BiggerPockets

Does anyone have an interest in acquiring 500+ REO properties directly from Trustees at 70% current BPO value? These are CA only properties.

We have been representing several large investment companies, and purchasing properties directly at Trustee Sale auctions, or right after the sale (if the properties are priced too high) and they go back to the bank.

This year we have closed on over 500 properties representing $117m in transactions - all properties have been resold (or are in the process of being resold).

While the supply of available properties remains at record lows throughout CA, this strategy has been incredibly successful. We are currently looking for investment partners to expand into other markets.

Jim,

I see where you were going with your post, I think Peter chose the wording of REO for simplicity's sake as us savvy players know full well it is not an REO until AFTER the trustee sale (courthouse steps auction) and nobody bid or nobody bid higher than the bank.

At any rate, I have interest, but certinaly could not take down that kind of quantity at once.

Jim,

Have you closed on any bulk REO tapes? 2 investors that we worked with purchased directly from Citi and directly from the FDIC. Both Citi purchases did not Net the type of returns that were expecting, but the FDIC purchase was extremely lucrative, although it was commercial notes, as opposed to REO.

I'm interested in other investors that have purchased bulk directly from lenders, as the stories never seem to match up with the actual returns. We've been getting great returns on a Bulk level without having to deal with brokers or bank bureaucracy.

If you have any success stories, I would love to hear them?

Thanks,
Kristian