How to Become a Cash Buyer, Beat Bidding Wars, and Avoid the Shared Equity Trap With Chris Quin of Flyhomes and Fred Glick

Here’s a glimpse of what you’ll learn: 

• What a bridge loan (swing loan) is and how cross-collateralization works in plain language
• Flyhomes’ buy-before-sell program explained with real numbers: cost, process, and timeline
• How buyers become cash-like purchasers and close in 10 days with no contingencies
• Why a Fly Homes cash-like offer is structurally stronger for the seller than a conventional cash buyer
• The Fannie Mae guaranteed backup contract and how it removes DTI barriers for move-up buyers
• Why selling your home empty almost always produces a better offer, and how to make that happen now
• Warning: how shared equity investment companies structure their contracts so the effective rate exceeds 20%
• How Apple’s Culver City campus is driving demand across the Los Angeles Westside from Culver City to Westchester
• The markets where buyers need a fully underwritten pre-approval just to be competitive

In this episode with Fred Glick and Chris Quin

How do you compete with cash buyers without being one?

In this episode of We Fixed Real Estate, Fred Glick of Arrivva and Chris Quin of Flyhomes break down the buy-before-you-sell strategy, 10-day closings, and the financing tools that give you a serious edge in competitive markets like San Francisco. From hidden costs to bidding war realities, plus a warning on risky shared equity deals, this episode reveals what most agents won’t tell you. 

Watch now before you make your next move.

Resources mentioned in this episode

• Fred Glick on LinkedIn
• Arrivva
• Schedule a Call
• Flyhomes
• Chris Quin on LinkedIn
• NMLS Consumer Access

EPISODE TRANSCRIPT

[00:00:17] Drew Thomas Hendricks: Welcome to the next episode of We Fixed Real Estate. Today, we have a special guest on the show, Chris Quin from Flyhomes. He’s gonna go over his unique product that allows you to become a cash buyer and its relationship to Arrivva. Welcome to the show, Chris.

[00:00:31] Chris Quin: Thank you, Drew, for having me. And hey, Fred. Good, thank you.

 But no, thank you for having me. You know, I’m really excited to be able to speak about Flyhomes and how we are in the market to change how home sellers are transacting out there and getting into their new home.

We’ve come up with the buy before sell type of transaction where we’re looking to get you into your new home before you sell your existing property. A lot of advantages to this, including buying a home that checks all the boxes, not having to get pushed into a new home because you’ve gone under contract.

Just ease of marketing on your property once you move out. You know, we’ve surveyed few listing agents out there and oftentimes they’ll tell you, you know, if that house was empty, I could get a better offer. So, you know, right now we’re saying to borrowers out there, this is a time for you to be able to find your next home, get in, and your listing agent will be pleased to, you know, show your home as a blank canvas.

That alone will help pay for the cost of the program in itself because it’s gonna bring a better offer. So you can offset costs with a better offer on the home because it’s empty.

[00:01:59] Fred Glick: Yeah. And I wanna say something just so people understand the vernacular, the word swing loan, bridge loan, it’s all the same.

And this is what Chris is talking about. We’re bridging you and by helping you buy the new house before you sell the old one, or it’s a swing loan where we’re swinging the money ahead of time for the first one. So those are synonymous, those words. The words you’ll hear are cross collateralization. It sounds heavy and all that.

But basically when you make, Chris makes these bridge loans to buy the new house before you sell the old one. They put mortgages against both properties. So when you sell the old house, that mortgage comes off usually because you’ll pay it off at that point. Or a combination of that and maybe a refinance of the primary residence, the new primary.

There’s all kinds of detail, and I’m not trying to confuse everybody. I’m just trying to tell you the devil is in the details and every single situation is gonna be a little bit different. But let me, let me quiz you on this, Chris. So let’s say we gotta, just to make up some numbers. A new buyer wants to buy a house for $2 million.

He’s got a house worth a million dollars with a $200,000 first mortgage on it, and he is got 200 300,000 in physical cash he can use for a down payment. Using those numbers, give a person what you can do, assuming everything appraises and all that kinda good stuff. And what and what it’s gonna cost them.

[00:03:40] Chris Quin: Sure. So, you know, under that situation we could go, what’s your new, new purchase price? I’m sorry.

