Whats Great About REOs?

22 Replies

REO's are listed with local agents. You will have to have access to the MLS through an agent. I would recommend looking for an agent who also knows how to put in HUD offers.

I would just contact the broker that lists them for HUD. Normally the houses are listed on a subcontractors website (my region is southwestalliance.com) who then lists them with a local broker. You can find the sub through the HUD.gov site and then find the houses on the sub's site. Drive by one of them and see who is listing it. The broker listing them will be trained on putting offers in on them, and will probably be apt at working with investors also.

Here's the HUD registered brokers (not sure what registered means) for your area. I found this on the http://hud2.towerauction.net/SC.htm which is the subcontractor website.

NORTH-CHARLESTON

Company/Contact Zip Phone
MORRIS BOURNE 29405 843-554-0981

PROPERTIES PLUS INC
ANTOINETTE BENIFIELD 29406 843-871-2121

SEACOAST REALTY & MARKETING LLC
LISA A JENKINS 29406 843-747-8005

TAYLOR PARKER REAL ESTATE GROUP
BRETTA GRANT-TAYLOR 29406 843-553-3499

THENIA COMPANY
SIRBRITTIE L GRANT 29406 843-532-6776

Any of the registered brokers agents can submit a bid for you and they have access to the complete list of HUD homes in the area. In my experience multifamily HUD homes are rare but you may be able to get some that are REO properties.

Originally posted by "Ohio Realtor":
Any of the registered brokers agents can submit a bid for you and they have access to the complete list of HUD homes in the area. In my experience multifamily HUD homes are rare but you may be able to get some that are REO properties.

Where can I find multi-family REO's at ?

Multifamilies in general are not common, so finding multi REO's is even that much more rare. I have seen very few. Now I bought some apartments at the courthouse steps once.

Originally posted by "Ryan Webber":
Multifamilies in general are not common, so finding multi REO's is even that much more rare. I have seen very few. Now I bought some apartments at the courthouse steps once.

What kind ?

Originally posted by "Ryan Webber":
What kind of apartments?

I bought a 16 unit, an 11 unit, and an 8 unit at foreclosure. They all went the same month and were from the same lender.

Anything round that amount. I'm going to be in summer school this summer full-time & I just want one or two apartments or duplex.

HUD's or other REO's aren't the place to look for multidwellings. Tracking down absentee owners of properties that have obvious deferred maintenance issues is probably your best bet for finding a deal on apartments.

Originally posted by "Ryan Webber":
HUD's or other REO's aren't the place to look for multidwellings. Tracking down absentee owners of properties that have obvious deferred maintenance issues is probably your best bet for finding a deal on apartments.

What's the best way to find it. Post an ad in the local paper ?

Originally posted by "Ryan Webber":
Tracking down absentee owners of properties that have obvious deferred maintenance issues is probably your best bet for finding a deal on apartments.

Drive around looking for properties that have obvious deferred maintenance issues and track down the owners. Ask them if they want to sell.

Originally posted by "Ryan Webber":
Originally posted by "Ryan Webber":
Tracking down absentee owners of properties that have obvious deferred maintenance issues is probably your best bet for finding a deal on apartments.

Drive around looking for properties that have obvious deferred maintenance issues and track down the owners. Ask them if they want to sell.

What if they have a property management company. Where should I find the owner ?

Tax rolls and county records.

You aren't primarily looking for properties managed by a property management company. I would look for the properties managed by Lucy, who lives in apartment 4.

You have to start thinking like a bad landlord.

Originally posted by "Ryan Webber":
Tax rolls and county records.

You aren't primarily looking for properties managed by a property management company. I would look for the properties managed by Lucy, who lives in apartment 4.

You have to start thinking like a bad landlord.

So I should get in the mind of a tenant that's in a place that I want to figure out how to find the owner ?