BiggerPockets

Hey Burke -
I see you've got a hand full of Fluff posts on the forum, all so you can post here in the Bulk area. We don't have a 10 post rule so people can just make 1 word posts elsewhere. Please try to contribute or we will have to limit your access to this area.

Thank you for your understanding.

You can start contributing by telling us why you are interested in bulk REO, and how much experience you have closing deals of this stature... :popcorn:

Here is some advice for you then...If you are looking for " new" and " reliable" sources of Bulk REO, I would say that it is safe to conclude that A. you have little or no experience in closing bulk REO deals, and B. you have been burned by your last sources.

If you are looking to close a Billion+ deal with no experience, I hope your faith in God is very strong.

Maybe you have a ton of experience...but we will never know this unless you clue us in on how many deals you have closed. You being " direct" to the Buyer's rep is not direct to the buyer IMO, so maybe you need to clarify what you have already tried to do to facilitate this deal and others so you aren't bombarded with things everyone already knows.

My whole point here is to start small, build good relationships and sources that will get you to the bigger deals. Jumping on the Bulk REO forum as a Wet Newbie saying that you have a buyer for 1B+ is not going to get you very far, because I have a buyer for 1 Quadrillion in REO inventory :roll:

I apologize Paul, but this reply with the icon is hilarious :lol: ! I usually just read the bulk forum discussions because I know absolutely nothing regarding this subject. But while I am here, I do have a " newbie" question for all of you seasoned REO dealmakers. I keep receiving emails from someone who says that they have in their possession different REO tapes. Included in the email today was:

(Quote) Hello,

Here are some reo packages that's available:

3 1B NW 33-35 +3
645M NY= 51+3
500M bpo NY= 55+3

Also, if there are any packages that you or your client(s) are interested in let me know because it may be available. We have alot of (escrow) packages in inventory, so let me know your interested.

Thanks (End of quote)

My question is how do you screen this person and find out if they can really provide these packages? Thank you in advance for your answers, and please do not use this posting as a punching bag or cutting board :type:

Chances are, if they are already sending you an email with these " tapes" without some sort of relationship in place, they are not direct. Lets say they are legit though, How about meeting them in person? People who conduct large transactions of such usually have some sort of relationship with the source. Example, the servicing company that I work for has built a great relationship with Lehman, CIT, Deutsche, and many more because we started small. We service a small portion of their portfolios successfully, then they give us more. We show investors that we have these relationships in place and they pool their money to purchase inventory.

Paul - It's not as if I don't have sources in place currently. I do. However, I'm constantly seeking new sources. My goal is to work with people that are

1) Competent
2) Honest, and do not misrepresent
3) Not greedy
4) Responsive
5) Close to the source

I have built up a nice network of buyers and sellers over the years. I act as an intermediary (broker, consultant, middle man, ...) for my clients in buying or selling REOs, NPNs, CMOs, financial instruments, and diamonds. I'm sure that most in this forum are brokers in some capacity.

The difference you will find with working with me is that

1) I will never misrepresent my relationship to the buyer or seller
2) My escrow attorney proofs all of my buyers
3) I verify product that I bring to my buyers
4) Once buyer and seller are introduced I do not interfere

I am looking to establish long-term relationships. If anyone feels that they can put me in touch with a seller (and has the qualities listed above), please reply to this thread or contact me off-board.

Best,

When would they have endured this type of market?

Hi James,

Website is on the back burner, been working on developing relationships and it hasn't been a priority. Been establishing direct relationships and face to face meetings, apologize for the delay, have to decide what to put in the content as we continue as a group. However as soon as I get it up and running I'll post it.