"Cherry-Picking" Bulk Reo Tapes Is Profitable And Sure Beats Dealing With Idiots
If you are absolutely tired of the hassles of buying investment properties, you will want to read this article. I too once had to deal with the same struggles that many investors are dealing with right now.
I was tired of dealing with:
-REO agents who want you to practically bribe them and kiss their butt to get your offers accepted.
-The stupid bidders at the foreclosure auctions who bid the houses up more than they are worth.
-The bandit-sign police who keeps taking my signs down and preventing me from getting any leads, and worse…
-Mr. Loss Mitigator from the bank who always seems to have a bad attitude and never remembers anything from previous conversations.
This lead me to start looking at other options to buy investment properties and I am so happy I made that decision.
The answer to my frustration was BULK REO investing. No more kissing REO agents butts, no more dealing with stupid bidders at the auctions, no more harassment from the bandit police and no more phone calls with loss mitigators who always lost my files.
Investing in Bulk REO's is a much easier way to get better deals in this market. If you act now before everyone else finds out about this secret, you can make money hand over fist.
It is a little known secret that some Bulk REO Traders will allow you to "cherry-pick" their Bulk REO packages. For example, if a trader has a 100 home tape that is trading at $1,000,000, they may allow you to "cherry-pick" the list at a premium.
Example:
If the average home is selling for $10,000, the trader may require you to pay $15,000 (at a premium) per home to give you the rights to cherry-pick specific deals out of the Bulk REO package. However, the home may still be worth double the premium price @ $30,000 or maybe even more.
A few weeks ago another trader presented me with a BULK REO tape of sixteen properties. I decided to pass on buying the package, but I did notice a couple of gems in the package that I was sure were worth something. I asked the trader if I could "cherry-pick" out six of the houses I liked. He agreed, but at a premium.
The take down on the tape was $160,000 @ $10,000 per home. The seller agreed to allow me to cherry-pick the six homes if I paid $15,000 per home. After doing my due diligence I realized that the homes were worth on average $45,000. Therefore, I agreed to buy them at the premium price.
Two weeks after I closed on the deal, I sold those same houses for $22,500 per door and made a quick $45,000 without kissing a REO agents butt, without competing against stupid bidders at the foreclosure auctions, without being harassed by the bandit-police who takes down my signs, and without dealing with the loss mitigator with the bad attitude at the bank who always forgets my name, "I'm Kenny Rushing, the Bulk REO Trader – you IDIOT"! : )
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