BiggerPockets

Succeeding in today's REO markets

Friday, August 21

It is no secret that REO investing is one of the most viable strategies available to investors during these current market conditions. If I asked 10 investors how they were acquiring their REO properties, I would get 10 different answers, however, part of the answer would be the same (or very similar). The common response would be, "well, I make a lot of low ball offers and eventually get one accepted." I have stated several times that while this is certainly a way to go, I don't believe it is the most effective or efficient means to acquiring REO properties.

I have also stated many times that the best way to do so, is to get the properties under contract BEFORE the public knows about them. This eliminates your competition, eliminates the common place bidding wars in many areas of the country, and reduces the amount of paperwork and leg work for both the investor and their team members (specifically their agents). Let's face it, agents want to make the most money with the least amount of effort! Don't you!

REO investing is NOT a simple or easy process. It requires a multitude of abilities and knowledge, of course, experience never hurts either. Generating creative means to acquire these properties prior to public knowledge is one of the "real hidden secrets". Yes, I said secret, because if you don't know how, it is certainly a secret to YOU! I am by no means claiming to be the inventor or founder of these strategies, but I certainly know how to get them done which is how and why I am a successful REO investor.

A very valuable piece of information I can share with you is this: Relationships, relationships, relationships! We have all heard the similar statement about location, but the true key, as far as REO investing is concerned, is relationships. You must form these with REO brokers, and lots of them. A strong network of relationships in your corner is a true key to being successful in the REO investing business.

William Barnard is Managing Partner of Nationwide Property Investments, LLC and President of Barnard Enterprises, Inc. Will participates in millions of dollars in real estate transactions each year and has experience in nearly every aspect of real estate investing, including REO rehab flips. Join his next "Make Me An Investor" program by going to www.nationwidepropertyinvestments,com/education and start your journey to creating wealth through real estate!

Comments

1. DB Reply
   over 2 years ago

   I would like to thank you for sharing your thoughts and time into the stuff you post!!

2. 

   Will Barnard Reply
   over 2 years ago

   Thank you for your comments.

3. 

   Norm Chrostowski Reply
   over 2 years ago

   Ok.. Fess up... like we make everyone else on this site do. We need details...the "secret" if you will sir...

4. 

   Will Barnard Reply
   over 2 years ago

   Nice try Norm, only during the program am I allowed, otherwise I would be in trouble :)

   I can tell you this: connections with the right brokers is one helpful method.
   A strong network is also a plus.

5. 

   Norm Chrostowski Reply
   over 2 years ago

   Oh I see, you and Josh are in "cahoots" and therefore your exempt...politics...geeesh!

6. 

   James Ward Reply
   over 2 years ago

   Will,

   Do I need to become your student to find out how to forge these relationships? I am very interested in learning how to approach a REO agent.

7. 

   Joshua Dorkin Reply
   over 2 years ago

   I've got nothing to do with this, Norm. Lay your wrath on Will for his "Secrets"

8. 

   Norm Chrostowski Reply
   over 2 years ago

   It's a conspiracy I tell 'ya!

9. 

   Will Barnard Reply
   over 2 years ago

   Josh,

   Norm is just teasing, no wrath a comin'

   James, all the details and "secrets" if you will, are presented in the 8 week program. You will know exactly who, how and what to say. But that is just the beginning.
   Market and financial analysis, exit strategies, including wholesaling, asset and liability protection, dealing with contractors, estimating rehab costs, and much more (in fine line hands on detail.

10. 

    Dennis Treacy Reply
    over 2 years ago

    Secrets? We don't need no stinking secrets! :)

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