Buying my first REO in a couple weeks. Technical Question.
I understand the "I'm not an attorney" caveat, but I'm going to be purchasing my first REO to fix and flip with a group of trusted guys. My question is thus: I have numerous contacts with local banks, never discussed REO with them. I understand they list their properties with a couple major real estate brokers. Do any of you "intercept" those properties before the Realtor gets their hands on them?
My concept is this, buy the property at .50, dump no more than .05-.08 cents back in to bring it up to par. List it myself and offer owner financing. Listing will be around .65-.70. Owner financing will of course be 100%.
I really think this is, once refined and those hard lessons learned, a good way to make some cash instead of dumping my money off to some broker to invest for me. I've been down that road already and lost a ton.
For the record I don't offend easily, so please, honest and blunt answers or opinions are greatly appreciated.
George