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Real Estate Investor vs. Real Estate Agent: What's A Quality Investment Property?

There has been some discussion recently on active|rain regarding the usefulness of real estate agents to the real estate investor. And I think it is a discussion worth having.

Here are two recent and related blog posts:

Agents vs. Investors: language of real estate investing
Realtors & Investors: Are You Speaking The Same Language?

Let me start this out by saying that if you are a real estate agent even remotely interested in learning more about real estate investing you should do three things:

Read the 3 books pictured throughout this post
Read Bawldguy - One of the best real estate investing agents in the country
Read Real Estate Investing In The Real World - A great look inside the mind of a working real estate investor

We need to get a few things straight before I go any farther. First, this blog is directly targeted to the "house" agent out there who will always answer "YES!!!" when asked if they work with investment property or real estate investors. You need to know that investors think VERY differently than you do. So before you say "yes" you better understand what you are saying "yes" to. Secondly, if you think you can bluff your way through a transaction, either on the buyer's or seller's side, with a REAL real estate investor you will find out quickly that you are wrong. And lastly, if you are one of the commercial agents reading this, I'm obviously not talking to you.

THE LANGUAGE, ART & SCIENCE OF BEING AN INVESTOR'S REALTOR

I could do 10 different posts on this subject alone. In fact, I keep toying with the idea of writing a book on the subject. So I'm going to be brief here. Real estate investors are looking for returns on their income property investments. And if you're their real agent, you better be adding to the return and not subtracting from it. Because they are buying present or future cash. That's what investing is. Get used to it.

It will take hard and time consuming work on YOUR part to learn about real estate investing. You need to know how to measure returns and what the most popular forms of measurement are. Ever heard of Gross Rent Mulitiplier, Cap Rate, Internal Rate of Return? If you are going to work with investors you better google them an start studying. You better know what a cash on cash return is and what the standard for your community is before you say "YES!!! I'll work with you."

You can bring value to the tablefor the professional real estate investor by bringing them pre-packaged rental properties with all the returns laid out before them that meet their criteria. What is criteria? Learn what returns are important to them. Location? Multi or single? Any architectural preference? To the investor it just might be worth something to them if you have these properties all ready for them instead of them wasting their time looking for them.

TWO DISTINCTLY DIFFERNT KINDS OF REAL ESTATE INVESTORS

Pay careful attention here. As a professional real estate agent actively working the investment property market in the Greater Kansas City area I can break down my calls from real estate investors into two very distinct categories;

Those buying for cash
Those buying for growth

You need to know from the outset that as a professional real estate agent you will make far more money and spend far less time working for those investors in the second category.

Everyday I get calls from investors looking for housing that can be purchased at 50%, 60% or 70% of ARV (That is After Repair Value) so that they can buy, rehab and sell. Want to have some fun? Get on your MLS right now and look for properties currently priced at 50% of their neighborhood's value that won't require the other 50% to bring it up to value. Go ahead. Let me know how many you find.

Those kinds of investors work very hard, turn over every stone and risk a lot of their personal time and money to make their livings. They are generally doing their work full time and they are, if they are to succeed, very good at what they do and very tight with the money they spend. They have to be. Especially in this market. They don't really have time to work with agents that will waste their time and cost them money. About 2-3 times a year I find a property for one of these guys. Can you make a living on 2-3 transactions a year? I didn't think so.

Schaub Those investors that fall into the second category help me to make a very good living. They generally aren't the people who watch HGTV or A&E's Flip This House. They are generally professional with good incomes that don't have a lot of time to spend trolling for houses. They want good rental properties that will help them secure a Retirement Worth Having.

And here is the key, they will remain loyal to you so long as you save them time and generate the kinds of returns they are looking for. Simple as that.

But don't mistake their willingness to work with REALTORs as a weakness or a lack of understanding about real estate investments. They are very demanding on how their money works for them. That is why they have the jobs they have and the savings to invest. They expect professionalism, an agent that can calculate returns and even coordinate attorneys, tax advisers and property managers for them.

THE PERFECT STORM

I've been working with real estate investors for 5+ years now. I have taken accounting classes, tax classes, commercial real estate evaluation classes, real estate investing classes and much more on top of the continuing education classes required to keep my real estate license. I read every day. I regularly counsel with other residential and commercial real estate investment agents around the country and I routinely will question my investors to see what they can teach me and what service I can add-on for them. I also own my own properties.

