Bulk REO Tape/Direct Sellers: How to Connect w/Them and Proceed?

17 Replies

Hi everyone!! I have been browsing BP for a loong time now and have finally jumped into the real estate investing arena. One of my main goals is as a wholesaler and I have 1-2 buyers across the US, so I welcome any tips, tricks....More Buyers and any other information you all can provide. That all said....my "other" main goal is to find legitimate REO tape from a Direct seller of Bulk properties (no chains).  I stumbled upon a buyer of tape while building my buyers list and he can buy $1M/ day in tape!! (I know, right!?!?.....and yes, I did my research...he's legit). He always needs product but as a "newbie" how do I /how can I make this work and produce? Do you all know of any direct contacts of tape/REO asset managers, etc? Thank you all and I look forward to connecting and sharing with all of you!

Hi Antoinette,

Is he the buyer or a "Buyer Rep"?   How did you vet him and prove he is legit?

JC

@Antoinette C.  

  this has been talked about on other threads.. the bottom line Is you don't.. Asset managers do not deal with newbie wanna be RE wholesalers.. they just don't.

Put your efforts into something realistic.. And TRUE buyers of tapes  don't deal with newbie  wanna be RE wholesalers either...

Its just a big circle jerk and daisy chain of those who are trying to make money selling to those that are dreaming of making money.

Thanks Jay!! Good insight and something to definitely keep in mind. 

hi folks,

am getting out of daytrading and gonna be buying and rehabbing homes to rent perpetually (not flip)....  will be a cash buyer of multiple properties in florida and michigan and am looking to connect with ocwen asset managers to make direct cash offers, but am having trouble contacting the right people.. can anyone here please give me some guidance? thanks in advance.

You won't, pursue other avenues.

@G DiClemente these big banks always list their decent properties on the MLS. Get an agressive agent who can run reports every morning and submit offers as soon as properties pop up.

Banks do package up the dregs of their REOs and sell them in packages.  I know one local group who does this.  But they have cash ($1million+, not the crazy numbers you see tossed around) and they buy directly from the lenders (small, local banks.) 

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Good post I learned from experience a few years  back when I was searching for REOs, just ran into a bunch of dreamers who liked to waste time with daisy chain lunacy. Now I am back looking for wholesale properties, what would the board suggest for finding deals that would net an Investor 20% and above on returns?

The only Bulk Deals I have seen offered legit where from Fannie Mae (or was it Freddie Mac?)   .. anyhow .. They clearly stated that they had the properties listed for around $20-30k for 6 months and they would not sell.  They then bunch them up and sell them at bulk since they are worthless individually.  As the new owner your then responsible to pay taxes and blight ordinances on a hundred properties that have no value all around the US (You can't select individual areas). Sounds like a really bad investment to me.

I also question how you 'looked into this guy' and verified he's legit, because I will bet he is not.  No one buys $1M worth of bulk deals a day.

Hello everyone,

I must say that I had my share of running around to do, just like many of us, but at the end I was able to become the direct rep of a source of many REO/PN/NPN that need legit buyers. They don't want to waist their time to check on people that contact them. I do it for them and everybody is happy. I guess the small fee they pay me it worth it for them. It really depends on who you come across and how honest they are.

Thank you all.

Lia Spriggs

[email protected]

5712683211

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Extreme yes or no does not exist. When one is asleep, one realizes that he is half awake. 

With that being said, I express my idea that REO tapes are being bought and sold all day long, and no one can deny that. Speaking logically, it only takes to have the right connection and then suddenly you are millions of dollars ahead of what you were a day ago.

If anyone of you folks have this right connection and can get tapes, please keep me in your mind. I'll be so happy to buy Arizona properties from you. 


Originally posted by @Francisco Garcia Jr :

Good post I learned from experience a few years  back when I was searching for REOs, just ran into a bunch of dreamers who liked to waste time with daisy chain lunacy. Now I am back looking for wholesale properties, what would the board suggest for finding deals that would net an Investor 20% and above on returns?

Dreamers are on this thread. On BP. It's like they are stuck in the great recession and don't see that the market moved on without them. E.g.

https://www.biggerpockets.com/forums/517/topics/225231-reo-tapes

This is a topic that I am really interested in learning more about. I am an experienced investor who has been out of the market for several years. However, when I was in the market I used to obtain REO lists from banks and would like to know if this is still viable?

Any assistance would be appreciated.

Hi, does anyone know anything about how to obtain REO lists from banks? This is not a common topic but not an unknown one either. Somebody must know something about it - anyone?

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