Buying foreclosures from local banks

[Lauryn Meadows]

So my husband and I are closing on our first flip this week. (Yay!) We purchased that property from a local bank that I have a good relationship with. I just called them one day and asked if they had any REOs, they sent me some addresses and we made an offer on the house we flipped. These properties were not listed on the MLS.

Now that we are about to close on our current flip, we are ready to do another and potentially scale this year.

Does anyone have any luck building relationships with local banks to find deals? I’ve heard of people getting lists sent from local banks. 

Previously I worked as a pharmaceutical sales rep and I’m wondering if it will be a good strategy to uitilize those practices by cold calling the bank or stopping local banks to build rapport that way. 

I'm in a rural market and we do have some deals on the MLS, but not enough to rely on it.

I appreciate any feedback! 

[Dave Van Horn]

DistressedPro.com may be able tell you what banks have REO product.

You could also network with REO Agents. REORedbook.com can be a good resource to connect with agents locally.