Guidemap to finding REO Gems...let the adventure begin!

...Good points about the ghost ads. Also, I like the ghost ads just to gauge an interest in a particular area, proeprty and/or price point as well. Believe and Achieve! - Joe

...have your real estate agent run you the REOs available in your target area. Then cross reference the addresses with the local tax assessor or treasurer. It will show you what bank owes the property. It is a little extra work but worth the effort because the right information can be priceless. Good luck. Believe and Achieve! - Joe

....The key here is to do a double close. Yo uwill need to line up hard money, private money or transactional fundign to do this. Transactional funding only cares that your end buyer is paying more than you lock up the property. The transactional funder will loan the money for 24 to 48 hours to compelte the double close. Just make sure you run your numbers to ensure the profit is enough to cover all the fees, the double close and produce a profit for your pocket. Good luck. Believe and Achieve! - Joe

I now have some great properties in IN, OH, and MO that I'm ready to sell. I have the rehab team ready and the sales price includes rehab and is investor friendly. I just need buyers! I even have the resources to offer seller financing.

Any tips on attracting buyers in these areas? How should I market to them. I'm trying to find out how to get the word out. The market out there is very different than in CA. Any help is appreciated.

....Every buyer loves a great deal. So real estate is no different. If you lock-up a great deal, you can usuaully provide your buyer with a great deal too.

Here are some great links on DG.Com to reference in building a buyer's list:

Totalviewrealestate.com provides information and videos on finding Buyers:
http://www.totalviewrealestate.com/sellit.php

Dean's Success Academy Coach Jeff Jenson Building Buyer's List Tips:
http://www.deangraziosi.com/real-estate-forums/marketing-buyers-and-sell...

Video by Dean on Building a Buyer's List:
http://www.deangraziosi.com/emd/videm/buildbuyerlist

Conference Call with Dean and Jeff Jenson on Building a Buyer's List:
http://www.deangraziosi.com/content/conference-call-tuesday-december-22n...

DG Success Fest link to download (Chapter 1) a FREE Guide to Building a Buyer’s List:
http://www.deangraziosi.com/content/new-week-new-successfest-treats-you

Good luck. Believe and Achieve! - Joe

I have a chance to assign a property and make a nice profit in Virginia Beach, Va. Is assignments legal in VA? I am from Jacksonville,Fl. If so what are the legal ramifications? Has anyone on this site ever done one in Virginia? If so do they have a blueprint of the contract used being that I dont have the money to hire an attorney for the legalities. Any information will be greatly appreciated.

Seeking overall prosperity in life,
Carlos

Thank you very much for your advise, Joe. I really appreciate it! Unfortunately, this property got listed with an agent and got a good offer, close to asking price according to the agent. But I still have asset manager's contact information, so I will get in touch with her again soon. I also got a call from another credit union about one of their REOs! Things are moving forward, slowly but surely:)

I've read somewhere on this site that you might be coming to Seattle in July. Is this going to be part of a seminer or training?

Thank you again!!
Naoko:)

....You might want to speak with a real estate attorney and/or a title company. Most professionals will give you an initial free consultation for a 1/2 hour and then charge you for services you agree to. Good luck with this potential deal. Believe and Achieve! - Joe

....Keep up the good work. The more REO Asset Managers you contact the better chances you have of locking up a deal. Persistence will pay off. The more often you contact them the better. Usually I will emai lthem at least once every feew months to stay in contact. When they get a proeprty, I want hem to think of me first.

I will be probably be traveling to the Seattle area in the next few weeks. I am training and mentoring a few DG students for a few days. I have been to Seattle earlier in the year and enjoyed the area. I look forward to my future visit. Believe and Achieve! - Joe

...Welcome to the DG website and I am happy you found this forum thread useful. Good luck with real estate investing. Believe and Achieve! - Joe

Hey Indiana,

I know this is an old subject but you need to have an llc to do a double closing. After you sell your llc and the deal is all said and done do you buy another llc with the same name you had before. Also can you double close on several properties at the same time.

