Hi, as the title states I'm trying to get my foot in the door of the reo market here in Grand Rapids, Michigan. Hoping to eventually wholesale but I'm wondering, am I too late to be jumping into this market? Pretty sure the housing market has "recovered" pretty well in this area...so would that mean I should focus on something else.
Welcome to the BiggerPockets community. Make sure you check out all of the free tools that this site has to offer. I honestly don't believe it is ever to late to start anything. The only thing you have to do is start. If you continue to focus on your goal you will find your answer.
Welcome to Bigger Pockets Timothy!
It is never to late to jump into any market!
The good new is you're not too late. I have been working with REO's (Freddie, Ocwen, and a few banks) for almost a year and have a steady supply of 15k - 20k assets a month that average a round 30-40% below market value. The assets that don't conform to our client's investment criteria I make available to my colleagues in the industry. Well, let me rephrase that, to those that have vetted buyers with a proven track record of performing.
Feel free to contact me when you have an investor that fits the criteria above or if you just have a couple questions.
Good luck, not that you need it. All you need is a well defined goal,, a plan for success and a code of ethics, for both you and those that you work with, that demands honesty, integrity along with a passion for CLOSING transactions; then top it off with a lot of hard work. ( I averaged well over 100 hours a week my first year. ). Then-BAM - Before you know it satainable success.
In the biz 11 mos 2weeks
Avg several closing a day.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
BP is full of useful resources such as forums and blogs. Welcome to the Bigger Pockets community-be sure to check out all the awesome BP blogs under “Learn.”
Welcome to BP Timothy! I think GR is still a great place to invest. I am originally from Grand Haven and hope to invest in some West Michigan properties in the future. Best of luck!
Welcome to the community. I'm in the SE Michigan market and have wholesaled a few properties. If you have any questions, definitely post them. The community is great at answering questions very quickly. Good to have you aboard.
Welcome to BP. Yes Grand Rapids is a hot area at the moment but your never to late to get started. You have to find a niche that fits your style of investing and jump all in.
Wow thank you all! Bp has a great community. Another question, is a back to back closing generally frowned upon? I mean, most banks and title companies probably won't want to work with me if I were going to use the funds from the B to C transaction and use them to buy the house from the bank (A to B transaction). Is this correct? Especially considering listing agents probably already have other buyers with cash?
I ask because at the moment I don't have enough cash to buy an reo outright.
Thanks again - Tim
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