So I cringe when I hear some agents in my office going out the door with obviously new investors. I know that agent's experience with income property and I can tell their client is an avid watcher of A&E's Flip This House. (Click this link to see fraud from that show.) And I think to myself "there is a foreclosure waiting to happen." One party walking out the door is eager to join the country's real estate millionaires. The other party doesn't have a real clue as to how to advise them to move forward.

BECOME AN AGENT OF VALUE TO THE REAL ESTATE INVESTOR

The scenario above doesn't have to be repeated week after week. It makes investors think badly of our profession and it makes you want to quit when you can't sell them anything after working with them for 6 months. There is an easy answer to this. You can do one of two things:

Learn about real estate investing. Heck, buy your own income property! Take the time to truly educate yourself as to what it is an investor is looking for and how you can assist them in their goals.
Refer your client to an agent that works regularly with investors. Someone that really knows their business.

And before you think point #2 is self-serving, and to a degree it is, you need to understand that I'm smart enough to know where I don't belong. Want me to list or help buy a track of land? Great. Let me introduce you to Larry Kueser, Kansas City's Land Man. Looking for a luxury home? I'll refer you to Jim Smith. By introducing you to those two men for those two categories you'll get better service and I'll get a referral fee. Everybody wins.

And isn't that what it's all about?

NOTE: It was brought to my attention that Fox no longer has the video link that I was linking to. So here is a link to the Kansas City Star story on the subject.

Posted by Chris Lengquist, RIPS on 05/27/2007 08:10 PM

Comments (47)

real estate investing, real estate agents

47 Comments on Real Estate Investor vs. Real Estate Agent: What's A Quality Investment Property?

MAY

2007

Chris, this is an amazing post. I am blown away.

When I first started investing in 2003 I was fully prepared...I really did my homework on investing, especially in preforeclosures...I went to all the seminars and I read all the literature I could find... However, the local REALTOR referred to me had absolutely NO idea as to what I was talking about when we started going to look at houses together. What a discouragement. I did not have a license yet I was educating my agent on terms such as, "Gross Rent Mulitiplier, Cap Rate, Internal Rate of Return"...

It was very frustrating to teach my agent about investing but this is one of the reasons why I am an agent today. I had to do something about this difference in understanding. Today I am an active investor, an agent working specifically with real estate investors, and I am the Director of M&S for www.jerseypreforeclosures.com.

Keep the posts coming!

Anthony

Thanks Anthony. It is discouraging and it's no wonder investors don't trust agents. Most agents actually do suck away equity without putting anything back in return.

Give me a call some time. I'd love to talk. There are not many of us out there. Jeff Brown (Bawldguy) and I are constantly talking about this subject.

Great post Chris!

Jack

Wonderful post. I've always wanted to learn more about real estate investing for myself and any future investor clients. Thanks for the recommendations on the books.

Most areas have some sort of real estate investment club close by. Attending their meetings is a great learning experience as well as a source of clients if you know what their goals are and how to help them.

Making a profit; either now or later, is what real estate investing is all about.

Thanks for the link to the "Flip this house" expose'. I always wondered what planet these guys were doing all that stuff on, because it sure wasn't Planet Earth.

I've bought houses, fixed them up, flipped them, and cashed the checks but never in the free wheeling manner these bozos seem to do.

MAY

2007

I agee with you that an agent should be experience to handle investors. I don't agree with you about all who watch those TV show are novices. I enjoy, most of those show when I get to watch them. It beats the hell out most shows my opinion. As far as most TV show they are all in some part consist of fraud. As anything, do your own R&R when buying are selling. I've been an investor long before a Realtor. When interviewing your agent, just ask one question: Do you own investment property? If not, move on to the next.

By the way, the link to the Fox is not working. So further food for thought, I believe the firm in Ga. may have not stated the truth that is why the program is no longer taping. One out three firms.

Great post and very accurate! As a Realtor in Columbus Ga I have had much the same experiences you have. I always have investors calling me and looking for properties 50% below market. If I find one of those jewels - I will probably buy it myself. The investor who is looking for long term growth in Real Estate is the most likely to succeed and not get burned. Also, he is the type of investor I can help reach his goals. I can be an asset to him. The buyer who is trying to make the quick flip will get frustrated with me and I with him. Some do well with the quick flip properties but I will not be much help to him on the buying side although I may be able to help him get it sold. Again, this is an awesome article!