Sicerly,

Jerry Flores

Hey Joe, I know you're the resident bank expert so I come to you with this.

I want my offers to get accepted by banks so I want to avoid contingencies, as others advise. I don't have earnest money to risk. Just scraping up enough to back-up a check for the earnest money is a challenge.

My question is: "Are banks accepting offers with either "inspection"/"partner approval" contingencies or minimal EM offerings (ie: $10)"? My understanding is they expect at least $1000 for EMD.

This has me very apprehensive about making REO offers.

Thanks a bunch
Steve

Hi Joe, I would like to congratulate you on all your success and a whole lot more to come. I would love your assistance with creating a email system or a simple email
to broadcast to a list of "Asset Managers" I have email-addresses to..or...point me in the right direction.

Thank you so much in "Advance."
Maurice

_______________

"Keep Going"

great advice, Joe.....keep up the good work!!!

Depending on the bank size the smaller are the easiest to work with right now. Credit Unions are a great source and are usually eager to work with you.
Most banks and such have what is called a Loss Mitigation dept. So what is that?
It is virtually impossible to complete a successful short sale without dealing with the loss mitigation department at the bank. So, how do you deal with loss mitigation successfully?
You have to be very nice with these people or they hang up and will not deal with you. In a short sales situation you can approach this dept on behalf of the owners and actually work a deal with them to get the property at what is owed and even below that.
Be prepared with comps so that you can tell them what homes are selling for just like it. In many cases what is being asked for the property is higher that than the comps.
Be prepared with all the facts of the property. these are the people that make the final decisions so you are talking to to the right people.

Thanks Indiana-Joe.
This is something I would do. I find this piece of yours helpfull too me. I will be able to approach the right people (Banker's)in a correct way with the right ideals and focus at hand. It's simple isn't it?

F. Lambert

"Fortune Favors The Bold"

Thank you so much for this. I used to be in real estate YEARS ago and always wondered how people got the REO listings before anyone else ever knew about them.

I'm assuming that a few simple Google searches will help you find the smaller banks in your area. Is there any other way to search for them? I've never even noticed a small bank anywhere. Seems like we're overwhelmed with the "Biggies" every few blocks.

A student sent me a PM regarding finding REOs. So I thought I would reporst this one for others. Believe and Achieve! - Jo

Indiana Joe,

Thank you for sharing your idea about how to go straight to the asset managers. I have created my list of local banks and will be moving on to the next step. Though somewhat fearful of how it will go, I trust in the end, there will be a very positive outcome.

I want to wish all the Boots on the Ground students good luck. Here is the REO Gems posting you requested about. Good luck. Believe and Achieve! - Joe

Hi Joe,

Great information that is concrete and direct. Thank you for your insight.

Good luck with finding some REOs. This system has worked well for me and I am happy to share it with others. The key to this is calling a lot of small banks. Persistence will pay off! Believe and Achieve! - Joe

This is awesome. Thanks so much for taking the time to share this with us! - Sue

Hi Joe

These are great guidelines. Thanks so much for posting them. Its been helpful to have a step for step process.

Peace & Blessings.

Glad you like the posting. This has worked for us and we are happy to share with others so they too might have the same success. Good luck. Believe and Achieve! - Joe

We are glad you founbd these guidelines helpful. The good thing is we have found that they have helped people in various parts of the country. Good luck. Believe and Achieve! - Joe and Stacey

Hi Joe,
View all 4 pages gained a lot of info.I am with Insiders elite.
Iclick your LinkedIn but could not connect,so how do I keep up with you over in Linkedin. Greetings John

Hi Joe,
Just remember: I was searching for a post I saw a few months back about
using my LLc to flip Hud deals after you make the ernest money deposit.The
person also enclosed a form he used. Could you bring me up to date on that.
Thanks again John

Thank you Joe, this is great stuff. your experience with REO and sharing your knowledge is just amazing.

Thanks for the comments. You can connect on Linkedin by searching Joe Jurek in Chicago IL. Good luck with your real estate investing. Go make it a great day by making every day count! Believe and Achieve! - Joe