Inside Real Estate Investing
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Your a rep whose been working the phones trying to connect with sellers of large portfolios of REO assets. Your aggressive, your smart, your hip and your efforts are about to pay off. A seller finally agrees to let you represent a small pool they own. Congrats! Now what? You have buyers but have yet to sell anything and not entirely sure what the next steps should be. No problem. Let’s walk you through the steps to wealth, glory and fame (okay, maybe just the wealth part).
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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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You received a tape of REO properties. You’ve done an initial review and like what you see. The location is fine and the price is in line with your expectations. Now comes the time to make an offer to purchase. Depending on the types of deeds being conveyed will determine the purchasing process. Here’s a guideline of what you can expect.
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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 just picked up a bulk REO package of 25 houses in Florida but you live in New Jersey. You bought them at a great price and you want to resell them. Now what?
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I often receive calls from buyers who are distressed because they have been trying to buy bulk REO packages but have thus far been unsuccessful. Find out why.
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