Wayne - Georgia Real Estate Investment

There are those that think investing in real estate is impossible in the pricey East Bay of Calif. The other day we ran across a short sale condo priced at $420K - $70K below comps. There was also a short sale house at $625K - $80k below comps.

It was like dropping a side of beef into a piranha invested river.

Jack - Thank you.

Linda - Building Wealth One House At A Time is the best book I've ever read on the subject.

Jim - Investment clubs are very useful. But they also have a high population of real estate agents and novices. But they can provide very good information. We have one very good one here in Kansas City and another okay one.

Frank - You make a good point. I watch those show sometimes, as well. I do like the Trademark Properties show called The Real Deal. I've watched it enough to know they actually have 3 divisions within Trademark. For whatever reason, I like the "leader" of the show though I'm pretty sure we would have a tough time working together. But hey, who knows?

Wayne - right on.

Harper Team - deals are everywhere. It depends on your criteria and pockets as to whether or not you can do them. $70K below comps? I can buy a house for that $70K out here! :)

I see so many agents get green investors in way over thier head. The agant can be helpful in finding deals but the investor should be very educated on investing before hiring an agent.

Great post. I have some reading to catch up on.

I've seen situations where an agent will lead an investor into a situation that is purely speculation and all the parts aren’t worked out yet. Then down the road the investment bites the investor in the butt.

As an agent leading people into investment properties you must do your homework and be confident on all aspects of the transaction. It's very easy to get burned if there is a shift in the market or a part of the deal is left undone.

I'll tell you that as an agent who has worked with investors in the past, I too will take the #2 category all day long. I have HAD IT with the category 1 folks who keep going to these damn seminars (I won't name them here) that insist you start at $xx below the fixed-up value, no matter what price range you're in. Our average price point here is $232,000 so NO, not even a bank foreclosure is going to sell for $150,000 even if you think paying cash and closing in a week is worth something. Part of my job is knowing what you've mentioned, but also knowing what you can expect to pick up houses for here and what banks will take in general. If you have to steal those 'great deal' properties, you need a bird dog. I don't have time for that.

Leigh,

Refer those clients to me!!! I have time for them :) in return I will refer all other types of clients your way.

Anthony

Jeff - agreed.

Rebecca - the key to knowledge.

Abraham - and when that happens I doubt they'll be a good referral source. In fact, just the opposite.

Leigh - exactly. The guys doing flips aren't getting their homes through REALTORs. And with fiduciary duty I'm not sure I could, in good conscience, sell a home like that unless the seller was COMPLETELY aware of the situation.

Anthony - Do you have a lot of success looking for rehab properties? If so, share you secrets. Are you finding them off MLS? And when all is said and done, are they generating a 12%-18% profit? Minimum. Anything less than that, to me, is a waste of time. Too much risk for too skinny a margin if it's 11% or below.

Chris,

I call the people who look at the HGTV shows wannabe investors and they are difficult to work with because someone told them or they watched the show and felt this was the way to get rich quick.

Chris- I only close about 8 deals a year because I am so involved with www.jerseypreforeclosures.com. I find that my number one source is the investor base that I have built up (through local REIA meetings) and secondly I still market to homeowners in preforeclosure/nod.

I track of my territory (farm market). I visit the FSBO’s as a buyer and as an agent. I make sure to disclose to the homeowner that I am a licensed but as I buyer I will be acting independent of my agency and of the NAR. Often times FSBO's are potentially distressed homeowners. A good line I use is from Peter Conti and David Finkel's material it goes something like, "wow, you have such a wonderful home, why would you ever want to get rid of something like this" (watch your tonality--be very humble and use a calm sincere grandfather like voice). This line really works when said correctly and it usually lends right into the true reason why the homeowner is selling which will tell you what the homeowner wants. Does the homeowner want an offer from you or your services as a real estate agent?

If I want the house badly enough I will do a side by side comparison to show why it would make sense to sell right now to me or to use my services as an agent and wait for a stronger offer to come in...ill write out the following on paper with the homeowner: factor in % commission, mortgage payments, taxes, utilities, misc expenses, repairs, marketing costs...often times just doing this with the homeowner builds a good case for a 15-20% savings off of retail...dont waste your time with a non motivated seller. Just move into your sales presentation. In fact, the Peter Conti & David Finkel line is designed to qualify the homeowner. You can usually determine the level of motivation by the answer to the initial question. And of course use your rapport building skills throughout the entire process.

