Tips On Finding Real Estate Deals On MLS

[hanera]

@sfdragonboy

don’t have any issues when the property is local and you are doing the inspection yourself as well. It is just the crazy idea that one would be willing to pay upwards of hundreds of thousand dollars on an out of state property sight unseen and simply relying on a realtor whose objective it is to sell that property to you. If something goes wrong, you were just asking for it.

Sound reasonable but do you realize you have been entrusting your life to many strangers that you don’t know?

[sfdragonboy]

@hanera

Sound reasonable but do you realize you have been entrusting your life to many strangers that you don’t know?

Yes, but why push the issue on something that is controllable? Why would you buy something as expensive as a property (even though you are greatly leveraged) sight unseen? There are so many forces in the transaction that want to see it completed and they all know they can hang it all on you since you were so willing to participate in the first place. The real estate game is hard enough as it is, why make it harder on yourself?

[hanera]

@sfdragonboy

The real estate game is hard enough as it is, why make it harder on yourself?

Nowadays, there are many reports e.g. inspection report; and houses bought in Austin are all under contingencies i.e. negotiable depending on what you find, also the earnest money is only $100 i.e. can pull out any time. You can also send the property manager over to have a second opinion. Guess I’m a risk-taker Btw, I did fly over to interview the realtor and property manager , and trust my own judgement . As the Chinese saying goes:

用人不疑, 疑人不用

[manch]

You guys are all wussies. If you are hardcore, get an agent license yourself. Like I did!

BWAHAHAHAHA

[Jil]

@sfdragonboy

I don’t have any issues when the property is local and you are doing the inspection yourself as well. It is just the crazy idea that one would be willing to pay upwards of hundreds of thousand dollars on an out of state property sight unseen and simply relying on a realtor whose objective it is to sell that property to you. If something goes wrong, you were just asking for it.

In full agreement with you. If it is out of state, I do not even consider buying and can not trust any one except me or my close friends or relatives, but that won’t work for buying a house !

Here too my realtor suggested “Buy any property well within your 2 hour max travel distance, but preferable in one hour travel distance”. I dropped buying Sacramento too !

[Elt1]

One of the best deals I ever did was sight unseen in Florida…self storage. .worked with a developer out of Texas. …Unfortunately he is dead now…Built all over the country

He was an industry giant…Loved Texas BBQ to death.

Self-storage developer Mike Parham dies

[Jil]

Based on my research Tampa, FL has 15% ROI on rental homes, the highest in USA. But, there is no point in investing as we need to depend on third party people to run the show (buy/sell and maintain).

We can get the same returns using REITs. In REIT, liquidity is there and governed by rules of SEC.

Take the example of vanguard VNQ, it is appx 14% ROI year to date.

[Elt1]

I got 50% ROI…built and sold in 1 year in Orlando…Never been been there…Not a big fan of Florida…I agree buying shfs all over the country seems like a headache…

[harriet]

@caiguycaiguy

The houses I was looking were at all fixers so I figure I would need 100k/150k+ in renovations anyways. With that “budget” in my mind, I can make my “best” offer. I was definitely caught up in the frenzy in 2013/14… . I made all kind of offers.

When I bought my primary in Hayward in 2014, I did see it for like 10m and made offer that night. I made like a 400k decision in less than an hour. For my TV, I spent days and weeks doing research…

Same here when I bought my own primary (10 min or so) haha

[harriet]

@manch

You guys are all wussies. If you are hardcore, get an agent license yourself. Like I did!

BWAHAHAHAHA

I looked into that before, but the MLS fee doesn’t seem to justify unless you process a high volume of real estate transactions

[manch]

@harriet

I looked into that before, but the MLS fee doesn’t seem to justify unless you process a high volume of real estate transactions

If you just buy one a year that’s already worth it. Not high volume by any means.

[myo]

@manch

If you just buy one a year that’s already worth it. Not high volume by any means.

Exactly. Better yet get your wife to get the license

[Elt1]

If you are a serious investor you need your own or your wife’s brokers license. …Especially flipping. …commissions will eat you alive

[harriet]

@Elt1

If you are a serious investor you need your own or your wife’s brokers license. …Especially flipping. …commissions will eat you alive

I wish I can be serious…can’t do one house per year just yet

[hanera]

Understand [quote=“harriet, post:34, topic:897”]
I wish I can be serious…can’t do one house per year just yet
[/quote]

Well, $100k house per year

[Elt1]

MLS and CAR fees are about $1000/ year…Even if you only do one $500k house every 10 years it is worth it…Otherwise work with a realtor who is happy with 1% and kicks back the other 1.5%…plenty will do that if you bring the deal.

[User4]

I can easily get realtors license… But not broker. Any value in getting realtor?

[Elt1]

Some value in brokers license. .Just more tests…Easy for my wife, because she has an MBA…There are plenty of brokers that will give you a 90/10 split…plus transaction fees

I use realtors all the time…some add value, especially if they bring you a deal…but they rarely do…I use one in Nevada…gives me a 30% discount because my wife is a broker…If you use a broker all the time they will cut a deal…But I have found independent brokers to be willing to deal…The evil empire like Coldwell will not negotiate

[User4]

I’m exempt from the requirements except I need two years practicing real estate FULL TIME to get broker license. Ugh no thanks

[Elt1]

Does that mean you are a lawyer?
http://www.dre.ca.gov/Examinees/BrokerExperience.html

They have raised the bar since when my wife got her broker license. 10 years ago you just needed a college degree and 8 qualified classes… .And lawyers could get in easily. .Looks like the lawyer exception has been removed. …

Since you are a lawyer we will give you the lawyer special 50/50 split…lol