Wholesaling Real Estate 2012
This is a continuation of “The Great Escape” interview with Eric Thiele. Eric is working with Sean Terry and Flip2Freedom.com to learn how to start up a successful wholesaling business. In this section, Sean and Eric discuss being persistent while searching for a realtor.
Sean: During these episodes, we’ll be giving tasks and updating things and obviously, we know you’re human. You’re going from Chicago, you’re flying to Austin, you have a fiancée, you have your life, and you have a couple fix-and-flip properties you’re working on in Austin. You have some rental properties that you have in Chicago, plus this chaos of your pager going off at crazy hours getting everything done.
So, we know you’re limited on time which I think is great because it gives a phenomenal opportunity for people listening to this right now that there is no excuse. So, to be able to squeeze in the 30 minutes here, an hour here, and 20 minutes here, and 50 minutes there, to be able to move forward toward that 2013 goal of where you can have the freedom to do what you want, when you want it, gives a lot of people hope that they can go to it.
But, there are going to be struggles, there’s going to be things going on or that can’t be done. We’ll have to move to it to next week, or we’ll have to work around it, or just move through it. So, some of the tasks we talked about last week were finding a licensed realtor that had NAID registration and also talking about having a realtor pull it, cash transactions is one we talked about. Have you had any conversations at all with a realtor during that time?
Eric: Oh, let’s talk about that briefly. I know we don’t want to have an hour-long podcast here, but real briefly. I went to the HUDhomestore.com website.
Eric: I clicked on “find a broker” and entered Austin, TX as the locale that I was looking for a NAID realtor. And there are around the order of 520 realtors that are NAID registered serving Austin. So I thought, “Hey, this is going to be easy.”
Eric: So, on the other side of about 40 calls, I had gotten some rude–I was not prepared for the rude response from realtors that said, “You’re a real estate investor? I only deal with owners.” Click.
Sean: Are you serious?
Eric: They didn’t even give me a chance to talk any further, and I was like, well, why are you even registered if you don’t want to deal with half the marketplace? And I left a number of messages, nobody called back, but I finally struck a little vein of gold, as luck would have it. I found a realtor. He’s actually working for one of the brokers that is a listing agent for HUD. So they actually list the properties that HUD has available for sale. And he is quite familiar with the whole process of dealing with HUD and is, in fact, with another investor who happened to work for a hedge fund who bought, as Chris mentioned, I think he helped him buy about a thousand properties in the last three years.
Eric: So, I think I’m quite happy with having gone through 40 duds to get to the one nugget of gold.
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