[MN-Born-n-Raised]

Originally Posted by aitchem

"I really could care less about conversing"

I know this has nothing to do with the topic but surely you should be saying "I couldn't care less" otherwise there are other topics that you think less of than Olecapt's comments?

I'm guessing that fishordie was politely saying that he wasn't interested in the debate. He was agreeing to disagree.

In the text, Ole was selling himself as a big-time "player". Then why bother with the City-Data??

Congrats to Fishordie (retired at 54). I bet he is glad he doesn't have to wear a funny hat.

[fishordie]

Thank you MN,

You have the right of it

FOD

[MN-Born-n-Raised]

There are always multiple ways to make money even in the same industry. FOD shared some of his proven methods but was shot down for being out of touch. The testosterone of another member needed to smother him point-by-point to prove how smart he was. What a shame. While I do not know FOD, smart people knows that there are many ways to profit in real estate. He was simply re-explaining point by point how and why his approach works for him.

I've met some RE agents that are real "players". They either own their own brokerage firms or have a fleet of team members working on their behalf. Some do a lot of land development while others are brilliant marketers. Most agents are not out to be King and simply want to make a living. I respect that approach. But to date, I have not observed an authentic RE "player" that hang out on C-D as their seemingly main marketing tool to generate leads. And if someone really had all of the answers (and according to him his are the only answers) I'd run not walk.

If someone was so darn smart in real estate, why couldn't they see that the LV market wasn't done falling in 2007, or 2008, or 2009 and now in 2010??? Countless paragraphs were written on how he knew best. Well was he right?? Nope! If you cannot pass that litmus test (while others see it as clearly as can be) then why on earth could you trust that person. You know what they say about opinions.

FOD shared how you buy right while it is falling and spin it before you get hurt. The key is to sell UNDER market and the only way to make money is to buy it right and then to watch every single profit leak on the selling side. A huge profit leak is sales commission fees. I don't like the word "commission" and prefer the terminology "fee for service". Smart agents know that they don't need to charge the same rate for every service. So volume buyers and sellers that ask for less service and therefore should expect less of a fee. Now that wasn't hard to grasp. Yet, our C-D expert says that's not smart. Huh?? I define smart as a lot of profit. FOD said the agents WANTED his business. Hwat does that tell you???

When I was flipping properties on water in MN, I'd give 1% to the listing agent and load 3% on the selling side. I specified the terms. Those who listed and thought they needed a higher percentage were not hired. I needed less service. I didn't want open houses, advertising in magazines etc. My property was placed UNDER market (for a fast turn) and the buyer would find me though the MLS or though the buyers agent. When I was flipping (the market was rising), I would buy with a strong non-refundable deposit and push the closing out to work into peak time which gave me (or my agent who wanted the double commission) time to find a buyer, a plan to subdivide the property etc. Buy using the top agent in the area and giving them time to find a buyer before it comes on the market was my approach. One key reason in that era was it developed a sense of urgency because they know of a property before it was listed. A sense of urgency is KEY in ANY sales environment and a very happy agent who got the entire 4%. These for $400K properties==$16K. not bad for a single deal.

So as I said, there is plenty of methods to make money in Real Estate. I completely agree with the base hit approach that FOD talks about. I shot for $15K and found several that turned into $150K each simply because things popped up when people were looking for you. I diverge....

Anyways FOD, I for one appreciated your insight. Like Ole, I'm in the Minors while you are in the Majors! The difference is I know when I can learn from someone and when i smell B.S.

[olecapt]

Rather than continue round and round a simple challenge. Send me the 3 addresses or property numbers FOD by DM. I will give you a fair review of how you did. Let us see how much below market you actually bought. I will keep the actual information private....but I will show my work and you can take it apart if it does not meet your standards.

[Spraynard Kruger]

Looks like FOD has a talent for hooking the egos of real estate agents, too.

What kind of bait works for a chip on the shoulder? Do you use chips or worms? Okay, I'll stop!

Both sides of this argument have ventured into reductio ad absurdum. The peacock display was pretty, though.

The value in an investment transaction is 80% due to the buyer's due diligence, the other 20% might be attributable to the supposed talent of an agent. The talented ones usually don't have to talk about talent.

I continue to be amazed by not only the level of incompetency in the real estate industry but the outright contempt so many agents have for their clients and other agents. If you are resourceful and amicable, thats really all that's needed to successfully complete a transaction. Rarely does it rise to the level of rocket science.

[mresort]

It is really hard to buy a short sale.
My friend paid almost $1000 for home inspection and appraisal, but the 2nd loan holder didn't approve the transaction because the appraisal was too low.
He lost $1000.

[007 license to sell]

I see this time and time again when someone locally wants to purchase a property, they can't get financed because their credit score is low and it's due in larger to the economy more than anything. If a buyer has a 620 credit score with 25% down it's highly unlikely they will get financing.

Many in U.S., Southern Nevada can't get home loans

[olecapt]

Originally Posted by Spraynard Kruger

Looks like FOD has a talent for hooking the egos of real estate agents, too.

What kind of bait works for a chip on the shoulder? Do you use chips or worms? Okay, I'll stop!

Both sides of this argument have ventured into reductio ad absurdum. The peacock display was pretty, though.

The value in an investment transaction is 80% due to the buyer's due diligence, the other 20% might be attributable to the supposed talent of an agent. The talented ones usually don't have to talk about talent.

I continue to be amazed by not only the level of incompetency in the real estate industry but the outright contempt so many agents have for their clients and other agents. If you are resourceful and amicable, thats really all that's needed to successfully complete a transaction. Rarely does it rise to the level of rocket science.

If you really believe SK that you can get a 20% discount for cash you should probably away from the RE Market. You will simply be wasting your time.

[olecapt]

Home priced 1/3 over comps...

The public comment..

REAL SELLER HERE, NOT A REPO OR SHORT SALE, BUTT A REAL LIVE BREATHING SELLER, AND YOU CAN NOT SAY THAT FOR ALL THEM HOMES FOR SALE IN SUN CITY. SELLER IS A GREAT GUY WHO WANTS WHAT HE WANTS AND WON'T TAKE LESS. NO LOCKBOX FOR SECURITY REASONS, BUT EASY TO SHOW, CALL MR DOE TO SET UP A TIME

Agent to agent comments..

CHECK THE COMPS, WAY OVER PRICED, BUT HE DOESN'T WANT TO TAKE LESS THAN HE PAID AND SAID HE'S IN NO RUSH, SO IF YOUR BUYER WANTS QUALITY OVER VALUE, CALL US FOR AN APPOINTMENT.

[Spraynard Kruger]

Originally Posted by olecapt

If you really believe SK that you can get a 20% discount for cash you should probably away from the RE Market. You will simply be wasting your time.

Perhaps so. I have nothing to prove, though. I choose my battles more carefully than you do.