How do you submit a deal to an Asset Manager?

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How do you submit a deal to an Asset Manager?

Lorelei Hilz
Real Estate Investor · Carrollton, TX · Member since 2010 · 83 posts · 8 votes

I found two houses that are from an Asset Manager.

I want to wholesale a deal to another investor, but how does it work when it involves an Asset Manager selling those two houses??

These are vacant. The selling price it at 70% from the BPO price. I hope that made sense, anyway, I'm excited but cautious and clueless how to deal with an Asset Manager.

Any suggestions? :roll:

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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
15y

What bank is it??

If it is a local or regional bank you can call the branch or local office.

If it's a national bank you will need to call the corporate office.Get the REO office.Give them the addresses and they will tell you if they own it and service the loan or just own it and someone else is handling the sale.

Then get the contact info of the broker they have assigned it to in pre-list.

You have to call to see where it is at in the process.

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    15y

    What bank is it??

    If it is a local or regional bank you can call the branch or local office.

    If it's a national bank you will need to call the corporate office.Get the REO office.Give them the addresses and they will tell you if they own it and service the loan or just own it and someone else is handling the sale.

    Then get the contact info of the broker they have assigned it to in pre-list.

    You have to call to see where it is at in the process.

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  • Lorelei Hilz
    OP
    Real Estate Investor · Carrollton, TX · Member since 2010 · 83 posts · 8 votes
    15y

    From a lending company...

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    15y

    If you are clueless on how to deal with an asset manager you need more training.

    They can tell within 10 seconds of being on the phone if you know what you are doing or not.

    They will just hang up on you.They have hundreds of files on their desk to manage.

    They want to close files with people who have the system down apt and can save them time and aggravation with their daily job.

    The lender will have a servicing agreement for the loan that spells out if they need to list for a certain period of time etc.

    There are just too many variables to post here.If you haven't done this type of thing before it would be good to find someone locally you can mirror until you learn the ropes.

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  • Lorelei Hilz
    OP
    Real Estate Investor · Carrollton, TX · Member since 2010 · 83 posts · 8 votes
    15y

    That's a negative advice. I have a mentor that is working with me and I also explained to the lady, I am new at this. She was very, very helpful and gave me suggestions what I need to do.. This is a great way for me to learn to do this, it comes with the business territory of real estate investing. How else will you learn, if you give me an suggestions like that then its negative feedback to make someone not to proceed because they don't know how. Sorry, but I don't like result of your advice.

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  • Jake Kucheck
    Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
    15y

    I'm sorry but nothing about this makes sense.

    I have no idea who your mentor is or why it matters that you have a mentor, but I do know that asset managers aren't going to give a property to a wholesaler to go find them a below market investor for.

    Why do that when they could instead give it to an investor that has a track record and cash (someone like Will) or list it with one of their brokers that has a track record, to obtain as close as possible to market value?

    You aren't adding any value to the transaction unless you bring them an investor at full market value, which would then be doing your investor a dis-service.

    Also, what does "From an Asset Manager" mean? The AM is your friend, and decided to break company policy by giving his best deals to a wholesaler with no track record? If that's the case, I'd look to form relationships with other AM's, because this one won't be around long...

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  • Lorelei Hilz
    OP
    Real Estate Investor · Carrollton, TX · Member since 2010 · 83 posts · 8 votes
    15y

    When she posted the houses and said from Asset Manager. She also posted a discounted price from the ARV price.

    The bank signed a purchase agreement on a large pool of REO's and they hired company as asset managers to sell their properties.

    Does that help any?

    So, I'm taking the stepping stones on how to go about making a deal with an Asset Manager that is selling those two vacant houses..
    All I'm asking is, have you ever dealt with AM and what are the steps that I need to take to make an offer and turn around and sell it to a buyer..

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  • Jake Kucheck
    Residential Real Estate Agent · Costa Mesa, CA · Member since 2008 · 1k+ posts · 380 votes
    15y

    Apart from the fact that this sounds a lot more like a private equity structure than an institutional lender, it sounds like you're on the right track.

    However, generally an AM will need a bona fide, written offer from you to determine whether or not it is in his "kill zone". Once you've done that, he will respond or not. If he doesn't, you're not in the right ball park.

    If he does, you can then proceed with the transaction or not.

    Wholesaling isn't my business, but it sounds like it is yours, so if you can make that work, more power to you.

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    15y

    The asset manager doesn't want to be your testing ground for learning.They are busy doing their jobs.

    If you have a mentor then they should be guiding you more than they are to put a deal together.

    What will happen if you don't know what you are doing is make mistake after mistake after mistake.

    When I first become licensed in real estate handling contract someone didn't tell me to go get them and figure it out as I went along.

    I am not being negative just trying to help you.

    Tell your mentor that you are stumbling and need help with this part.If they have done it many times over it should be easy for them to show you how to proceed.

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  • Stan Jackson
    Real Estate Broker · Fort Pierce, FL · Member since 2009 · 221 posts · 95 votes
    15y

    Lorelei,

    Regardless of this persons' title( which is suspect at this point), what are YOUR numbers?

    What offer price would make this a sweet deal for you? Once you know that, just submit your offer.

    Factor in a few counters but beaware of the cutoff point. The point where the person doesn't want to go back and forth anymore.

    Or, once you've submitted your highest/best and the offer isn't accepted, thank the person and let them know that this deal isn't for you.

    IMO

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  • Lorelei Hilz
    OP
    Real Estate Investor · Carrollton, TX · Member since 2010 · 83 posts · 8 votes
    15y

    Thank you Stan!!!

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