[00:03:49] Fred Glick: 2 million.

[00:03:49] Chris Quin: Yeah. I mean, we can go up to a hundred and 5% of that purchase price on a new loan. So if I was to say to your buyer, you know, we’ll lend you 2.1 million to buy that $2 million home. And the reason why we’re going over it is there’s closing cost involved with everything.

Now we’re financing that as well, short term. We’re going to enable the buyer to basically move from one home to the other with little out of pocket money going towards down payment or closing costs. The, where the details come in is the, everything’s being predicated on you selling your departing residence.

Once that home sells, you’ll then be required to pay down this mortgage at the sale of your departing residence so that we would release the lien off of the departing residence. ‘Cause we are gonna lien both properties. So at the outset we will explain that well with the sale of your departing home, we are going to require this much of a pay down on our loan of 2.1 million to release the lien.

The remaining balance will be left open for you to decide how you want to take care of it, either in the form of a rate term, refinance, setting your long-term financial goals with a mortgage that you can pay and feel comfortable with which means you may be applying more proceeds from the sale of your departing residence to pay down this balance even further.

And getting into a rate term refinance that you’re comfortable with. That’s where you’re working with your mortgage loan officer to discuss these details and what it would look like. You asked about costs. A very good question. All of the loans that Flyhomes originates, we do charge an interest only number of 9.99%.

It is interest only, and we do not take a payment. So while the loan is outstanding. You will be accumulating on a daily basis at 9.99%. And the whole idea being get your home that you are leaving sold as quickly as possible so that you’ll stop paying the 9.99%. As far as upfront costs are concerned, if you are to finance all that money, that 2.1 million or you know, over 90% of the new homes purchase price, we will charge a fee for that.

In addition to you’ll, it will be 1.5% and then you’ll have a broker fee more than likely from your loan officer to get you into that new home. If you do come up with some money to put down and you can constitute a 10% down payment, I will lower my origination fee to 1%.

[00:06:43] Fred Glick: There you go. Okay. Yeah, and our broker fee’s just the simple $5,750, so fixed price on that.

Now that’s kind of the typical swing loan. There’s some other programs Chris has that are fabulous and one of them I’m kind of playing with now, assuming we get this thing straightened out, okay, there’s a rule for Fannie Mae. Fannie Mae says, if your problem is you’re trying to buy a new house, but because you have your old house mortgage payment, it brings your ratio too high above 50%.

Let’s say you’re doing a conventional loan. Chris has this program where they will guarantee to buy your current resident at a reduced price, of course. But the great thing about this is based on Fannie Mae’s rules and the way their contract’s written, the underwriter then does not have to count that payment against you.

So if you have the money for the down payment and all that kinda stuff, but your ratio’s high, the idea is you pay a flat fee, it’s either 2,500 or 5,000. And Chris, you can explain the difference and then they will guarantee that they’ll buy your house at a lower price than the market price. But it’s like six months later.

It’s just something to get you into the new house. Although you’ll still have a mortgage payment on the old house, so you’re still gonna have a lot of debt to pay. So realize that, but it’s a means to an end. And after he explains this, we’re gonna go into the really good program. But go ahead Chris.

[00:08:18] Chris Quin: So that is our guaranteed backup contract, Fred.

And basically it is just that, it is a backup contract. It is a delayed purchase contract. We’re going to give you six months to sell your property once you acquire your new property. It is a below market offering and as far as costs are concerned for this contract to enter into, if our contract price is 500,000 or less for your new home, it’ll be $2,500.

If it’s a million dollars or less, it goes up to 5,000. And there is a level in there at seven 50 where we’ll be at 3,500. So that kind of money is now going to eliminate your debt to income issue that you’re having on your new purchase financing because all the debt that is on your departing residence is being eliminated from the debt to income calculation on your new mortgage.

So the underwriter will just eliminate that. You’ll have this contract as part of the underwriting file and you’re gonna be moving into your new home because you’ve just met your DTI threshold. It is a six month delayed purchase. So it’s our hope that between you and your listing agent, you can feel confident that that home will be sold in six months.

