BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
Unicorns, Sasquatch, Centaurs, Bulk REO Deals . . . they all seem to be mythical creatures.
I've started this discussion because I'm pretty convinced that we will be terminating the BP Bulk REO forum and will require any Bulk posts happen in the BP Bulk REO Group. That said, perhaps you could convince me otherwise . . .
If you've closed a bulk REO deal, we want to see proof. To be honest, I have no idea how you're going to do that, but I will not be taking people's word that they have closed one without actual physical proof.
So . . .
Here's the challenge:
1 - If you feel like the Bulk forum needs to go the way of the political forum or dinosaurs, jump in and say so. We want to hear from you.
2 - If you want us to keep the forum alive, I don't want to hear from you unless you've closed a real deal; and if you have, you will need to provide evidence and post it in public.
Well, here's your opportunity . . . does the Bulk forum stay or does it go?
Real Estate Investor · Milwaukee, WI · Member since 2008 · 1k+ posts · 671 votes
15y
Look at the spam in that section. It is a bunch of wholesalers selling stuff they dont control. BP is mostly small investors. Bulk tape is mostly sold to big funds with people who are not on BP looking for deals (sorry Josh).
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
15y
I have a friend's wife's cousin's daughter's maid that is direct to the source for a $1T tape. If only I can waste enough investor's time I can make my .001% commission and be living high on the hog!
I would suggest closing the forum Josh, but I don't believe in unicorns or non-cheating OU football teams :-)
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
15y
Jeffrey - The entire "Bulk REO" industry is just a bunch of spam, IMO. Sure - deals happen amongst institutions, but I remain unconvinced that these deals are happening otherwise.
Bryan - You too?
James - I've been watching this nonsense for years . . . despite the claim by hundreds to thousands of people that they are doing business in the space, none so far has provided me with an ounce of proof.
Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
15y
Josh-
There was a guy from G8 Capital that used to post on here. They are local and they have been well publicized in the local media as having closed on bulk REO. Other than that... I agree with the assessment, and am anxiously awaiting my +3.
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
15y
That's my thinking, Jeffrey.
If we've got a forum dedicated to something that for all intensive purposes, doesn't exist, aren't we just as bad as the people who are trying to sell folks on the dream that it is possible to do these deals? The last thing I want is for people to think that BP looks at Bulk REO as a viable strategy for the common investor.
The reason that we created the Bulk REO forum was because we had so many people coming to the site and posting their phantom "deals" everywhere else; we needed a place to put it. In retrospect, we should have just put them in the group . . . .
Commercial Loan Officer · Southern Maine, ME · Member since 2009 · 782 posts · 415 votes
15y
Hey, I was in Military Intelligence!!
My vote is to shut that forum down. As mentioned, I too believe its existence will only serve to drag down the overall quality of BP.
As this site expands it will likely attract an ever increasing amount of spammers who want to push their product and not contribute anything of value. By keeping the sandbox more controlled it will make it easier to make them feel unwelcome.
If BP finds itself in a position where there is an actual need for a bulk REO forum down the road, perhaps you can create a semi-private forum where the members are screened to keep out the spammers.
Real Estate Broker · Fort Pierce, FL · Member since 2009 · 221 posts · 95 votes
15y
I would like to suggest shutting the site down, but at least by having it, I'm aware of those who claim to have bulk reo's.
If the site is shut down, then the bulk reo characters will reinvent themselves and purport some other worthless product (meaning there's no way in heck they can produce) with the same vigor.
At least now....I know who you are, I know what you're doing!
Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
15y
That too is an excellent point. Similar to shooting themsleves in the foot, making their ridiculous claims and spam places them front and center for us all to see, if need be.
Perhaps having this thread hidden from the dashboard and only those ywho need to see it will go find it.
Real Estate Investor · Saginaw, MI · Member since 2008 · 136 posts · 24 votes
15y
It sounds like you're pretty set on shutting it down, and it kinda reminds me of the time in my home town when authorities removed the stop signs from a train crossing because they were becoming "a maintenance issue." They took 'em down, but decided to put them back up again after 3 people--including a cop in his patrol car--got killed by the passing trains.
Personally, I only come onto BP for this particular section. If huge, pie-in-the-sky bulk sales aren't made immediately, I have still made some excellent contacts here that have resulted in smaller sales both residential and commercial. A begat B begat C until C finally begat D who bought something. The nature of the beast, I understand.
In all reality, people wanting to make those kinds of connections can go over to your competitors (CI, Trulia, etc.)
My vote is to keep it for whatEVER purpose it serves. But it doesn't sound like that vote is going to count for very much. It sounds like the screwdrivers of disassembly are already whirring...approaching the screws.
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
15y
glad you bring up the other view...although i disagree with you, at least we have another viewpoint expressed..it's good to see you have closed some deals from that forum as well! congrats
Real Estate Investor · Saginaw, MI · Member since 2008 · 136 posts · 24 votes
15y
Thanks, Bryan. I don't think any of us have made a direct "craigslist" type transaction from this forum (Joe advertises a bulk package, Moe responds and buys it). But through this forum, I personally have networked with a whole bunch of brokers and buyers, people who are out there actively DOING the business in all of its capacities (not just bulk). That's the A begat B begat C thing I was talking about. Maybe there is another forum on here where I could do the same type of networking, but it just seems that this Bulk forum attracted the big hitters, the big thinkers, and the people who knew people who knew people who either (a) had product or (b) were buying product.
What did Garrett Morris used to say on Saturday Night Live? "(This Forum) has been very very good to me."
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
15y
I don't care if you shut it or keep it - both sides of the issue have validity. I personally won't chase bulk REO's - I know they happen, but they don't happen on my level. They are institutional, I believe. I chased a couple and got fed up with the bs, and decided not to waste time on something I would be unlikely to crack.
But Jon, the bulk NPN notes are another thing. I have recently connected with a couple of guys who bought small portfolios of NPN's. They screened the owners, foreclosed on the ones that had no desire or means to stay in the homes, and then worked with the homeowners to renegotiate the notes to make them performing. Their strategy is to sell the notes as performing, and they've asked me to see if I could find a buying connection.