Hello to anyone that can help,
I'm fairly new to this. I finished Dean's "Profit from Real Estate Right Now" book last year and have yet to land my first deal. Finally I gave in and started the Success Academy last week. In doing so, I began to run a ghost ad to help build my buyers list. In response, someone from RCMA emailed me and says he has $300,000 to invest and he has given other agents this opportunity but no one took it. He wants to buy more then one property to generate postive cash flow. So I asked for some assistance from "live help" in the academy and they told me to ask him the questions for "Qualifying an investor." As I proceeded to, I realized how uninformed I was on some of the things he was mentioning to me (such as the lingo and more). That questionair is what I was told to begin with. But I believe I'm even more lost then I was before. So he was able to answer some general questions, but I told him I can find him property in the area he was looking to invest in and then he asked me "how, because" he "had been unable to." I literally was stuck in silence because I didn't have the answer. I'm linked in to foreclosure alert's website, but he doesn't want to be tied into someone else's loan. *Frustrated* what do i do? Where do I go from here? I even asked him "How much of an assignment or bird dog fee could he offer?" and he didn't really understand what I was talking about. So I told him what i thought it was which was my fee for finding the properties. Then he began to say "it depends!" I would love to do business with him because he seems motivated, but like most people say in these forums, REA's tend to think they know it all, so it's hard to get them to believe you can do for them what they couldn't do for themselves.
He doesn't have too much of a preference for property characteristics, he's willing to expense 30-40% on repairs, he's open to anything from condos to houses.
Where do I begin to look?
What do I say to him to assure him I know what I'm doing? This may be my first deal of many with him if things pan out the way they should.
FYI: RCMA =
Investment Real Estate Sales Group
in assoc. w/ Re/Max Commercial Associates
Best of Luck,
Real Estate Investor