The other place to find rehab properties is at your local real estate investors associations. I am in love with these associations. I just joined 2 more that boast well over 1250 members! This is where you will find full gut rehab jobs, wholesale type properties, unfinished projects and tons of other cool off MLS opportunities. I have met a bunch of agents who have off MLS hotlists of mismanaged commercial buildings, businesses, multi-families, etc. You MUST join your local REIA if your an agent who is also into working with investors.

I am currently involved in 2 short sales; one is actually a fellow investor who just bit off more than he could chew and the other happens to be his neighbor. Both of these homes retail for 395K and will get the bank to short about 120K due to black mold, water damage, flooding, poor grading, owner hardship, decreased property value, and other issues. I most likely will not put these on the MLS. Instead I will bring them to my REIA meetings and offer them to the investors their for a fixed commission (referral fee). Offer them for 275K with a 8K fixed commission. Of course many details must be worked out and we all know short sales are never guaranteed.

Anthony

Great post. I am going to read all the links now!

Endea - as mentioned before, some of these people could be people you work with. I find no hard and fast rules in this crazy business.

Anthony - I suspected you found most of your deals outside the MLS. That reaffirms my point. I am very familiar with all of those things. I just choose to concentrate on my specialty of working with mid to long term Buy & Holders. And I am one myself. But it sounds like you are plugged in, learning, doing and acting. I have no qualms with that in any way, shape or form. Go for it. I would offer this one little thing at the risk of over crossing my boundaries. Just because you say, and put in writing, you disclose that you are an agent doesn't mean the jury won't believe that you didn't take advantage. That from my attorney when it comes to buying your own potential or secured listings.

Christy - Thanks.

MAY

2007

Chris-My advice to anyone even thinking about doing what I practice everyday is this: Build your team. Explain what your plans are to your broker first of all, second make sure that you share what you do with your local association, (in fact www.preforeclosures.com is also an affiliate of my local association of Realtors), and most important of all include an attorney on your team. In fact my attorney is the person who I get most of my short sale strategies from, especially help with the HUD/settlement.

Anthony

Anthony - sound advice! Keep up the good work. You might also add an estate planning attorney to your team. I get good referrals through them, as well.

Chris - EXCELLENT post! Agents who don't learn to work with investors are really losing out. Real estate investors - like myself - are very frustrated when it comes to finding an agent to work with. So when we do find one, we hold on to them and buy through them over and over again.

Investors are COMPLETELY different from the homeowner who wants granite countertops and tile floors. it's actually quite simple - show us the $$! Many agents don't like the idea of the work required to present a potential deal (numbers, comps, rental comps, pics, repair costs), but the good thing is that investors can give agents well-detailed criteria as to what they are looking for, allowing the investor and the agent to make a decision very quickly as to whether a potential deal is a fit or not.

Tiffany - looks like you have a tough life there having to work in CA and Costa Rica. Thank you for the kind words.

MAY

2007

Great post although I have to say you almost lost me when you brought out "Gross Rent Multiplier".

I have never even see that used. I work in Massachusetts and have had many conversations with other commercial agents and investors about the infamous GRM and I wonder if there is anywhere in the country that still uses it. Even in real estate classes that I take they still discuss and teach it and the instructor usually prefaces his discussion about the GRM with some statement like "You will never use this but I have to teach it so here goes..."

Do you use the GRM in your analysis of income properties?

Rob Beland, Apex Properties

Leominster, MA

Commercial Real Estate Professional

The Real Estate TrendMill

Rob - I don't use it for anything important. Since, as you know, it only measures income in relation to the asking price, it's pretty unreliable. But I do use it to see if the property is even priced in line.

As you know I work with mostly residential investment properties. House agents will sometimes price duplexes way out there. (California clients being represented by also unknowing agents are the only ones that buy these overpriced boat anchors...but that's a whole other post.) So I can just do some quick math to see if it is even worth my time previewing. If it's not even in the ballpark, not even close to what like kind properties are priced at, then I'll just wait and pick it up on it's way down.

Thanks for reading and thanks for the question. By the way, how is the Mass market right now?

