BiggerPockets

Is it possible to wholesale REO's? There are 3 that I've located and apparently in speaking with the neighbors they've been vacant for 2-3 years. The average value of the homes in that area range from 120k-150k, so I'm not sure if these would be worth wholesaling.

Thanks!

Thanks Andrew, the course I took didnt really get into wholesaling REO's so I wasn't sure if this was feasible. I'll call the numbers on the houses and see what type of deal I can get.

If you look just below the last post in this thread you'll see "Related Discussions". Read some of those. This topic has had a lot of discussion and there's a lot of info in those related threads.

Why not? That's what we do with the REO we purchased last year.

No, not JUST you... there are many people out there that view landlording with the same level of enthusiasm as a prostate exam! :wink:

To each his own. :cool:

Travis, do you have the cash or line of credit to be bale to lock up these homes with the bank? I can not believe no one else asked about how you plan to purchase them if you do not locate a buyer? Banks will not let you lock up a home unless you show proof of funds and put down at least $1,000 in earnest money. If your looking at 3 homes I hope you have the money to close. Good luck

Josh posted several links to a blog post series about this topic. FYI: be careful as some of the info is not only very vague and general, but some of it is incorrect.
For example, in the trust version (part 5) a member asked if the investor still had to have their own EMD when using this method and the poster answered "yup". That is 100% incorrect.
I have persoanlly wholesaled REO's using a trust and my all cash buyer (on occassion, not always) put up the EMD, not me. That said, there is a specific way to set up the trust to allow such a possibility so don't assume that you just create a trust and have your buyer put up the money. This method also is ONLY done if you have a buyer the day or two after your contract is accepted.

I think it may be time for me to write a series about all the specifics for this process as there are just too many people stating incorrect info about it.

Good point Don. I have mentioned that many times in many different threads, just not this one, thanks for pointing it out as it is very important, not only for wholesaling. but for anyone looking to get REO rehhab deals.

I am not currently active there, but have been in the past and will be in the near future. What do you have to bring to the table?

Actually, your post and my first paragraph would belong in another thread about finding partners/mentors etc. however, since we are on the topic in this thread, I believe it may be educational for all readers to hear a back and forth on this here. With that said, it is necessary for a "partner" to bring some type of value to the table so what would that be in your case Enrie?

Hey Will
I am going to be bringing consistant properties with great roi.