Oftentimes it, you know, we, we’ve bought I think, 1, 2, 3, maybe homes over the past 4,000 that we’ve done. So it, it really, are we ever pressed into having to buy that home? You know, we’ll do everything we can not to buy that home, to be honest with you. You know, if we see up to four or five months that that home hasn’t gone under our agreement, we’re gonna be making some calls, talking to the listing agent, talking to the homeowner, coaching them up a little bit more, maybe suggesting they do a another open house.

Maybe they consider a price drop a little bit. There’s gotta be some between what we’re willing to pay for that home and where you’re listing that home that will buy your home. So it’s just finding that person in the middle to get it sold.

[00:10:29] Fred Glick: Cool. Now here’s my favorite program. So if you’re looking to buy in Bellevue, San Francisco, Cupertino, or those types of places where single family detached houses with great schools, goes off the shelf in about 15 minutes, this is a great program.

So if I have a buyer, I will go and they, or they will get their fully underwritten pre-approval either by me, Wells Fargo, whomever. We take the application, the credit report that’s pre-approval, send it to Chris, and Chris will approve the product. And it, this is, this is not any extra money or anything anybody comes up with.

So people know they’re gonna put their regular down payment. So, but instead of going to Wells Fargo to get your mortgage, takes, you know, 15 days and you have, even if you waive the mortgage contingency, the seller still knows you’re getting a mortgage and things can happen. So what Chris’s program is, is you become a cash buyer.

They basically say, “Look, we know you’re fine. You’re gonna be able to get a mortgage down the road after closing, so we’re gonna give you the money upfront and make you a cash buyer.” Because the agreement that they give that we give to the seller and seller’s agent says that if this buyer doesn’t close Flyhomes is gonna close on this property for that price.

So the seller at this point has a better offer from the Flyhomes deal than a cash buyer. ‘Cause a cash buyer could just walk. These guys are saying they’re gonna buy the property.

So you go in, you’re now a cash buyer. You close in 10 days. You still have to give all the documentation to Chris for income and assets. That’s federal law. Anybody giving a, an owner occupied loan hats to document income and we go to closing the 10 days is the ones we’ve done. It’s no problem. You close and then at the close of escrow, the next minute you then call Wells or me or whomever refinance their mortgage, get rid of it. ‘Cause you’re paying 9.99%. You don’t wanna do that anymore.

[00:12:44] Chris Quin: None of our loans have prepayment penalties. In fact, we wanna get paid off the next day. So.

[00:12:49] Fred Glick: And you don’t have payments either, right?

[00:12:51] Chris Quin: Correct. There’s no payment on any of our loans. They just accumulate interest over the time that it’s outstanding.

So we, we like to use the word cash-like. Because saying cash is, is…

[00:13:04] Fred Glick: Yeah. Yeah.

[00:13:04] Chris Quin: You know, a little misleading in the fact that we’re showing up to the table with a mortgage and a lien and everything else, but we’re there in 10 days. There’s no appraisal contingencies. There’s no contingencies whatsoever. We’re ready to go.

And it’s all pre predicated on your mortgage loan officer’s ability to pre-approve you and submit that documentation to our underwriting department.

[00:13:26] Fred Glick: Gotcha. The cost of that, if I remember correctly, is 1% of the loan amount.

[00:13:31] Chris Quin: 1%. Now we have changed the guideline a little bit since you’ve used it last.

It does require a 10% down payment. So we’re not doing it now at, at 5% anymore. So 10% down payment, no government product. It’s all Fannie Freddie.

[00:13:49] Fred Glick: Fannie,  Freddie. Okay. Yeah. And, plus we charge our broker fee on the $5750 on top of the 1%, and there’s a couple little charges like the credit report, tax service fee, flood service.

[00:14:00] Chris Quin: In normal title.

Yep. In normal title.

[00:14:03] Fred Glick: Yeah. So it has won us deals where, you know, in addition to getting the thing done in 10 days and the lender saying they will buy the house if the buyer doesn’t show up. The other beautiful thing with this you have to do is be at the right price. So it, you know, in and it is crazy bidding wars.

I mean, it just stands out and it’s a wonderful product.

[00:14:32] Chris Quin: And what a savvy buyer and broker, mortgage broker will do is, you know, you’ll get your offer tentatively accepted. And then you’ll ask the seller to increase it by a few thousand and have them pay the closing costs.

[00:14:49] Fred Glick: Yeah, we can do that.

