Last night I went to a REIA meeting and met some wholesalers. I also received an email about a foreclosure for $114,000. Zillo listed it for $353.725 off market. The picture looks like it could be a condo based on the #33 within the address. I plan to ride by there later to day to take a look at the place. I contacted the number in the email and a broker came on the answering machine. I left him my number and said I was interested in the property. I'm thinking that I need to secure a contract on it and flip it to one of the wholesalers I met. Can someone help me with a strategy to make this deal happen? What do I need to do now?
@Lawrence Robertson I could be wrong but a REO is extremely difficult if not impossible to wholesale, unless you actually close on it first. The broker is probably going to want a pre approval letter or proof of funds to go along with your offer. I'm assuming the email came from a wholesaler? My opinion, about the only you can do is to call the wholesaler and ask them if you can pitch this deal to some folks you know for a piece of the pie or a refferal fee. I wouldn't try to act as a cash buyer because the broker will see right through it and that hurts your Rep.
Good luck to you!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.