Good morning continuing the journey today I will share the first lesson I learned.
Israelis don't have... really???
#יםמהשבוי Yishai Ashkenazi #Post4
Made in Blue and White, is there such a thing????
there's no place like home
When you arrive in the city where you work, there's nothing like finding people you enjoy spending time with, especially if they're Israeli, why not? On one of my first trips to Milwaukee I met an Israeli girl whose name I will not mention who introduced herself as a realtor who works in the city and whose husband does the renovations and her son manages the properties sounds like a family worth being in touch with. I invested in the connection and definitely used it for all property searches.
He is also a broker
In our case the same girl Rivka (pseudonym) was also an investor. At the very beginning, Rebecca made it clear to me that it is not worth being like all the Israelis who submit very low offers on houses and damage the reputation of those investors and of the field in general. I listened well, but I didn't have much to say except for the fact that every deal had to make sense with numbers and Excel. After a while, she took the initiative and offered me properties.
The two-sided duplex
At that time we were looking for a duplex for our investors. Rebecca offered us a duplex to buy that the neighborhood and the details of the deal sounded to us. Well, we made progress with the inspections and already at the stage of the inspections and the contract we found out that she is both the owner of the duplex and the broker of the duplex. The truth is that I didn't know the subject too much and when we asked Rivka if such a deal was possible because there is a conflict of interest, she straight away answered that there was no problem and that we would sign a form that the brokerage goes to another agent who is not her but works with her. Well we flowed and in the end the deal didn't go through because of the high costs of replacing the roof and we moved on.
Flip lines to his character
Those of you who do flips know honestly it's hard to find a flip deal in a sought-after neighborhood of flips. And here we found a property in Bay View, a neighborhood of distinct improvements in Milwaukee. The property went on the market and advertised on the same day Israel time and we immediately decided to send the realtor to the showing that happened that day and make an offer. Our friend Rebecca was chosen for the position. Well, after the visit we received impressions and submitted an offer through her and waited to hear back. We brought an attractive offer that is even higher than the asking price in order to be competitive and to win the deal. A day goes by and we don't hear from them. We ask Rebecca and she answers that she hasn't heard back from the seller about our request either.
when there is no choice
With no choice, I picked up the phone to the seller's broker who advertised the deal. And I asked him about the offer and he apologized and said that a higher offer than ours had arrived and that the higher offer was accepted. He also stated that the offer received was very close to ours. I was very intrigued to know who won the deal and when I asked him he threw out the name of a company that mentioned our old Rebecca's last name. And when I asked him if she was our broker, he answered yes. We understood straight away who we were dealing with here and it only made it clear to us not to approach this agent.
what did we learn
First of all, there is nothing like home!! And now seriously without any cynicism and bad word about Israelis pay attention! As soon as there is any doubt about a conflict of interest, cut it. Sometimes for reasons of cultural and language convenience we get stuck with a team that does not represent our interests but it is important to constantly check the team we work with and do business as honestly as possible.
Today in Bera I am holding a webinar on the topic of flip transactions. Anyone interested in the link is welcome to write to me privately
Pictured: the property in question in Milwaukee a month ago
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