Sat down for a consultation with a friend of a friend , who had cash and wanted to become "an investor" in real estate...
Me: Great! Lets talk about what your goals are , and what your ideas and expectations are.
Him: No need , I have enough $$ to purchase and flip homes, just find me some great deals..
Me: There is a little more than that,, Condition, location , repairs and upgrades, how long you plan on holding to start............... What price range? Give me some insight so I can help narrow the search.
Him: I have cash, and you know what they say,, cash is king... so just find something that I can get cheap, do the upgrades myself and sell for a profit... Dont you watch Tark and his wife on HGTV?
Me..( deep breath).Yes, I have seen them on HGTV, and most of what he buys are on the Courthouse steps . Unfortunately our market runs a much tighter margin. Offers aren't accepted over a phone call, and right now homes are selling at 98-103% to list price.
Him: Ive seen homes on Realty Trac that I'd buy, and banks dont want them , my cousin just bought a HUD home a year ago for $10k and just sold it for $125k. Find me those kinds of deals.....
Me: I think we would be frustrated with each other as your ideas and perceptions are so different than mine,,,, I wish you well, but I am clearly not the REALTOR for you.
Sometimes you just have to say goodbye for your own sanity!
If it was that easy wouldnt all REALTORS be Millionaires?