BiggerPockets

How many of you decided to purchase a REO as your first investment property? If so, what are the pros and cons of purchasing a REO for flipping purposes? Or in general.

Ex. Purchase price is cheaper or more negotiable with bank.

Is property that is not REO in better condition?

Closing time with bank takes longer?

REO properties create a track record for investors with bank.

ETC.

Feel free to explain what you think are the pros and cons for purchasing a REO vs a non REO property. Even specifically, for flipping purposes.

:lol:

I think you should look at the deal at hand and not if it is a REO, private, estate etc... REO's will usually be in worse shape (at least where I am) and investors can buy it at a price where they stand to make a profit.

On a REO, the closing time is usually as quick or quicker than with a regular listing unless there is some title issue that comes up which has happened to me once, but it did close eventually.