BiggerPockets Real Estate Podcast

Episode: Agents Won't Bring You Deals? Tell Them This

Date: December 17, 2025
Hosts: Dave Meyer & Henry Washington

Episode Overview

In this engaging Q&A-driven episode, Dave Meyer (Head of Real Estate at BiggerPockets) and investor Henry Washington tackle some of the most frequently asked—and often frustrating—questions facing aspiring and experienced real estate investors alike. They focus on how to successfully work with real estate agents (and what to do if agents ignore you), analyze whether Chicago is a smart market to invest in, and dig into advanced financing strategies, including creative leverage approaches and how to thrive in times of rising renovation costs. Peppered throughout are actionable tips, candid advice, and real talk about what it takes to build strong, mutually beneficial relationships in today’s competitive environment.

Key Discussion Points & Insights

1. Why Real Estate Agents Ignore Investors (00:00–07:21)

The Problem:

• Many investors feel brushed off or ignored by agents as soon as they reveal their investor status.
• A listener asks, “Why do agents not want to talk to me? Am I calling the wrong agents?”

Insights & Advice:

• Skill Gaps Exist on Both Sides:
  • Henry points out, “Some agents just suck.” (01:48) — sometimes agents aren’t professional, don’t know how to work with investors, or simply don’t respond well. But some investors don’t follow up or are not ready to close deals either.
• Expectations and Communication:
  • Dave suggests being up front about your position: “Sometimes I’ll say, hey listen, I’m still in market research mode… I think that just setting of expectations builds a little trust.” (04:30)
• Mutual Benefit Mindset:
  • Henry: “The best way to get them to do what you want is to speak to them in the ‘what’s in it for them?’” (05:15)
  • Show an agent why working with you benefits them. Explain your investment goals and be truthful about your activity level.
• Persistence Pays:
  • Dave: “Just keep going until you find someone who will, because there is someone in every market who knows how to work with investors.” (06:29)
• Pro Tip:
  • “Call a title company and ask them who the investor friendly agents are.” (07:14) — Henry

2. Is Chicago Worth Investing In? (07:21–11:31)

Listener Question:

• Is Chicago’s high taxes, pro-tenant laws, or economics a dealbreaker for investors?

Discussion Highlights:

• Chicago Is a ‘Sleeper City’:
  • Dave calls Chicago “the most affordable large city in the US... If you want a cash flow area, you can absolutely find a cash flow area. If you want to find an appreciation area, you can absolutely find it.” (09:04)
• Multifamily Advantage:
  • Multifamily properties are taxed less aggressively in Chicago to encourage development, making them attractive options.
• Local Knowledge vs. Distant Opportunity:
  • Henry warns against chasing other markets: “What you give up in terms of understanding Illinois and understanding Chicago... you have to go build it again” (10:16)
• Market Fundamentals:
  • Chicago’s size, diversity, and lack of excess new supply due to restrictive zoning means less risk of oversupply compared to cities like Houston.
• Actionable Advice:
  • Leverage local REA groups and networks and tailor your strategy to your area’s unique dynamics.

3. Creative Financing & Leverage Strategies (16:30–25:57)

Question:

• How to buy a neighboring abandoned duplex when personal debt-to-income is maxed out? Options include HELOCs, DSCR loans, or private/hard money. (16:30–19:59)

Expert Guidance:

• Contract with Delayed Close:
  • If the seller isn’t in a rush, lock in the property and close after you become eligible for another owner-occupant mortgage.
• Small-Bank Commercial Loans:
  • Local community banks may offer higher LTV, lower down payments, and easier DTI standards, sometimes pairing with rehab loans.
  • “They’re going to care less about your DTI and more about the value of the asset.” — Henry (18:34)
• Leveraging HELOCs:
  • Use a HELOC for down payment or renovation—but never assume you can’t qualify; always check with a lender first.
• DSCR Loans Combo:
  • Consider using a DSCR loan to purchase and a HELOC for improvements. (19:59)

Question:

• Is leveraging 100% with a VA loan (zero down) a bad idea for house hacking? (20:59–25:39)

Key Takeaways:

• Depends on Your Situation:
  • “If you’re doing 100% VA loan because you don’t have any money to operate a property, then yeah, it’s a bad idea… but if you have savings, way less risky.” (21:20)
• Risk Is Not Just About Being Underwater:
  • Dave: “The risk... is that you cannot pay your mortgage and it goes underwater. It’s when those two things happen at the same time...” (22:51)
• Mitigate By Buying Below Market:
  • Negotiate hard, be patient, and “buy deep” to insulate against short-term market drops.
• VA House Hacking Is a Top Tactic:
  • “If you’ve got access to a VA loan and you’re going to house hack, it’s such a good way to do it.” — Dave (25:39)

4. Controlling Renovation Costs During Inflation (30:48–35:12)

The Challenge:

• With material and labor costs rising, how do you keep renovations profitable?

Actionable Tips:

• Adjust Your Underwriting:
  • “There’s only so much you can do… you cannot change macroeconomics... Find the deals that can accommodate the costs.” — Dave (32:02)
  • Henry adds, “If costs creep up on you, a profitable deal can turn into a non-profitable one. That says you didn’t underwrite the deal with enough room.” (33:06)
• Buffers & Relationships:
  • Always budget for a buffer, even outside inflationary periods.
  • Consistent contractor relationships can help you lock in fair prices, especially as volume grows.
• Shopping & Sourcing:
  • “I get a lot of my stuff on Amazon… sometimes 30–40% less than big box stores.” — Henry (34:03)
• Monitor Markets and Costs:
  • Always reassess your bids and be ready to renegotiate or walk if costs rise beyond your thresholds.
• Long-term Market Effect:
  • Rising costs will eventually be priced into property values; investors need to stay ahead by factoring those in before an offer.

Notable Quotes & Memorable Moments

• On Agents Ignoring Investors:
  • “Some agents just suck. People get their license... but it’s hard to be a successful agent. Lot of competition.” — Henry (01:48)
• Building Trust:
  • “Setting expectations up front... builds a little trust so they’re not wasting their time.” — Dave (04:30)
• Investor-Agent Relationship:
  • “A good agent is game changing. One of the best people on your team… just sometimes hard to weed through the nonsense.” — Henry (05:15)
• Chicago’s Value:
  • “Are there challenges [in Chicago]? Yes. But Chicago... has neighborhoods for everyone.” — Dave (09:04)
• On 100% Leverage:
  • “If you don’t have any money and that’s why you’re using 100% leverage, you’re probably putting yourself into a bad position.” — Henry (22:51)
• On Inflation and Renovations:
  • “You cannot change macroeconomics. That’s why it’s called macroeconomics.” — Dave (32:02)
  • “...You need to decrease what you’re willing to pay for a property in this environment and that’s what’s going to save you.” — Henry (33:06)

Timestamps for Key Segments

| Time | Segment/Topic | |-----------|------------------------------------------------------------------| | 00:00 | Intro: Working with Agents, Episode Overview | | 01:05 | Forum Q1: Why do agents ignore investors? | | 05:15 | How to approach agents—what’s in it for them? | | 07:21 | Forum Q2: Is Chicago worth investing in? | | 10:16 | Local vs. distant investing trade-offs | | 13:30 | [Commercial/ad sections skipped] | | 16:30 | Q3: Financing a trashed duplex with maxed out DTI | | 19:59 | Q4: Using DSCR loans and HELOCs creatively | | 21:20 | Q5: Is leveraging 100% with a VA loan a bad idea? | | 30:48 | Q6: How to keep renovation costs under control | | 36:40 | Conclusion: Keep Asking, Keep Networking |

Final Thoughts

The episode is packed with practical, real-world advice and clear-eyed views of challenges facing today’s investors. Key themes are relationship-building, creative problem-solving, and thoroughly knowing your market and your numbers. The hosts encourage listeners to persist—whether it’s finding the right agent, adapting to tough markets like Chicago, or structuring deals in a way that cushions against risk. If you’re struggling to get traction as an investor or are wary of the ever-shifting costs and regulations, this episode serves as both a tactical guide and a motivational kick.

Tip: Get more answers or submit your own questions via the BiggerPockets forums for free feedback and the chance to be discussed on air.