Sticking with a Deal Pays

Sticking with a Deal Pays
We put our first offer in on House #19 on July 21.  For over 40 days, we called the listing agent every third day to see what the bank was deciding.  He kept saying the asset manager was confused with a code compliance issue and was going to put the property on hold for now.  That...
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Make that Phone Ring

Make that Phone Ring
As we grow our operation we are constantly re-focusing our efforts on what is most important in this business.    The focus is make your phone ring in all aspects of this business.  Build relationships with asset managers, real estate agents, wholesalers, buyers and motivated sellers....
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Close of Escrow – House #16 & House #18

Close of Escrow – House #16 & House #18
House #18 "Kitchen" Tomorrow we are closing our purchase escrow on House #16 and House #18.  We probably will not start the rehab process for 30 days on either though.  Both are likely going to go to an FHA buyer and we need to wait 90-days to sell to them, due to the...
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Mortgage Delinquency Rates Up

Mortgage Delinquency Rates Up
MSNBC recently published an article about Mortgage Delinquency Rates Being Up.  Every REO office I visit the owners of the company talk about the new “wave” of foreclosures coming soon, this has been predicted for five or six months. I have heard Countrywide now BofA...
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Investing in a War Zones?

Investing in a War Zones?
One of the age old debates of real estate is should an investor buy properties in the “war zone” areas.  These properties usually go for very low prices because a majority of investor won’t touch this area.  The numbers almost always look good on paper, but what...
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Earnest Money Deposit on REO Properties

Earnest Money Deposit on REO Properties
When you submit an offer on any piece of Real Estate you will have to provide an Earnest Money Deposit on the property.  This demonstrates that you are willing to take action on purchasing the property and you actually have the funds.Your deposit is a commitment to purchase the property...
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Investor Buying Short Sales?

Investor Buying Short Sales?
For a long time we have completely ignored even trying to buy any short sale properties.  Typically the home owner decides to list the house with an agent they know and they just throw the property in the MLS with a super low asking price to attract an offer.  The bank will take...
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Banks, where is that promised inventory?

Banks, where is that promised inventory?
For the last three or four months all the REO agents we deal with have said there is a whole lot of inventory coming down we just have to “wait”.  This inventory has constantly been two or three months away from hitting the market.  Now it seems like the agents we talk...
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Tips on How to Make an Attractive Offer

Tips on How to Make an Attractive Offer
We have now bought 15 bank owned properties and probably made over 1,000 offers on property! Banks and sellers are usually looking for more then the person who is willing to pay the most, but people they know will be able to actually close the escrow. The most important thing is to...
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House #15 – We got another one!!

House #15 – We got another one!!
Happy Independence Day! This business is streaky and after missing out on the really good one I mentioned in my last post, I was a bit disappointed because I thought we had a really chance of getting it.  On Friday we put in a really low offer on a 2 bedroom, 1 bathroom house and...
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