Yesterday I brought a Realtor with me on a fact finding tour through several neighborhoods.

Since the agent knew the area well, I rode along in the passenger seat. On the first street through the first neighborhood I immediately saw a vacant house. The agent didn't believe the house was vacant and was ready to keep going. I insisted that we stop so I could get out and take a look.

Sure enough, the house was vacant and had no lockbox. This was my first lead of the day. I have already placed a call in to the owner offering to buy the house. If the owner does not accept my offer, I will suggest that they work with a licensed Realtor to sell their home.

Five hours later, after driving through several neighborhoods, I have a list of nine properties. The agent, by her own admission, would not have noticed most of these properties driving down the streets on her own. But since they are fairly easy to spot once you know what to look for, I now have another agent who sees their market through the eyes of an investor.

In the mix of nine properties one is completely burned out, another has a collapsing roof, another is FSBO with owner financing, and two are possible short sale listings.

In five hours leads were generated for the mutual benefit of an investor and a Realtor who are offering a solution for the real estate problems of nine different home owners.

I think, in general, most real estate agents (at least in my area) are not too knowledgeable about REI's. I have had a few Realtors claim that a certain property would be a tremendous investment opportunity for an investor, but based on the numbers it just wouldnt provide nearly enough cash flow for a savvy investor (there are so many costs associated with an REI that most agents simply do not calculate). If you find a Realtor who is knowledgeable, then by all means use them consistently (and they will reward your loyalty by bringing you deal after deal).