Investors - are you a realtor?

[luxome]

I'm sure there are a few investors on this board (i'm one of them), whether you are part-time or full-time investors. I'm just wondering how many of you have decided to become a realtor yourself, since you invest so often, in order to save on the realtor commission.

What i'm trying to say is, have you decided or thought about becoming a realtor yourself to deal with just your own properties (not necessarily as a full-time realtor)? or do you work closely with a realtor and negotiating a deal (e.g., commission) with your real estate properties.

 

[Bentley]

Most good deals are generally not listed, so you're going directly to the owner. If it's on the MLS, it's usually shit.

Not sure how being a Realtor would benefit you if it's a private deal. Maybe being a lawyer would though. Unfortunately, most people getting into real estate investing want to enjoy their lives and becoming a lawyer is the antithesis of that.

 

[HiRiser]

Bentley that lawyer remark is hilarious. What are the best ways to find good deals if not on the listings? Word of mouth?

 

[Bentley]

As a very large developer once told me, "Everything is for sale".

Generally you have a specific use in mind for a property, so the goal is to go out looking for a property that can meet that use. Location wise, size wise, meets parking requirements, etc. Then you go to the land registry office, find out who owns whatever properties you're looking at. Call them up and start working your persuasion magic.

Often times they won't want to sell. I bet today, a LOT more will be interested in selling. Sometimes just giving them your card and saying to call you when they are thinking of selling works. They may think about it for a few weeks and on a random Sunday you'll get a call.

The thing is, anything on the MLS has already gotten stale. They've gone though the brokerage community trying to sell already, nobody has approached them to buy, or it's a crap property (no redevelopment possibility, bad area, no tenants, etc). Then of course a lot of times it's stubborn owners asking too much. Today that seems to be the case. Bear in mind I'm talking commercial investment properties. Office, Industrial, Multi-Family rentals, etc. If you're just buying and renting homes, the MLS is really your only choice.