I seek Bulk REO buyers- I am a direct access Seller

To all of you on biggerpockets who have ever wanted direct access to buying bulk reo. I am this man. I personally know 50 asset mangers of banks and financial institutions. I seek legitimate buyers. I understand that there are a lot of scammers in this area. As a result, you cannot be a chain you have to have to be the buyer or buyers agent. If you are legitimate and would like to set up a deal either post or pm me so I can call or email the asset mangers and see if they have what you are looking for. Then we can deal with LOI and POF. Of course a higher influence on bigger pockets will mean better credibility and ill will focus more of my time on. Since I expect legitimate buyers, I also expect any legitimate buyers to scrutinize me and members of biggerpockets. I encourage it. If you are legit and actually just want to invest in bulk reo, I can lead you to that final destination of talking to a bank reo disposition specialist and walking away with a tape in hand.

Also experienced members of biggerpockets, How do you suggest I find legit buyers of bulk reo tapes?

Note: If you do not have the money and you simply want to wholesale the list DO NOT BOTHER. THE SYSTEM HAS NEVER WORKED THIS WAY. NO DAISY CHAINS.

Edited: 06/26/2010 at 11:07AM

George Wagner

Real Estate Investor · Marietta, Georgia

172 posts
50 influence

Sep 25 '10, 12:42 PM

Stop the insanity! 50 asset managers - PLEASE!

Banks do not SELL their REO assets for pennies on the dollar. They can't. The FDIC controls ALL bank assets and must approve their liquidation.

This is especially true when a bank starts to accumulate excessive non-performing assets. The FDIC has a calculation that is called the "Texas Ratio"

http://www.investopedia.com/terms/t/texas-ratio.asp that the FDIC uses to determine the "health" of a bank.

So if a bank has a HIGH Texas Ratio, they are definitely being watched closely by the FDIC - and the FDIC will not allow that bank to just dump those assets for pennies on the dollar.

There is NO Custom Order Bulk REO. Banks cannot SELL their assets for pennies on the dollar.

Edited: 09/25/2010 at 12:51PM by Administrator : Promoting your website in posts is prohibited

George Wagner

Real Estate Investor · Marietta, Georgia

172 posts
50 influence

Sep 25 '10, 12:43 PM

Stop the insanity! 50 asset managers - PLEASE!

Banks do not SELL their REO assets for pennies on the dollar. They can't. The FDIC controls ALL bank assets and must approve their liquidation.

This is especially true when a bank starts to accumulate excessive non-performing assets. The FDIC has a calculation that is called the "Texas Ratio"

http://www.investopedia.com/terms/t/texas-ratio.asp that the FDIC uses to determine the "health" of a bank.

So if a bank has a HIGH Texas Ratio, they are definitely being watched closely by the FDIC - and the FDIC will not allow that bank to just dump those assets for pennies on the dollar.

There is NO Custom Order Bulk REO. Banks cannot SELL their assets for pennies on the dollar.

Stop the insanity! Read the Truth. http://www.BulkREOTape.com

Dr. Thomas Fish, PhD

Real Estate Investor · Saginaw, Michigan

129 posts
3 awards
50 influence

Sep 26 '10, 01:33 AM

I respectfully disagree, George. There are many banks who are selling their assets at discounts. I've closed on both commercial and SFR's from banks. (But I don't know to what degree the FDIC was involved. I DO know that the FDIC killed one of my deals about 3 weeks ago.) / That being said, I am thinking that Brett's reference to "50 asset managers" must include some of those 3rd party companies who call themselves asset managers. / Brett, I have buyers. I can step completely out of the way and have the two of you talk on the phone. Send me an email. Thanks. Tom

Florence Tauese

Real Estate Investor · Georgia

56 posts
1 award
50 influence

Sep 26 '10, 04:42 PM

Hi Brett,

Please count me in and contact me so we can go over my Buyer's list and their purchasing criteria, and maybe your asset manager contacts can find my Buyers some properties to buy.... I don't want any trouble, I'll be glad to step out and have you handle the deals with your guys... Thanks....

Steve Babiak

Real Estate Investor · Audubon, Pennsylvania

4,267 posts
14 awards
91 influence

Sep 27 '10, 12:07 AM

Originally posted by Brett Jenkins

... Of course a higher influence on bigger pockets will mean better credibility ...

You gotta love it when somebody with influence of -8 (at the time I posted this) is hoping for those with "higher influence on bigger pockets" to participate here ...

John Hamilton

Real Estate Investor · Camino, California

50 posts
2 awards
50 influence

Nov 02 '10, 06:17 AM

Brett,

I have a Bulk REO buyer for 10-25 SFR in Orange County, LA, San Bernadino and Riverside, California. Cap of $100K-$500K for each home, 45%-65%ARV, light rehab to move in ready.

Let me know if you have any available.

Thanks,
John