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?

do i need to sign a NCND and send over my LOI to respond in this thread? i'd be interested if anyone really did close a deal like this as well

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. So that's how I know that Bulk NPN's are real.

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.

What about bulk notes? Bulk NPN certainly seems like Bulk REO with a different set of initials.

Time to Close the BP Bulk REO Forum?

Jon Rood

Excavation Contractor · Livingston, TX · Member since 2009 · 42 posts · 6 votes

15y

I agree, shut it down. Bulk Reo is not for the small investor. This meaning investors in the millions not the billions. I want to thorw somwthing out there for a responce. I recently attended an Auction.com auction in Houston, Tx. There were investors there, but many more end users. As I was sittting there, I began to think about BP, and wondered if any of the season investors would waste a night of their life as I did that night. I think an intelligent bank would hire a marketing company like Auction.com to get rid of their inventory, from what I saw, they would limit their losses to .50-.60 on the dollar rather than the .10-.20 we are all dreaming of. What do you think? :wink:

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Stan Jackson

Real Estate Broker · Fort Pierce, FL · Member since 2009 · 221 posts · 95 votes

15y

Thanks Josh.

Good point Doc.

Ann, it is your point that makes my frustration. It doesn't happen on my level!

But, as Dr Fish says, I will keep networking and connecting until I reach the top.

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Turner C.

Real Estate Investor · Austin, TX · Member since 2010 · 14 posts · 1 vote

15y

Unfortunately, most of the noise regarding bulk deals does turn out to be just that, noise.

Before robo-signing locked the banks down, the company I work for actually had purchased small bulk packages from banks and had success turning those properties. It took me 9 months building inroads with banks to get to where I can see lists and I still face institutional roadblocks getting the info I need.

I hate that spammers ruined this forum, because if there were other legit posters, this is where I would get the most benefit from the site.

Boooooo to the Bulk Deals Millions Today!!!! bad apples that stunk this up for everyone else.

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Rolly Dupree

Residential Real Estate Agent · Saratoga, CA · Member since 2009 · 71 posts · 9 votes

15y

To concur with Tom Fish, I have indeed closed a 19 properties purchase directly linked to a BP connection. It is my personal property and Josh you are welcome to contact me personnaly so I can fax you whatever paper you want. Please do undestand that I can only do this because I was the purchaser. When we represent clients we are bound by confidentiality.

It will be too bad to see the forum go, if only for the interesting people we meet on it. But don't worry reo bulks forums are found elsewhere, and small packages are being sold...

1 Reply

Don KonipolBusiness Member

Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes

15y

So to sum up the arguments of those who use the bulk reo forum and would like to see it remain open:

1- we meet interesting people on the bulk reo forum

2- being able to discuss non existent billion dollar deals somehow enables us to sell 19 unit apartment buildings and single family residences

3- we will go to another website that allows discussions of fantasy bulk deals

I personally think the bulk reo forum had some entertainment value; however it is like an old joke. Not so funny anymore.

Private Mortgage Financing Partners, LLC

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Chris Walker

Real Estate Investor · Port St Lucie, FL · Member since 2009 · 41 posts · 11 votes

15y

I've worked in this space for a few months.

Jokers.
Pretenders (I am a bank owner, claimed one guy).
Let's figure out how to get paid, then we'll see if the product is real. . .

However, digging through it, we've found real seller reps and real buyer reps with real product. It's a hard find. We've had some that entered the diligence phase, but we've not closed yet.

BP hasn't been helpful to me in this area, but I've not been looking at it.

However, I now have direct access to . . but need a POF, LOI, MFA, SFA, NCND and an eternal covenant for before I tell you. :)

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Marc Faulkner

Investor · Kalamazoo, MI · Member since 2009 · 1k+ posts · 495 votes

15y

As soon as I see the words buyers rep, sellers rep, LOI, NCND, Plus Three Points, I am direct, Bulk, REO's, NPN's, I know I am going to be in for good laugh. Everyone seems to be someone that knows someone, who knows someone that is direct to the seller and nobody knows anything! With that said, I do appreciate the comedy on occasion and as pointed out it does allow us to pin point who is blowing smoke and who's not. On the flip side I can see why you wouldn't want this garbage poisoning your site.

1 Reply

Steve Babiak

Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes

15y

Marc,

You forgot "mandate" ... :D

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Marc Faulkner

Investor · Kalamazoo, MI · Member since 2009 · 1k+ posts · 495 votes

15y

Mandate-did you say mandate? My cousin Jimmy is direct to a friend of his that is a "mandate" to some guy that knows someone that works for a BANK!!! Please send me an LOI and POF and I will put together a 3 way asap...

