Flipping Houses? Best Approach?

Question

I am a new to the flipping idea. I know people that have done really well with it and I am willing to learn. One question I always had though is how do you get in contact with the banks that own the property? It has to be their asset management department...right? So what is the best way to get in contact with them.

Thanks and happy to listen to what ever knowledge everyone is willing to share.

Don Hines · Answer

Learn what realtors represent the REO's in your area. The banks will not give you the time of day; unless, they are a local/regionally owned bank. That is the type of bank I deal with and still, I am refered to the agency/broker that represents them.
Don

Shari Posey · Answer

Will--
How did you make this contact or was it someone you already knew?

I used to attend some huge REO conferences and the agents were crawling over the asset managers like ants at a picnic. It was kind of disgusting--at least not my style. At the last one I went to a few years ago one of the old-timer REO kings in our area said nowadays to make connections you have to plunk down some serious cash wining & dining, golf, strip clubs, etc. These were just agents trying to get listings but I can only imagine this is true for investors trying to buy a portfolio of 20-100 homes as well. Is it?? How does it really work in 2013?

Will Barnard · Answer

These relationships are not easy to develop and extremely difficult to find. I may be one of the lucky few.

J Scott · Answer

With the exception of asset managers at small banks, it's very unlikely you'll be able to get to the decision maker when it comes to buying REOs.

Most medium- and large-sized banks are going to list on the MLS, and your opportunity to purchase them will be by submitting an offer to the listing agent that is handling the sale.

Small, local banks will often provide lists of REOs that they hold, but these lists will generally be much smaller and are often focused on commercial properties (since many of these smaller banks are commercial banks).

Hayes Hamilton · Answer

Jon...buying properties that need to be worked on and then selling them.

Are there any legit lists of Asset Managers at banks available?

Jon Holdman · Answer

What do you mean by "flipping"?  Buying a junker, fixing it up and reselling?  Or, just getting a property under contract and then reselling it with no work ("wholesaling")?

For the most part, banks list their properties on the MLS.  You buy them through the listing agent.

Flipping Houses? Best Approach?

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