Superlative Info

By Randy Ngan

When looking for an agent:

• They must have experience in what you want to do
• Should be full time agent making a living in this market
• Ask how many closing they made last year. 10 + okay 30+ excellent
• Ask how many houses they walked through last month 30+okay 50+ excellent
• Should be a resident of the area to know general price range of Houses with X amount of bedrooms and X amount of bathrooms in blank neighborhood and renting potential (worst case/ best case selling price)
• Excellent agents will prescreen houses to make sure it meets your criteria
• Agent broker should have relationship with Bank for REO buys since 87% or properties in riverside and owned by banks
• Let agent know you want to make 100 offers with them

When buying notes:

• Know what you want to do with property create a plan
• You must have an exit strategy ready before you look for property. Example Buy and hold for cash flow or fix and flip for lump sum cash
• When buying properties banks want to sell the property and do the loan as well
• Sellers always get cash so bank want to sell and loan out the mortgage because it is more attractive then plan cash
• Hard money lender rate around 12% plenty of money out
• When remodeling use expert/contractor advice that relate to community style
• Find areas that got hit the hardest with most declined prices. Example
• Marino valley riverside 6bed 4 bath houses $250k to buy $260k to build
• Getting $1 for .50
• If you have a bad deal cut lost and move to next don’t waste time

When Closing notes:

• When doing assignment of contracts make sure contingency clause earnest money back if the closing terms are not meet

Random notes:

• Be confident and passionate about what you want to do

• Follow the price rate and flow of U-hauls to see when people are moving in or out

Example

From California to Portland = $1200 everyone want to leave California so it cost more

From Portland to California= $600 people moving to California cost cheaper because U-haul need their trucks back at the California location

Action steps:

1. Call or visit agents that are in moderate size firms between 9:00 and 10:00am with 20-30 agents
2. Do basic research of how much property cost and rental prices at your target location
3. Make a investor list/buyer list/seller list/ lease option list