I'm offically making myself accountable to the Naked forum!

[vballdarin 1]

Sorry to keep everyone on the edge of their investor chairs........(I was down & out being sick for a week)

 

I have contacted 3 FRBO/FSBO's asking them if they would entertain the possibility of renting their home to me for a while and then possibly buying it when the lease expires.

 

I also contacted 6 Realtor listings where I had a decent chance of doing a SLO and the public listing remarks said "really motivated to sell" or "bring all offers". I basically said I would be interested in buying if I could rent it first.

 

Now I get to wait for those Realtors to decide to tell their clients about my interest. In the mean time I'm full steam ahead finding some DECENTLY QUALIFIED tenant/buyers and finding some more homes for offers.

 

And.....

I finally found some other RE Investors who liked the way I presented my Lease Option Program. (Used the whole Win~Win~Win speech) Score!

 

Thanks to all those who read my post and rooted me on! Hi-Ho Silver..........and away!!!!!!

[vballdarin 1]

As I was jumping over my first hurdle (making offers/Fear) I have come upon a large brick wall. I had tried to speak with my Broker and his wife once before but they pretty much blew me off.

 

Upon attending our weekly office meeting, my office manager (remember that i'm a RE agent) told me that I needed to contact our Broker.

 

This is the email I received this morning:

 

Darin,

 

I spoke with (Broker) today and you need to talk with him regarding your business venture. Since he is going on vacation he might be tied up until he returns.

 

The main issues are liability and commissions. You are using your real estate license as a sub agent to run your investing company. If you were a Broker yourself that would be no problem but you are hanging your license with (Broker) and Weichert,Realtors.

 

I want to make sure that (Broker) knows all the details before you proceed.

 

Regards,

(Office Manager)

 

Does anyone else have any experience dealing with their Broker?

[MichaelC 160]

Not being a licensed Agent, I haven't had to answer to my Broker. But I'm sure you aren't the first Agent who has run into an obstacle in the form of a Broker who doesn't understand what you are doing.

[vballdarin 1]

My broker just sent me this email:

 

Darin,

I may not have time to go into all the issues relative toward your request not do I have time to understand what you are trying to at this time. I am concerned about potential liability to Weichert. If you do something on your own such as rentals etc, you will need your own corporation, insurance, etc. I am conerned about using Weichert resources to do your own business; this is not something that we can allow. If you are buying or selling property, then you are using Weichert resources etc. and should pay commissions etc. as you are a Weichert agent. If you buy or sell something on your own outside Weichert, then you should be using all your own resources; what I mean by that, is that you hire your own attorney or whatever to write contracts etc.. and in this case you should not be using any Weichert resources, including our contracts, escrow... and I am not sure how the real estate commission views this either as your license is under us. This is all the time I have right now.

 

Thanks

 

 

Are you kidding me?

[MichaelC 160]

The only surprise here, Darin, is that you're surprised. Did you really expect anything different? Realtors have a tendency to think inside the box, and view anything different with suspicion. So what you're trying to do is suspect, at best, and possibly even illegal in their eyes.

Don't know what the solution is at this point, except to say that somehow you are going to have to separate your Agent activities from your investor activities.

[phil43 0]

Darin,

 

The flip side is that can't lay any claims to your profits by your keeping this a separate activity outside your affiliation with the brokerage.

 

I would think this is in your best interest.

 

Phil

[GetErDun 0]

forget them then. Make your own LLC. Use MC's contracts, do deals, keep ALL the profits. All they have that you want is the MLS. Can you still use that?

[vballdarin 1]

 

I've decided to write a book in my free time.

 

I can take advanced orders as well.

[MichaelC 160]

 

I've decided to write a book in my free time.

 

I can take advanced orders as well.

Do you accept Paypal??

[vballdarin 1]

Well....I was referred to another Broker by an agent in our office who had heard that this other Broker was more of an investor and had investor/agents working with/for him.

 

I sent him an email asking if we could meet sometime, and he replied that he would love to have coffee sometime and tell me some of his experiences. He also was disappointed that my Broker was not more forward thinking.

 

I'll be meeting him this week along with another Investor from Charlotte who frequently travels between Jacksonville, Savannah, and Charlotte to do some RE deals and is familiar with Lease Options.

 

Also just found out that Wendy Patton will be visiting Charleston, SC and speaking. Has anyone been to one of her engagements?

 

Darin

[GetErDun 0]

Also just found out that Wendy Patton will be visiting Charleston, SC and speaking. Has anyone been to one of her engagements?

 

I have seen her live. She did a short (1 day) mini seminar for or REIA (whoever went paid to attend this training session) It was very infomational. She is strictly SLOs though. No mention of CA. She gives out a workbook which is of good (not great) quality. I loved the part where she makes live calls to homeowners and realtors from that days local newspaper to show you how "easy" it is. Overall, the course is well worth it, and motivational. I would recommend going.

 

There is a bit of "commercial" for the Prepaid Legal services (which her husband does) and there is of course, her course offered in the back. The seminar is mostly information, not too much selling.

[MichaelC 160]

. . .Also just found out that Wendy Patton will be visiting Charleston, SC and speaking. Has anyone been to one of her engagements?

 

Darin

I saw Wendy speak a few years back at the local REIC here. Had I known nothing about lease options, at the end of her talk I still would have known nothing about lease options. It was a 90 minute sales pitch to attend her "Saturday event". If you registered that evening it was only $49! At said event, she was upselling her other products, including her "Pre-Construction Condos Bus Tour" in Orlando, Florida. This was back around '05. Wonder how that worked out?

In defense of Wendy, the clubs want a big sales push from their speakers. They receive a 50/50 split of all proceeds, and so everyone is pushing hard to sell, sell, and sell some more. It's the nature of the business.

[-Tony- 0]

remember when the nature of the business was to buy houses

 

those that can do

those who can not teach

and those who can do it well have a free web site to help other

[vballdarin 1]

Just wanted to say that i've been calling FRBO's and have gotten some other seller leads from people calling my Craigslist ad. It really does get easier to talk to people/qualify them the more and more you do it. You go straight for their motivation. If they have it....continue. If they don't, tell them thank you for their time and keep my number in case they change their mind in the future.

 

I'm slowly learning to not take rejection personally. (Must be a hold-over thing from my High School Prom days )

 

Deals are made if the numbers are correct for all parties involved. Simple as that.

 

Thanks guys/gals!

[Doug Pretorius (ON) 9]

Deals are made if the numbers are correct for all parties involved. Simple as that.

You almost make it sound easy, Darin!

 

I still have one on-going problem that frustrates my plans for world domination. Namely, sellers who won't let me sublet. I can find plenty of people with nices houses who are willing to do attractive LO deals, but the moment I mention that I'll be subletting the house, the deal goes down the toilet. I would easily do 10 times the number of deals if this wasn't an issue.