BiggerPockets

If you're interested in other types of BULK REO'S in CA & NV, let me know. I have a seller's rep{who's linked directly to sellers/banks} that have multiple REO packages/SFR'S(which range from single/multi-family homes to condo developments, commercial properties, etc) nationwide which range from California, Nevada, Florida, Georgia, Texas & Tennessee just to name a few(also have NATIONWIDE TAPES). Brief descriptions are available on SOME of the properties as well as price points. Thanks for you time and only serious inquiries please. I appreciate it.

With Regards,

Abner Williams

That was going to be my first point of evidence that this is a joke as usual. The second red flag is the large negative influence by the original poster.

Get real! You are "one away from the seller", so is everybody else!
How many people on here do you think have 12 million dollars to buy some phony bulk tape (even if it was real, it would need about 1000 condos, for that price, not 202!)

Yes fellow colleagues, these are real tapes and I am one away from the seller. I am new to this website and not on here to play games or come up with fake tapes. I don't have time for that. And Jon is right, the reason why my influence is negative is because I submitted posts in the wrong forums(like I said I'm new to this site). If you're not interested that's fine. No worries. I wish you both the best of luck in your endeavors. Take care. For everyone else, they still are available. Thanks for your time.

Yeah I've got that kind of money in my wallet just let me whip out ye old credit card and charge it!!!!!!

Seriously do you think anyone here has that kind of cash lying around and even if they did do you think they will be willing to fork over any kind of cash or even proof of cash to someone they don't know anything about.

You have 0 credibility here. No one here is going to give you the time of day period especially sending a POF and a LOI which in the bulk REO game no one does without seeing the tape to begin with.

Not trying to sound like an ahole but I've seen wannabes on here and not enough game players to even consider doing business.

Abner, I think people are questioning the base value of the Henderson condo tape in particular. Even at 45 cents on the dollar, you're still talking $200K per condo. That's just too much for Henderson condos. Realtor.com shows 689 condos in Henderson at all prices. 370 of them are under $100K. Only 71 are $200K or higher. Seems like $50K a piece would be in the right range for bulk REOs. Even there, there are 59 on the MLS under $50K.

What makes these 202, which is more than double the number on the MLS in that range, worth the price?

Originally posted by Abner Williams

Thank you for the replys on this thread even though all of them not all that pleseant. And it's not that bad of a deal considering there other tapes in Henderson going for more than 50% ltv, but there are other tapes available well below 45% ltv(just got this one in a couple days ago so i figured I would post it). I appreciate the honesty from you all and I didn't expect EVERYONE to be able to afford to purchase these reos. There are investors out there with that kind of capital. And I understand that I have 0 credibility on this website so far because i'm new to it, but i'll be okay thanks. Once again thanks for all of your time.

This entire post is a blatant dodge to answer the question at hand which I have asked twice and now 3 TIMES!
Condos in Henderson do not have ARV's of $400k+, and your claim that we can buy a tape of them for 45% of value is not even in the same ballpark as to accurate.
As Jon has pointed out condos will run mostly under a current market value below $100k in Henderson, so 45% of value would be $45k per door X 202 = $9.09M, NOT $44.1M

Now you can cry all you want claiming we have all been mean to you, but in the real world here, you need A. to have thicker skin, B. Have some clue as to what you are talking about C. Not assume we are all stupid enough to take yoru words at face value - we do have the ability to perform some due diligence and even without that, your price points are so far off the scale, it screams Phony, BS, etc.

When you are ready to answer my question as to the current real values I have laid out here, then do so, otherwise, stop wasting our time.

And Jon, you have a valid question as well. There's a reason why they are priced higher than the other condos in Henderson. I can't go over those details up front though. Once an NCND is signed by a potential buyer, then they would get all of the information. Thanks for your input as well.

Originally posted by Kofi LeGrand-Sawyer

NV PACKAGE
202 Condos
Henderson
BPO $98 Million
Asking $44.1 Million

So you're saying that the market value of this package is $485K per condo...in Henderson, Nevada?

Just came across this thread, and read all your comments, guys~

I assume (from Abner's description) that I know the package as well..... because it was sent to me, too. Not from one of my (direct) sellers, though. Supposedly from the seller's rep (which I doubt, btw) and a couple of other IM's.

According to the summary, here is the info:

378 new, luxury units in NV
BPO: approx. $98M
Purchase Price: $20M plus 4%

Out of the 378 units, only 202 were available for immediate sale (that number has - to my current knowledge - decreased to just under 200). And 50 of those are already leased.... - with the option to buy them later, and THOSE purchase prices range supposedly between $270K to $1M (for penthouse units).

After reviewing it, I knew I would have possibly 2 immediate buyers for these. Therefore, I contacted the "seller's rep" to get clarification on some questions. The first immediate response was: Sorry, the purchase price was stated wrong. It should have been $33M. Further inquiry also suggested, that this is possibly another one of these undisclosed "bulk shortsales", where one of these moron remarketers offers (posing as a seller) a package that is not even released for sale, or at least not ready to be purchased because the bank has not agreed yet or... can't be bought yet for any number of other reasons (we just had one of our buyers pull his $1.5 Million for 18 new homes out of escrow, after ONE WEEK waiting for a contract from the "seller").

Here is what I assume about this NV package (and I would call it an educated guess, because I didn't bother - after my initial inquiry - to look further): The BPO stated is probably the BPO for the complete project (378 units). The purchase price however is only for the 202 or now 198 units. The difference between the first quoted $20M to the "correct" price of $33M is the mark up by the "seller" (read.... remarketer). And it probably turns out to be a shortsale, that is waiting approval from the bank.... as most of these NV "opportunities" right now.

Last week alone 3 out of 4 NV packages turned out to be "masked shortsales". Unfortunately, a couple of our proofed up buyers are dead set on Las Vegas right now.... even though most new developments there comes with all kinds of problems (like law suits attached, i.e.).... so, we keep trying to separate the BS from the real product.

Conny