[00:14:50] Chris Quin: Yep.

[00:14:50] Fred Glick: Usually our buyers it, it’s not a big deal, but yeah, it’s good to know it’s available and you can do it. We’re in Washington and California, Pennsylvania, Florida, and Texas for mortgages. So it’ll work in all those states, correct?

[00:15:05] Chris Quin: It will. Correct.

[00:15:06] Fred Glick: Okay. Can you tell us any, anything a buyer or a seller should know that’s been a horror story on your end that could have been prevented?

I know I’m kind of throwing that out.

[00:15:21] Chris Quin: Yeah, yeah. Really nothing’s standing, you know, sticking out because we close these so fast, I think more problems occur when there’s a longer period between contract and, and closing date. But as far as, you know, any bad stories that I can think of, nothing, nothing’s really sticking out.

And just to give you a little background, you know, I’ve been with the company since April of last year. I came from a company that did this type of lending as well. That’s well known in the, in the mortgage field. But I, I’ve loved this bridge product and I came here because I felt as though Flyhomess definitely had the best products when it came to bridge lending and…

[00:16:07] Fred Glick: Gotcha.

[00:16:07] Chris Quin: Some of the least expensive ones too.

[00:16:09] Fred Glick: Yeah. Yeah. It really is. We’ve looked at others and they’re two and a half points and it’s insanity. This, this product’s cheapest, easiest, best product and they only do wholesale. So you have to go through a mortgage person, originate it, which is easier for them not having to deal directly with the consumers on these.

[00:16:32] Chris Quin: Right.

[00:16:32] Fred Glick: It’s, you know, it’s just better.

[00:16:34] Chris Quin: We deal with like minds.

[00:16:38] Fred Glick: Yeah. So we deal with you consumers, but we’re happy to do that.

[00:16:42] Chris Quin: We leave that to you.

[00:16:43] Fred Glick: It’s a great, they have a great array of products and don’t be scared of these things as long as you’re going to do the right thing for your existing home.

You know, go over a plan with your agent, or us if we’re your agent, about pricing and what you’re gonna do and how. You know, once you get out of the property, they can clean it, they can digitally stage it, they can regularly stage it. It just, it’s just easier for buyers to buy a house like that. It’s really what it’s about.

[00:17:16] Chris Quin: Right. Yep. And just to revert back to your other question, previously, I didn’t really have any thoughts about, I think that is where more of the troublesome would, would occur where you’ve got a homeowner that’s just chasing a market that’s just unrealistic in their eyes for a sales price.

So you, you have to have the right frame of mind that you’re going to sell your home. Every home will sell in a market as long as it’s priced correctly. So as long as you’re not pricing it incorrectly and you, and you’re chasing a dragon, you’ll be fine.

[00:17:51] Fred Glick: Drew, as a consumer.

[00:17:54] Drew Thomas Hendricks: No, it’s very interesting.

I would, I think it would be helpful to the listeners, we talked to ’em very high, high abstract, in a lot of percentage terms. Maybe walk us through the sale of a $1 million house and the purchase of an equivalent house because you, you went from 1 million to 2 million and there’s a…

[00:18:09] Fred Glick: Yeah, they’re buying a $2 million house. They’re selling a 1 million.

[00:18:12] Drew Thomas Hendricks: They’re selling it. That’s a large price increase. Like typically you, you kind of sidestep from one house to something roughly the equivalent.

[00:18:19] Fred Glick: Well, I mean, you bought a house 10 years ago for 600, now it’s worth a million and you got a better job, more money, and you’re buying a 2 million. I mean, you got now three kids and you need more bedrooms.

[00:18:33] Drew Thomas Hendricks: Okay. I mean, the numbers make sense. I thought it’d be to walk someone through a little more visually or verbally.

[00:18:40] Chris Quin: Well, I’m trying to think how I can accomplish that for you. But you know, you we’re traditionally going to sell your home.

And once that occurred at a closing table, you were gonna be given proceeds from the sale of your property, and then you were gonna walk to the next closing and buy your next house with those proceeds. Now you are just going to go buy that new home first. And worry about proceeds when the day comes that you do sell your departing residence.

