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Looking for some advice
8 posts by 4 users
Mike K.Real Estate Investornewport beach, Alabama 
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My group is trying to establish the best way to develop a database of buyers for our product. The " pollution" that has occured in this platform the past year has left a lot of scars and buyers are skittish. We don't want them filling out all this paperwork either(compilers!!) but we still need to get some idea of what they want. We will obviously do our due diligence to make sure they are real when the time comes. I send this out to the veterans out there who might know of a great way(non-intrusive) to gather this data. As we buy the packages of REO and notes and start to break them up, it would be nice to know I have a guy in Kansas that wants all Kansas. We are not even asking the mandates to give up their buyers, just tell us what they want so when the process starts we can go right to the mandate. Any help would be greatly appreciated. I've spoken with several " compilers" the past few days and they have not had much luck getting people to fill out forms(huh). Even worse, the ones that did were not real(hmm). Crazy,crazy stuff. |
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Christopher L.Real Estate ConsultantLittle Town, Oklahoma 
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When you have real assets for sale the buyers will be swarming. Then and only then do you create a list. You keep the actual closers in queue for future offerings Spend your time focusing on creating relationships with suppliers....the rest solves itself, |
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flipper101Real Estate InvestorSan Ramon, California 
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Mr. Keegan- um? 9000 e-mails later, whats up now? LOL You are one motivated guy! |
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Mike K.Real Estate Investornewport beach, Alabama
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I appreciate the advice. I'm with you Chris. I told them that finding buyers will be the least of our problems and we can gather the data at that time. I will keep plugging away at this for now flipper101. It's challenging and interesting and right now I have the time to weed through it. I'm a realist and never thought of making millions doing this, just a living. The funny thing is that the field is thinning out everyday so maybe the strong will survive and deals can be made?? |
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Paul C.BankerScottsdale, Arizona 
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My Advice Go to work for an REO Servicing company, Asset Manager, or the Selling entity direct. Learn as much as you can in a short period of time. Develop the right contacts, then try to broker a deal. Until then, I don't think you are going to make a very good living at this bulk REO game. I hope God blesses your endeavors. |
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Mike K.Real Estate Investornewport beach, Alabama
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Thanks Paul. The group I work for has raised capital and bought and sold 3 tapes and currently has commitments for another more capital. I have meetings with 4 buyers this week to try to convince them to stop playing the game and join forces with us in our fund as we purchase more distressed real estate. We also just ran across a direct buyer (no intermediary, mandate nothing-they actually do exist) looking for the infamously elusive B package and it looks like there are some people breaking up some this week so you never,ever know. I'm also working on a project to help keep homeowners in their home instead of the street. So after giving all that a try I'll go get a real job, or maybe open a bar in the Bahamas. We shall see. One thing, which I'm sure some of the people I've met through this site can attest, I'm a realist, not a dreamer. If there is a way, I'll find it. If not, I move on. |
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Christopher L.Real Estate ConsultantLittle Town, Oklahoma
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Breaking up some what??? |
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Mike K.Real Estate Investornewport beach, Alabama
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Rumor, and I mean rumor, has it that a few groups who purchased larger REO pools the past few months are trying to resell them in smaller increments. Still trying to figure out if real or not but it was dead for 3 weeks and suddenly there has been a little bit more action. I have limited my sources to find real investors and am not even necessarily looking for product at the moment. |
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Posted: 03/14/2008 at 12:13PM