in the MLS, then you need to work with someone else with experience representing investors.

If your friend is a divorce attorney, would you use them to defend you in a murder trial?

Well considering I'm a member and independent associate with a legal services company... I understand your murder trial comment.

But what about Repos, HUDs, Foreclosures being sold through a realtor? She has provided me with lists of auction days and things like that. That helps me right? I mean like even outside of wholesaling and rehabbing... CAN SHE HELP ME?!?!?

Wow! Fast reply. More information could modify my opinion. We were all new agents at one time. And a new agent can usually do a credible job in normal residential transactions without special circumstances. I would never negatively comment on your friend or her competence.

You can go through a learning curve together and come out of it successfully and with a long term profitable relationship. But real estate investment, particularly in today's slowing markets, is a tough business. Your friend can definitely help you, but your comment that "you both need to make some money" is a concern. Tell your friend that you think your research could take months before you think you're ready to purchase. If she's still enthusiastically with you, then go after it.

I'm not a cynic, but when someone in a commission compensation structure is in need of short-term income, it makes it more difficult to provide objective advice and guidance....even to friends.

As far as your ALL CAPS ending, I think you can help yourself more by studying how serious and successful investors locate properties. They usually locate them through various methods that place them in contact with stressed sellers who do not have the property listed. That said, your friend can definitely help you with determining the market value of a subject property. She might also be able to broker the deal for both sides if legal in your state and OK with her broker.

You're obviously serious about this endeavor. I wish you luck.

I do respond fast huh? hahaha.... I'm subrscribed to the thread so any and all comments go straight to my cell phone! Anyway I understand what you are saying. I'm going to take a look at those links. You were right when you said I'm serious about this endeavor because I am. I have no clue what my resources are yet... which is why I made this thread. I was just wanting to know if she can help me or no. I don't necessarily think she is hurting for short term income. I just think she got into real estate to make money... and because she is brand new... her burning desire is stronger than ever. You know how that goes lol.

Thanks for your input! I am starting to get the idea that my success is more about me and what I can do to get started. Though you didn't say that directly... it's written all over your posts. Thanks for making me see that because my very first plan that I wrote down a few days ago... all started with what she can do for me

Thanks for your help and if you don't mind... I might PM you in the future if I have some questions!

You're fast and intelligent. You're to be admired for wanting to help a friend. But it is all about you. As someone who's succeeded and failed in prior business endeavors, I learned that it all ultimately results from my knowledge and ability to apply it. Some of that knowledge is in how to leverage the skills of others.

Check out the book links at the end of the linked articles. I use them extensively for research when writing about investing. Again, good luck! PM me anytime.

Jim

Originally Posted by jimkimmons

You're fast and intelligent. You're to be admired for wanting to help a friend. But it is all about you. As someone who's succeeded and failed in prior business endeavors, I learned that it all ultimately results from my knowledge and ability to apply it. Some of that knowledge is in how to leverage the skills of others.

Check out the book links at the end of the linked articles. I use them extensively for research when writing about investing. Again, good luck! PM me anytime.

Jim

Thanks Jim! Feel free to comment in the other thread I just made lol

If she finds you a good deal and you end up purchasing the property, then you could always give her a flat finders fee for her help.

Originally Posted by CarolinaGal

If she finds you a good deal and you end up purchasing the property, then you could always give her a flat finders fee for her help.

Yes that is what we discussed doing. She actually said she didn't want it because she was going to be making offers and things for me. So she would be splitting commisions with the other realtor. I don't really know how that works but I told her I was going to pay her something anyway.

I hear an accident about to happen.