The financing under the, the previous format was set. You came in with proceeds, you had ended up with a $600,000 loan. You are going on your way or whatever. It was a $1.4 million loan. Now that financing is only gonna take, that’s gonna occur after you sell your home and you go and do your rate and term refinance with proceeds in hand from the sale of your property.

You’re paying down the loan that I gave you to get into the home. Which is a lot more than you wanted to borrow, but this is what you borrowed to get into that home temporarily. Now it’s time to get your financial, finances in order with the loan amount that you are comfortable with going long term, and that’s when you’ll apply the proceeds to pay down to that point.

And then the rate and term refinance occurs. And now that’s where your mortgage payment will be set for the next, you know, 15, 20, 30 years.

[00:20:17] Fred Glick: One thing to add, any fees you pay upfront for to, to acquire a mortgage of any kind, broker fee, Chris’s fee, at the time that you close that they are tax deductible.

So it’s gonna cost you a little less than you think ’cause you’re gonna save on taxes assuming you itemize. So that’s something to keep in mind. It’ll help to fray the cost a little bit, but it’s something.

So this is extra cost to get it done, but the fact is you couldn’t do it the other way or it’ll make more sense selling your house empty will get you more money. So in the end, you’re saving money by doing it this way. But talk to your real estate and mortgage professionals, go over this. Make it a plan just to be able to do it right. So you don’t have problems down the road.

[00:21:12] Drew Thomas Hendricks: And I can see it being very valuable also for not having to worry about moving outta your house.

You can just move from one house to the next without having to put yourself in storage or, and or renting a house.

[00:21:25] Chris Quin: Correct. Yeah. You don’t have to deal with the, with that multiple move. And just the stress level, what that is paying off for you is amazing.

[00:21:38] Fred Glick: Absolutely. Well, Chris, anything else to add?

I mean, this has been great.

[00:21:43] Chris Quin: No, no. And again, I can’t thank you both enough for getting me exposed like this and in a nice way.

[00:21:51] Fred Glick: Okay. That was a weird sense.

[00:21:52] Chris Quin: You know, hope that it drives more business your way as well, Fred.

[00:21:59] Fred Glick: Yeah. Thank you. Yeah, I hope it does too. And don’t be scared and you know, anybody, you can ping us and schedule Google Meet at arrivva.com/talk and let’s go over the details of it.

Happy to have a discussion.

[00:22:14] Chris Quin: All right. And I look forward to fulfilling that for you.

[00:22:16] Fred Glick: Thank you. And Chris.

[00:22:17] Chris Quin: Thank you everyone. Bye-bye now.

[00:22:19] Drew Thomas Hendricks: Thank you so much.

[00:22:20] Fred Glick: That was super informative. I was so glad I was able to come in and explain this really just valuable offer.

[00:22:27] Drew Thomas Hendricks: Or valuable tactic to get you in a home in a hot market.

[00:22:30] Fred Glick: We have been very successful with this product. It only takes like 24 hours for them to underwrite the file. It’s really quick. It’s really nice. So kind of do this at the last minute. What happens is I’ll get clients that come in, make two or three offers, and get their doors blown in.

[00:22:48] Drew Thomas Hendricks: Mm-hmm.

[00:22:49] Fred Glick: Clockwise and cash offers and then they see, “Hey, we better be a cash offer and then, and we better go to this price.” So, you know, it, it just makes sense at some point where it’s like, you know, either, well, let me say this. Clients either come all in, say, “Yeah, we’re gonna buy,” or they’re like, “This is nuts. I’m outta here.” And it’s happened. I mean, you know, you generically see or read things about the market and you look at the house and say, “Oh, this is a nice house.” And it’s listed for 2 million. Well, we’ll offer 2.3 and be really aggressive. And it ends up going for 3.5

[00:23:29] Drew Thomas Hendricks: Wow.

[00:23:29] Fred Glick: For catch. And they say, “No, I’m not paying 3.5 for these houses.”

But that’s Cupertino, that’s Belmont, that’s San Carlos, that’s San Francisco now. Hillsborough, Palo Alto, Atherton, Mountain View, Los Altos, Los Altos Hills. Los Gatos, Saratoga. As you can see, I’m telling you just about the entire peninsula.

And I’m picking out the places that I’ve good school districts. So that’s what’s really going on right now, this minute. So, you know, if you want to get into it, the product’s there to do it, that’s a good thing. Now let’s go into something a little bit different. I want to, let’s scare, I wanna warn people about.

