I mentioned before that I am committed to providing information on transacting bulk REOs to make this a more fruitful business for all and to reduce all the rampant BS that is going on.
I promised my good friend Dan at MagicBullets.com that I would write 10 pages on the bulk REO business by Feb 1 and my time is running out!
I already have a good list of topics, but now I want to know…
WHAT WOULD YOU LIKE TO KNOW??
I get calls nearly everyday from people starting out in the business that have a ton of questions and I want yours too!
Give me your ideas by leaving a comment to this post.
Simply scroll down to the end and enter your information where is says, “Leave a Reply”.
If you don’t see that section, click on the title of this post first.
I look forward to hearing your ideas and I’ll be sure to post a copy of the ebook for you when it comes out!
To your success,
Abdul
How can I separate the BSers from the real deals??
A few quick questions come to mind, from my perspective as an REO “Bird Dog”
Being an intermediary w/o a R/E license :
–what’s the best way to ensure that all intermediaries (licensed and unlicensed) get paid upon the deal closing?
— NCND’s — What’s your take on them…are they worth the trouble?
more to follow. I’m sure….
Good Luck…
Frank Brunetta/ny
Hi, how important is a proof of funds and why does everyone ask for them? Thanks!
What is a “mandate”?
How to purchase only the properties that you want from a tape.
How to locate real estate agents in other states to sell your newly acquired
acquistions.
The big question is how to find standing financing for your tapes.
Much success in your endeavor.
I am mostly an investor in coastal Georgia. Can you send me bulk REOs specific to this area?
PS Am also a Broker in GA and Fl.
I am an REO noob and would love to see this contain a primer on the overall subject and what to look for in a first investment.
The do’s and the don’ts of making the proper selection
A list of “red flags” to look out for when looking at a deal
Where are the real investors? Their are tons of foreclosures in the Atlanta area! Where are all the investors to buy them? I am a licenced real estate agent servicing the Atlanta area.
Note: these are very few 1B deals done and 90% of all deals are BS. Most people are their own worst enemy. As an intermediary do you job. Introduce the parties and get out the way. Start small with 10-100 property tapes and work your way up.
Shaun, that’s great advice. Please do share more!
Do you have property available to purchase property in the western states, California, Arizona, Nevada, Washington and Oregon.?
Can the buyers use your management company when they buy the property?
Are your notes for sale to buyers, if there is a seller carry back?
What is the minimum amount of homes that we can purchase?
I sell bulk REOs and I would love to hear your answers to all of these questions?
Regards,
Marilyn
marauda.frisco@yahoo.com
Marilyn, I am no hovering, mystic guru of bulk REOs, but I have learned a few things from the school of hard knocks and it’s been more expensive than Harvard graduate school, literally.
I’m going to do my best to put together a good summary with some of the most important do’s and don’ts and everyone’s input helps – Thanks!
10 pages – yikes! Looks like an all nighter!!
Warm Regards,
George Wagner
Bulk REO Supplier
http://www.BulkREOTape.com
I would like to see a really good Glossary in your ebook to address the terminology and acronyms commonly used in the Bulk REO business. Along with that a questionnaire that intermediaries can use to interview both the supposed Buyers and Sellers of BULK packages would be nice.
We have just entered the fore because we wholesale properties for the buyers of these packages when that is the exit strategy (To the person that asked about real estate agents – save MONEY and TIME and use a wholesaler!). Anyway, I have never seen one of these deals go down and I have watched a LOT of people chase them. Obviously they do work because I am directly involved in the results of these deals but.. it’s still it’s own world!
Looking forward to the ebook! Thank you!
Thank you all for your comments, keep them coming. Abdul is working on producing a comprehensive guide and you’re helping him to get the answers to what you want and need to know most! Great questions folks!
Dan Auito
http://www.magicbullets.com
Please tell how real estate investors with lesser funds (Less than $ 100000) can get into the bulk REO game.Can I pick and choose the houses in areas of my choice and bid for them?
Thanks for attempting to write ebook and I look forward to get it soon.
I am currently facilitating the purchase of bulk REO portfolios from troubled lenders/servicing banks to European Institutional investors. I look forward to your e-book/guide, and everyone here can be of assistance with our exit strategy.