New to this thread

Hi, i am new to this thread. I have been in Real Estate for about 7 years as an investor and 5 years licensed in Nevada and Utah and have done very well.

To me, now is the time to buy and so i started to look at buying bulk homes and to be honest i never realized that the banks sold them this way until recently.

So i am very new to this and i wanted to see what you guys think. I would like to buy 5 to 10 million dollars worth of homes in certain areas (yes i seen the craiglist blasts) I should have personally about 1 million of my own money and maybe another 1 or two million with my personal pool of investors.

Is this realalistic for me to purchase from the banks, or no way?

My goal would to be buy them and hold on to them (rent them out) until the next selling cycle.

Thanks for you help/advice.

Brian

PS.. In the process of starting to throw this out i have run into another guy (friend of a client of mine) who claims to have millions and wants to do the same thing and wants me to represent him. Says he has about 20 million. (havent verified funds)

Edited: 06/26/2010 at 04:10AM

Account Closed

3,396 posts
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Oct 27 '07, 02:42 PM

Brian,

Bulk deals do happen. Not normally at the sizes or in the ways discussed on BP.

If you can easily supply Proof Of Fund (POF) then the lender will know you are real. The problem is most folks who you will be in touch with are brokers, middlemen, newbies, agents with no experience and other things.

Are you focusing on a specific geographic area?

Note that any lender selling a bulk REO package (5 houses, 50 houses, etc) must have acquired them from past foreclosures or deeds in lieu. An asset manager might be working with multiple lenders but the point is the same. You will have seen the foreclosures months earlier so you can sort of see the trend emerging.

John Corey

Edited: 06/26/2010 at 04:11AM

Calixto Urdiales

Residential Real Estate Agent · Los Angeles, California

1,466 posts
4 awards
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Oct 29 '07, 05:42 AM

Originally posted by "REI"

Brian,

Bulk deals do happen. Not normally at the sizes or in the ways discussed on BP.

If you can easily supply Proof Of Fund (POF) then the lender will know you are real. The problem is most folks who you will be in touch with are brokers, middlemen, newbies, agents with no experience and other things.

Are you focusing on a specific geographic area?

Note that any lender selling a bulk REO package (5 houses, 50 houses, etc) must have acquired them from past foreclosures or deeds in lieu. An asset manager might be working with multiple lenders but the point is the same. You will have seen the foreclosures months earlier so you can sort of see the trend emerging.

John Corey

Well said John, well said indeed!

Many of our newer members who are falling into this bulk REO trend need to know the truth about it and how it really gets done! Thanks for your reply John and do not give up Brian for what you are looking for is out there and just might be around the corner!

Edited: 06/26/2010 at 04:11AM

Brian McClain

Residential Real Estate Agent · Salt Lake City, NV

13 posts
50 influence

Oct 29 '07, 05:58 AM

Originally posted by "REI"

Brian,

Bulk deals do happen. Not normally at the sizes or in the ways discussed on BP.

If you can easily supply Proof Of Fund (POF) then the lender will know you are real. The problem is most folks who you will be in touch with are brokers, middlemen, newbies, agents with no experience and other things.

Are you focusing on a specific geographic area?

Note that any lender selling a bulk REO package (5 houses, 50 houses, etc) must have acquired them from past foreclosures or deeds in lieu. An asset manager might be working with multiple lenders but the point is the same. You will have seen the foreclosures months earlier so you can sort of see the trend emerging.

John Corey

Thanks for your insight.

I'd prefer to be in in Las Vegas, Salt Lake City, and/or PHoenix.

(or at least the Southwest)

So it seems like i have learned alot EXCEPT where to actually go to find these lists and talk to the banks. Do you have any idea on where to find that?

Edited: 06/26/2010 at 04:11AM

G.D. Haizlip

Real Estate Investor · Atlanta, Georgia

103 posts
2 awards
50 influence

Nov 23 '07, 10:42 AM

Greetings,

After reading through many of the threads here as well as this forum, I just thought I would take a moment-out to just thank you guys for your insight and oversight.

As many of us Step-Up into the World of R.E. Investing (In All Areas), especially BULK OWNED REOs where the payoff is even greater, it is refreshing knowing that we have some Dolphins, sort of speak, helping others out here to avoid the Vicious and Malicious Sneak Attacks of those Sharks that are out there. (Thanks Again)!

With Much Appreciation, Sincerely

Edited: 06/26/2010 at 04:17AM