I love the "Boat Anchor" reference...it's so fitting

The Mass Market with respect to multi-families is such that the only buyers out there are people looking to park money for the long haul. Everything is priced at or below a 10 cap (well below usually) and in the outside chance there is a multi with a higher than 10 cap that I see it usually turns out to be an agent not knowing how to calculate Cap rate.

Properties are hitting the market 2-3 times in an 18 month period and the price keeps going up and the returns keep going down but they keep selling to new buyers. I'll hold out of that market for a while until the deals come back around.

JUN

2007

Chris and the rest: Great post and great responses. Couldn't agree with all said more. Our whole model depends on a very strong realtor partners in all our markets. It boils down to a slightly different saying made famous by Tip O'Neil, legendary speaker of the house years ago, he said "all politics is local". In our world "all real estate is local" and that means a local realtor who understands the market place.

That saying is also the title of a book that I would recommend for anyone who wants to understands real estate buying and investing. Probably better for the first time investor types &/or those new to the real estate world.

the author is David Lereah.

Chris, your final comment about referrals is well taken too. If you don't have what your client wants or needs, pass them on as a referral to someone that does. It will build good will and come back to in multiples.

JUN

2007

First wanted to send a congrats on the featured as well as thanks for the awesome article! You're content is just getting more and more rich and in debth... Heck I also love the pictures :-)

JUN

2007

Chris,

I ordered Building Wealth One House At A Time from Amazon. I hope to receive it anyday and start reading. Thanks for the recommendation!!

JUN

2007

THANK YOU! I had so much trouble with Agents. I really wanted to focus on investing, and not to have to be an agent myself. But even the agents who were also themselves investors, well, they just refused to pursue my vision and model. They were married to their own models, or simply wanted to take me for a ride, and to get my very hard earned investment dollars spread around to all their "friends" (um, I thought kickbacks were illegal, but have learned the last few years they are alive and very well).

Result? I don't speak ill of anyone. But, suffice it that no one - no agent, broker, nor mortgage brkr -- has won my referral. And, indeed, I'm going into busines myself, to be the sort of investor-advocate/advisor/agent that I very much wanted to find and never did.

I hope that I can serve investors in the way you have. Responsibly.

I should temper my comment by saying that I have been won over for referrals by a couple-few people that I've done personal business with. Just not any I've encountered in investing. Even been burned by those who did fine for me personally, then burned me on investment deal. Maybe it is just overpopulated right now. Maybe last couple years, everyone is feeling tight and greedy. I dunno. I've only played the last couple years, so cannot say for sure.

JUN

2007

crm - I am flexible when it comes to working with investors because I fully understand what they are trying to accomplish. What you need to know is that while not every real estate agent understands investing they do understand that if the client never buyers or sells they never make money.

You have no idea how many calls a day agents get from people who just finished watching HGTV or A&E or just went to a success seminar. It can just get crazy. So some agents try to work with a few and then throw up their hands. The frustration can run both ways, believe me.

My bread and butter are the long term Buy & Hold clients. There might be some rehabbers out there that don't think I know what I'm doing, in fact I know there are, because I can't get them a steady supply of homes at 50% ARV. I know what they are trying to accomplish. I just can't/won't find them in the MLS.

When an agent commits a lot of time to those investors both parties are going to come away frustrated. Believe me.

JUL

2007

I really like all of Gary Kellers books - lot os good info there

JUL

2007

John - Thanks for stopping by!

As The Market turns

People that found multi-family with a cap rate of 10 over the past couple years, indeed worked hard and earned it. Most people were buying with the hope of fast appreciation over a three year period. Now most of these who have no equity, and purchased above todays market will have to make a compromise. Rents in many of the neighborhoods are lower so cash flow is not as good. At least they still have depreciation at tax time.

JUL

2007

Quite true for many folks. Counting on appreciation is a slippery slope. That's like the icing.

Chris - you have offered some very sound advice here. Thank you.

I do work with several investors. Most are buying for long term returns. The couple that thought they would flip the property were warned ahead of time that TV and real life are not the same. In our area there are tons of properties on the market that would fall in the <50% ARV category. The problem is that they will not generate any appreciable income as a rental and they certainly won't sell to an owner occ. So essentially they are wasted stock.

One thing the 'flippers' don't realize is that there are seasoning issues with many types of loans and without perfect documentation on the sellers part it probably isn't going to happen. Then they get angry because of the 12 months carrying costs.