[00:24:20] Drew Thomas Hendricks: Oh.

[00:24:22] Fred Glick: You’re hearing about these, these guys are out there now. They’re, what they do, they have these nice commercials about, ” You can get your home equity and not make any mortgage payments. Do, you know, the improvements to your house,” and blah, blah, blah, blah, blah. That sounds so sweet and nice and easy. But the reality is, number one, these guys are not licensed, and they should be by the National Mortgage Licensing System.

They’re, they’re basically gonna give you, let’s say, a hundred thousand dollars, but they’re going to do it as a shared equity situation. So within 10 years, roughly, and all of them are a little bit different, you have to pay them off or refinance them, but it ends up being way over a 20% interest rate.

If you calculate what you’re gonna have to pay them back, it’s usury money. It is awful. It is expensive and they have disclosures, but they bury them. So it’s really, really, really important to not go with these clowns because that’s what they are. They’re there to rip you off.

But it’s only an absolute last resort if you can’t qualify for a, a credit line or a second mortgage that’s fixed or, or a new first mortgage where you can get the cash out. But be extremely careful with these programs. So, and they’re there to like, make it sound like the greatest thing in the world, you know, for advertising purposes but they’re really scary. Friend of the show, Wendy Gilch, she actually testified in Harrisburg, Pennsylvania at the state about these characters.

[00:26:08] Drew Thomas Hendricks: Oh really?

[00:26:08] Fred Glick: And they were, yeah. And they were there, you know, saying, “Oh yeah, this is not a problem.” They were just full of it. They were trying to make every stupid case of why they don’t need to be regulated. When somebody, you know has to defend the fact that they don’t need to be regulated means they need to be regulated.

You don’t get put up in front of a house committee in a state house because you did the right thing. It’s, you know, they’re doing the wrong thing and they’re just making ridiculous amounts of money from it.

So there was this old thing years ago that actually was good. It was called a shared equity mortgage from FHA, and they would say, okay, let’s say you have a friend or your parents and they’re willing to put up the down payment, which was 3%, roughly two and a half, three, three and a half, this is something like that back then.

And then they would share in the equity in the property with you, but you’d still have to qualify to make the mortgage payments. So this has helped you get cash. It’s actually a great theoretical program. You know, and then you have your own deal with your, you know, your cousin, your parents, your friend who’s given you the money.

But they canceled that program in the eighties, whereas their early nineties, somewhere around it. But these guys are trying to take that and just rip people off with it. So I wanted to make sure everybody knows about it and get it out there.

[00:27:36] Drew Thomas Hendricks: That’s a good public service announcement.

[00:27:38] Fred Glick: There you go. There was one other thing I wanted to cover.

[00:27:45] Drew Thomas Hendricks: You’re talking about Apple opening up in Culver City.

[00:27:50] Fred Glick: Oh, okay. – Los Angeles, west, west side buyers. Especially if you’re like million to 2 million.

[00:27:59] Fred Glick: Good stuff is going off the market pretty quick. With multiple buyers.

[00:28:05] Drew Thomas Hendricks: Hmm.

[00:28:05] Fred Glick: Why? Apple? It’s all Apple’s fault. No, they’re building a nice facility in Culver City, brand new.

I dunno how many people they’re bringing on. Probably, obviously people can try to check, but it seems like the people who are going to be working there don’t live here now. They’re coming from other places. So what they’ve done is now they’re people who are getting paid well wanna buy property. So they’re adding to the number of buyers generically from that, I think it’s right near Robertson in Culver City. Kind of like the very north end of where the downtown is. Right around there.

So you spread out there that, we got people as far as the beach, Venice, Playa del Rey even, I mean all the way down where they’re gonna be buyers.

Delray, Mar Vista, obviously Culver City, the two Culver Cities as I call them. The one that has the Culver City school district and the one that’s the LAUSD school district, which is also busy. All these are, Westchester, something went off the market, on and off the market in three days in Westchester.

Exactly. That’s in case you don’t know kids, that’s right near the airport. So, unfortunately, Apple has increased prices here in Los Angeles because of them relocating and having people there going to an office. So you see how if you, you know, the dynamics of living based on your company where you have to go to an office or don’t have to go to an office, has really changed each individual market.

