Inside Real Estate Investing
From the category archives:
Are you interested in earning $3,000 to $10,000 per month or more buying and selling real estate without the risk of ownership or obtaining a realtor’s license? There’s a low risk approach to doing so without laying out large sums of cash. It’s called wholesaling.
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Everyone wants to be direct to the bank when buying. Who wouldn’t. You get the best deals. You negotiate directly with the bank asset manager. Properties are free and clear and you close quickly. This is what most buyers would like to hear but the reality is much different. Unless you are a large hedge fund with deep pockets and even deeper long standing relationships with banks, you will be sorely disappointed. So how does one actually buy directly from the bank. You have three choices.
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In my 8 years of real estate investing, I have sold bulk REOs, flipped houses via wholesaling, completed several short sales flip deals, and flipped numerous pre-construction properties. I also have rehabbed over 40 single family houses here in South Florida. So, although I am not doing much rehabbing at the moment, I thought I would share with you my basic top ten rehab tips.
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As I have mentioned in earlier postings, I am often perplexed at the amount of requests received from buyers or their reps seeking REO packages with very specific requirements. Some are so specific, that even if I had the capability to compile, most are impossible to fill. Most sellers will stay away from filling any order, even if you can proof funds for a billion. Here’s why.
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BPO is an acronym for Broker’s Price Opinion. In general, the term Broker’s Price Opinion (BPO) is a method that a Real Estate Broker uses to estimate the value of a property. With each package of properties, the BPO price is usually listed but understand, these BPO’s are very subjective and not an exact science.
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You’re a real estate investor trying to buy at a discount. You certainly are not going to buy them off the MLS at 80% – 90% of FMV. Your plan is to purchase directly from the banks or private sellers, so you need to know what type of discounts you can expect to receive. Well, here they are.
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Brokers are a dime a dozen and I use the word loosely. They could be licensed realtors, brokers, atttorneys, investors, intermediaries or ex governors of Alaska (whose name shall remain anonymous). There are many good brokers out there who do a great job of buying and selling but when it comes to selling bulk REO packages, buyer beware.
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