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Brandin Johnson

Orlando, FL · Member since 2009 · 65 posts · 8 votes

15y

so is the problem with bulk reo's that a buyer is not able to buy, or is it someone saying they can buy it and can't proof up, or is it someone saying their directly connected to the seller? I know someone looking to buy NPN, but he has a connection directly to the bank, and hes looking for more connection, but I really have no experience in that realm, but i see people send over tapes all the time..whats going on?

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Thomas Fish

Real Estate Investor · Saginaw, MI · Member since 2008 · 136 posts · 24 votes

15y

Hey Brandin: the problem with Bulk REO's is multifold. Problemsss. Usually, the guy saying he has product actually has nothing but an email from some other guy who says he has product, who also only has an email. The guy who "has a buyer" actually has an email from some other guy saying, "I have a buyer with funds already in escrow. He can provide LOI, POF, and close in three days." The non-seller-SELLER is then put on a 3-way with the non-buyer-BUYER, while the IM's happily sign the MFA and hungrily lick their lips in anticipation of their soon-to-come riches. THEN, the "seller" can't produce an LOA, the "buyer" realizes he can't buy diddly-squat with just a random email sitting there in his "read" box. The IM's all think they're getting cicumvented. And everybody rubs their backside, realizing they've just been a victim of yet another cluster-f***, until the next email pops up in somebody's in-box, stating "CA Tape, 43+3, Already in Escrow" which starts the whole rump-abusing process all over again. BUT... the silver lining in the whole dismal cloud is that you can build a network of contacts up and do business in a zillion other ways.

2 Reply

Kofi LeGrand-Sawyer

Contractor · San Jose, CA · Member since 2008 · 157 posts · 10 votes

15y

I see the forum from two perspectives. I think that the bulk forum brings a lot of hits and new users to the site because of how the terms "bulk reo", "reo tapes", "bulk real estate" etc. show up on search engine rankings. Usually a BP topic will be one of the higher ranking links on the first page. Closing the forum will eliminate a lot of site impressions and potential members.

On the other hand, from my experience, it's hard to get an offering sold when the forum is full of doubters and unqualified buyers, sellers, etc.

Bulk properties are not as hard to do as presented on this site and other online forums. If an investor has millions to spend on real estate, then the bank that holds their funds would be more than willing to negotiate in selling them multiple reos at once. If you have a real buyer and a real seller (not someone who you've been conference calling or emailing for the last month) a deal will be done.

Maybe only allow licensed brokers, agents, lenders and accredited investors to participate in the forum?

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Account Closed

Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes

15y

Maybe I misunderstood dr fish, but you're saying these people who "have" buyers ad sellers may not come through on bulk roe's... Why would you want to keep them as contacts and do business with them later... Chances are they'd flake again... No??

2 Reply

Thomas Fish

Real Estate Investor · Saginaw, MI · Member since 2008 · 136 posts · 24 votes

15y

Bryan. Usually, in any given deal, there are so many people involved (mandates, reps, IM's, coordinators, transactional specialists, whatever someone is calling himself at the time, etc.), that somewhere in there, one can find some credible people to actually communicate intelligently with. And through those contacts, maybe some legitimate local investors emerge who are actually able to do business. I guess I was just pointing out that, even though the whole bulk reo circus can be maddening, there is a glimmer of hope among the ruins. I have actually closed a couple bulk deals in the past year (a couple out of dozens and dozens and dozens that fell apart at the closing table), but from many of the other ones that didn't close, I made some pretty great contacts. / But yeah, you make a good point, on these "buyers" and "sellers" who totally flake and waste everybody's time and energy, they are eventually exposed and erased from any list of legitimate contacts. They generally end up appearing on the "black list," which all the other legitimate people circulate to prevent from getting burned again...and again...and again....

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Uwe S.

Property Manager · Dublin, OH · Member since 2009 · 1k+ posts · 291 votes

15y

After reading this topic since start I want now to chime in, some of statements here right, huge price reo tapes not real.

I saw real reo tapes, all under $5 million other was only junk in my view. I agree if a seller wants an Proof of Funds you must be careful. Real seller want nothing from you for the list and your DD, he wants to sell his properties nothing more.

I gave Rolly and two other members from BP phone number of an reo seller (owner) and all three closed in total 30 properties (Rolly 19, other one 8 and other one 3), tape price was nearly $1,4 million (112 properties) but they could cherry pick and by not later than 3 month (!) DD they closed with the seller. All properties were rented at this time.

Here you can read my experience with other buyers ( multi million cash buyers :) ), no one had the money for it (asking from $28,500 for 19 sfhÂ´s) finally.

So there is reo tapes but not in these huge price ranges, usual you will find reo tapes between $50,000 - $1,500,000, rarely higher.

-Uwe

2 Reply

Time to Close the BP Bulk REO Forum?

Time to Close the BP Bulk REO Forum?

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