Inside Real Estate Investing
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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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A lot of real estate investors talk in code. Do you ever get the feeling like we are talking a different language? Have no fear, REI Blogger is here to save the day so you too can learn to master the fine art of “investmentspeak.” We don’t have many of them but here are the most important ones to know.
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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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A buyer has reviewed the package and would like to submit an offer to the seller. The seller explains to the buyer that they have it under contract with the bank and will sign a purchase agreement with the buyer once they provide proof of funds. However, the buyer will only proof funds once the bank contract can be verified. The reseller will not provide any proof of contract until the buyer shows proof of funds. Buyer thinks reseller can’t proof the contract and the reseller thinks the buyer can’t proof funds. Neither party is willing to take the first step. Here lies the chicken and the egg.
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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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Ahh, the non-circumvent non disclosure agreement. Why do we have them? If buyers and sellers will still circumvent you, what is the point? Well, for one thing, it gives those bringing the opportunity some measure of comfort knowing that there is something in writing should they have to take legal action. An NCND is designed to help ensure that the reps opportunity will not be pursued by the buyer without the reps’s involvement. However, having one does not always guarantee protection.
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I receive a lot of calls each day, approximately 60-70 so my days are pretty full most of the time. I talk to my sellers often updating and reviewing new inventory. I respond to calls from reps who are out there trying to find me buyers. But, the most important calls are from direct buyers.
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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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There is such an incredible opportunity for real estate investors to maximum returns in any market providing that you pick the right opportunity and the right exit strategy. Unfortunately, there is just so much information overload and too many opinions to lead you astray. Where does one turn to? REI Blogger of course!
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