How to find rehab homes to wholesale?

Question

hi BP.

I really love to learn how to find REO or foreclosure deals to wholesale, Anything whit rehabbing. I would love to get involve in this I am currently doing absentee owners whit my mail campaign reason why I started wholesaleing is to learn the basics and once I get to know how to swim i would love to do FIX And FLIPS.

I really feel if I start wholesaleing REO and Foreclosure I would understand a lil better how the process works whit these fix and flips deals,

Please BP let me know how to find and how to wholesale these targets or if there is a video that talks about this.

Thanks for any response.

Carolina E. · Answer

Hi @Walter Thompson REOs are usually already listed on the MLS. It is difficult to wholesale when the property is listed. You would need to get the purchase price plus your fee under what it was listed or else buyers won't be happy. It can be done, I know of wholesalers doing this. Also there would be a different method of selling, you couldn't just assign it. Banks don't want you to make a profit off them.  If you are talking about getting the properties straight from the banks you would need to show them that you have experience and would need to build a relationship with them. This is difficult, but I know some buy directly from banks.

I would target distressed sellers, vancant properties, drive around and note the bad houses and send them letters. These sellers will most likely have houses with a lot of repairs needed.