BiggerPockets

I have direct access to over 50 asset mangers and can structure a bulk reo deal to match your desires, but I cannot and will not make a deal with a chain. So if you are the direct buyer of bulk reo portfolios we can develop a long lasting relationship as I can get these tapes on command.

Brian,

What is your criteria?

Stacy

Brian,

As an Intermediary Representative I can point you to several Bulk REO Liquidators with pre-constructed or customized tapes from $1M to $1B+ most of these comapnies won't budge or even talk with you unless you have Proof Of Funds in an account showing the $1M to $30M, you'll need to sign a Buyer's Profile, LOI, NDNC and an MFA. They will want the POF first and foremost before they do anything. The 35 to 65 cents on the dollar is dependent upon what state the properties reside in. CA for example is usuall 60 to 65% CMV, but on occaission I have seen lower. Outside of these five states CA, NV, AZ, FL & MI you can find 10 to 30% CMV. The only part of your criteria that would most likely have to be adjusted is the 8 day to close time frame. I have seen these deals close in as little as 15 days, but the norm is 30 days or less. Working with some liquidators may require opening a brokerage account at like Chuck Schwab, Etrade or Ameritrade. Some Liquidator packages start at $5M or $10M customized packages minimum.

How many properties are you thinking of purchasing?
What Purchase Price per door are you thinking of doing?
Why DC, VA, MD?
Why SoCal and Vegas?

Let us colaborate.

Ken

What minimum ROI are you okay with?

Richard you sure dont look like a richard, if you are talking to me, any where from 5-10 Mil
If you are a direct buyer call me

Much Better!

Yes you do look like a Dawn. Anyway
thanks for talking

We don't want to deal with daisy chains due to the extra costs incurred. We are seriously looking for big CA packages right now that aren't older than a month. We have the contacts where we can buy up to 2 billion right now if the numbers work out due to the contacts we have. You can call BS all you want but the fact of the matter is we are doing deals so it's not our lose if you don't want to send us tapes. Right now our primarily focus is California, Arizona, Utah, Nevada and Idaho. We will also do MD/VA/DC as well but we prefer to do around 30 million or less in that area. We won't give out our bank info unless you have a tape with the addresses. We don't want our bank info shopped around. It's that simple.

Originally posted by Brian Naley

We don't want to deal with daisy chains due to the extra costs incurred. We are seriously looking for big CA packages right now that aren't older than a month. We have the contacts where we can buy up to 2 billion right now if the numbers work out due to the contacts we have. You can call BS all you want but the fact of the matter is we are doing deals so it's not our lose if you don't want to send us tapes. Right now our primarily focus is California, Arizona, Utah, Nevada and Idaho. We will also do MD/VA/DC as well but we prefer to do around 30 million or less in that area. We won't give out our bank info unless you have a tape with the addresses. We don't want our bank info shopped around. It's that simple.

Well good luck in getting a $2Billion tape in the broker world. Just isn't going to happen. If you are a direct buyer or work for one, I would go to the bank or hedge/pension funds or even REIT to get what you want. Other wise, I wouldn't hold your breathe!

Brian

If you have closed any of these type transactions you would not be on BP looking for these ridiculous tape sizes. If you have contacts and relationships with banks use them! also if you had closed any deals of the magnitude you would be rich and not even care about BP and what people like us had. So all this tells me is that your are about two years later than everyone else in looking for
REO in Bulk. The one thing I can say in your favor is that this is the time where you may acutely have a chance of getting it. This is not the time though to make the kind of demands you are making with regards to the proofing. The real buyers and real sellers are verifying funds Bank to Bank and basically you are not needed. So if you are lucky enough to have someone that is willing to pay you a point for putting them in contact with a bank, take it and make them a client for life! Because unless have a relative or work at a bank in the Reo department, you are going to learn all the lessons we have all learned over the past 18 months!
So good luck :mrgreen:

Brooke, with all due respect, different strokes for different folks. A person's success would not necessarily mean that they would not be on BP, that is kind of an insult to the rest of the BP members to a certain degree. I understand where you are coming from , but we have to be careful not to be the self-professed mouthpiece for the masses. I consider myself to be somewhat successful, I do not have to work if I do not want to, I am financially set for life, but I am also a Type A and also interested in what others have to say and there is always something new to learn. I find BP an easy, entertaining , convenient resource for keeping up to speed on the RE Market. BP has given me so much information with the generousity of information sharing of it's members. I am out of the loop, as I do not go to outside meetings etc., due to my auto accident, I am on the PC a lot. I know that some folks come on here to exploit, but not all of them are flakes. I appreciate your feedback, but at the same time, I believe it is best to tread lightly on others. I hope that I do not offend you, it is not my intention. Sincerely, Dawn