My hubby and I are investors, too. We are building a solid portfolio of rentals, stocks, mutual funds, etc. Not all is tied into just one thing. Our rentals are in an area of the city that has (historically) maintained a strong appreciation even in a generally bad market. And just for my own peace of mind I have made my own policy of never purchasing any property that I would not live in. This policy originally frustrated my other half, but when he saw the numbers on the last couple years of tax returns he has agreed that this is not a bad policy.

Carol - great comments. Thanks.

Hi Chris,

I like your attitude. I prefer investors to pirates every day of the week. Real value is in the future selling price, not in how cheap can you get it for. i believe in paying market value, then changing the value by improving the property either by phyical improvements, managerial improvements, or neighborhood improvements. Its all about trends. And use.

Good article. I'll be watching for more from you. I'll take that book you want to write a chapter at a time.

Bill Roberts

Bill - thanks for the kind words. :)

JUL

2007

Excellent post, Chris! I must be one of the few agents in San Antonio who specializes in working with investors, mostly in single-family homes, because so many multi-family properties are priced ridiculously. I don't think you can make a killing in San Antonio because sales prices and rents are reasonable and appreciation is, too. It's a great buy-and-hold market.

Some people who must have watched the Montelongos work their magic or have been to a guru seminar contact me full of enthusiasm, and when I send them some listings of good potential properties, often they send me back some listings they found on Realtor.com of lower-priced properties, sometimes VERY low-priced. I know all the street names and neighborhoods, and I know why they're always on the market, too. Then I have to educate them as to why I chose the listings I sent them in the first place.

As a buyer's agent for investors, I tend to specialize in quality rental properties rather than rundown fix-and-flips. So much of my time involves educating investors that I can't make a decent living if I ALSO ran around town looking at $70,000 properties, estimating their rehab costs, preparing CMAs and ARV, and every once in a great while writing a contract. My average price range for a single-family rental is $140,000 so I'm not exactly raking it in on them either; but I do really enjoy working with investors--at least the ones who appreciate all I do for them.

Anthony, I like your advice about joining a local REI club to find out about non-MLS properties and make some contacts. I run across lots of properties, since I preview them regularly, that I would love to be able to match up with a buyer. I also have deals fall through occasionally if I haven't been able to calm the buyer's fears, and it would be great to be able to substitute another buyer for a good property. I've done this a couple of times, but I'd sure like to have a larger list of potential investors.

(Sorry to double-post, but I forgot to login first!)

Robin - No problem. Thanks for the words. When I decided to specialize in real estate investments I thought I was out on an island. Today, I realize that there aren't many that actually know the inner workings of real estate investing.

You might want to check out a couple good blogs regarding real estate investing, if you haven't already.

Equity Scout

Bawld Guy

BBQ Capital

JUL

2007

Valuable knowledge from this post. Thanks for sharing the pitfalls of hiring a non-investor realtor. I know what to look for now!

Wendy Casey

Vancouver, BC. Canada

Thanks for visiting!

JUL

2007

Fabulous posts and follow ups. I am a new agent and new investor looking for good opportunities. With my background, I tend to be a numbers person so I've decided to make the investor community my target. I've recently signed up for investor training through Wealth Intelligence Academy (Rich Dad affiliate) and am just starting. I just ran into an issue with my experienced agents saying "that is never done" or "that won't work in this market".

I really love the advice on 2 categories of investors and where I should spend my time. The training we are in is focusing primarily on #1 investors. I can understand why (people coming in with no $$ and possibly no credit need to find ways to raise cash fast) but that is not my personal situation nor the target of Maui investors! It is still a numbers game but build for growth not cashflow. Has anyone thought of starting a group for for investors and agents? I feel challenged by balancing what is good for my real estate business vs what is good for me as an investor!

Thanks much for letting me know that there is a happy medium.

Kathy - I'm quite certain there is a market in Maui for vacation rentals. Seems to me that would be another form of investing. Those won't be quick turns but long term Buy & Holds. Hmmmm. I smell opportunity.

I'm sure "Rich Dad" will be a fine opportunity. But I would again refer you to taking a commercial course or two like CCIM intro course. Or just read Jeff over at BawldGuy. I would assume the people purchasing Maui vacation properties won't be get rich quick lemmings. They will be educated professionals with staggering incomes. You'll need to know how to speak their language. When you do, watch out.

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