[00:29:55] Drew Thomas Hendricks: That’s incredible.

[00:29:57] Fred Glick: Yeah. So. So thanks to Apple, prices are going up. And here’s some advice. If you see a property, you love a property, somebody else is gonna love that property too.

[00:30:09] Drew Thomas Hendricks: Hmm.

[00:30:10] Fred Glick: Bid. Have a fully underwritten preapproval. I’ve only said that 20 million times. Maybe even get a approval for what Chris’s program is, or you’re now a cash buyer and then make that offer right away.

A lot of these agents, they don’t have offer dates. They don’t even put it in the MLS, that, “Hey, we’ll accept offers as they come.” They don’t put anything. So that’s why, you know, you go see it, you contact me, I’ll contact the agent, see what’s going on, and sometimes they say, “Oh, we already have eight offers.”

You know, it’s like that.

[00:30:42] Drew Thomas Hendricks: Wow.

[00:30:42] Fred Glick: Okay. Yeah. So act fast, be prepared, act fast. Those are the two most important things.

[00:30:49] Drew Thomas Hendricks: Especially in the hot market. And also, I guess stay in tune with, with the local business journals and news and see what companies are coming into your area. You might get notification that, you know, here in Carlsbad we have ViaSat, it’s the leading employer here, but you know, we also have Titleist in Callaway.

But if they were to set up another like satellite plant here, it’s gonna definitely impact prices.

[00:31:14] Fred Glick: Without a doubt. Yeah. Nike golf set up there. Yeah. I mean, it, it’s who’s gonna be there? What are the, how much are they gonna make? What are their salaries? How many of them are there? How many are gonna buy?

I mean, you get kind of a generic idea. But yeah, it’s crazy. Set yourself up on an ai agent to remind you to find on the web in your city that you want. What companies are coming there, how many employees are they gonna bring, and when are they gonna open? There’s an AI agent for you.

[00:31:49] Drew Thomas Hendricks: Yeah, that’s a good idea.

[00:31:51] Fred Glick: So, well, let me give you an idea just of one thing we’re gonna eventually get to. So we work outta Slack channels and what I say to people is, “Hey, if you have a property you’re interested in, Slack it.” Then I go to the multiple listing service, I try to find the link to the downloads for disclosures and inspections, or maybe there’s none.

Maybe you gotta send an email to the agent to ask them for it. Maybe there’s agent to agent notes about offer dates and stuff like that. So I, I want the AI to go in there and do all that work for me. But it’s gotta be perfect. It’s gotta work. Right. And then throw everything back into the Slack channel and be able to send you reminders of when offers are due and things like that.

So that’s kind of what we’re working towards to automate the Slack channels for the mundane stuff.

[00:32:41] Drew Thomas Hendricks: And that…

[00:32:42] Fred Glick: And then I could spend the time talking to you about how, you know, the idea of what to do for an offer or why you do certain things. So that’s the goal.

[00:32:51] Drew Thomas Hendricks: No, that’s perfect use for it.

[00:32:54] Fred Glick: Yeah. ‘Cause the idea is we want to give you our brain for things that we can’t do AI with, but I wanna have the AI do everything else. So that’s what we’re trying to move to. And that’s what makes us different. There’s another reason, compared to your basic two and a half percent agent at a big brokerage who has a Gmail account.

That drives me crazy, by the way. Gmail, Yahoo, Aol.com, Verizon, if your agent has one of those accounts, that means it’s probably not end-to-end authentication. And so if you’re sending over private information, it could go wherever, whenever. Don’t use an agent who doesn’t have a corporate email that’s got encryption on it.

[00:33:41] Drew Thomas Hendricks: Sure.

[00:33:42] Fred Glick: So, I mean, you’re still gonna do it in the end ’cause you like Susie, but Susie is a digital idiot and it cause problems for you. It drives me crazy. ‘Cause it also, you send emails to these agents, goes to spam ’cause everything goes to spam.

Because everything is spam when it goes to AOL. But really an AOL count in 2026. It’s…

[00:34:06] Drew Thomas Hendricks: Yeah. Routine. Routine observation on this show. Think on that note, we have finished this latest episode of We Fixed Real Estate.