Comments on: How to Cash In On Bulk REO Packages

By: Schaeffler1

Schaeffler1 — Fri, 30 Mar 2012 06:06:00 +0000

How can I get involved?
I’m in Miami

Thanks,
Robert

By: Queenkennebrew

Queenkennebrew — Wed, 01 Dec 2010 00:19:00 +0000

Norm I would love to learn more about how you went about these deals

By: TERRELL WEBB

TERRELL WEBB — Fri, 27 Aug 2010 15:44:00 +0000

Good exclusive information Kenny on the Bulk REO process and congradulations on your success, but I was wondering can you give us a prime example on how to fill out the master fee agreement step by step so we could give it a true shot?

By: Jameswilliams

Jameswilliams — Tue, 24 Aug 2010 06:50:00 +0000

Hi…

You are correct, and unfortunately that does happen sometimes.
Thanks for such valuable info. and really helpful. Thanks for posting this.

By: Michelle

Michelle — Wed, 18 Aug 2010 17:03:00 +0000

I have a real buyer who is wanting to purchase 15-25 homes in bulk purchase in the Dekalb county area.
He has proof of funds. How do I get started? please advise thanks Phyllis Bryant #678-516-4137

By: therostrom

therostrom — Mon, 16 Aug 2010 09:47:00 +0000

I am a RE Appraiser, over 25 yerars-In CA, 1-st deal, no experience in REO BULK, Have the large corp with “” THE $ “” , and have worked with a REO Agent with “” THE TAPE “” for over 1 year, THE $ wanted to do it instantly-already has a escrow account for it, and the next deal-$20Million.
I have a deal going-both are walking, LOI,POF,Buyer just needs the bulk-$10M, I see your fee of $25,000 on a $300,000 TAPE-what a deal. I have made a deal with the BUYER for 1.75%-and only really have EMAIL time in with them. Oh by the way I also have set up another buyer, and will split this fee, THE MORE THE MERRIER.

I am also using THE TAPE for REO FLIPS, I know the values going in. I have access to large SUPER JUMBO residences that are having problems, just about all of them…

THE $ cant wait, I am more worried about the REO BULK, although, I have actually known THE BULK longer than THE $-I am signing all the documents this week, I put it together on Friday, I sent an Email to THE$, about BULK, and two emails later, LOI, POF’s, wow, and I have appraised over 13K residences, someone was talking about FLIPPING????, this beats that stuff without a drop of sweat. There are so many REO AGENTS JUST WISHING FOR SOME INVESTORS.

Banks are getting much more aggressive, just watch, I appraise for the LARGEST LENDER OF BAD LOANS, ok, not BOA/CWF…… but there is so much $$$$$$$ to be made, just open your eyes, and start moving your mouth, hopefully pointed at some REO AGENTS/BROKERS EARS…

FIND THE PROPERTY FIRST, THEN YOU HAVE CONTROL ULTIMATELY, I FOUND THEM AT THE SAME TIME….. oh well….

what is the best way to be paid??? after instantly setting up an LLC of course????
WCS-Worst Case Scenario

you owe child support, the IRS, you have judgements up the ying yang, and your credit cards have MELTED INSIDE YOUR WALLET from missuse, your credit score ROLLS NEGATIVE NUMBERS, and you even owe your MINISTER/PRIEST/RELIGIOUS OTHER, let alone every relative you can trace……

HOW WOULD YOU GET PAID………..????? but your not running from the police, yet!!!!!! ha ha

serious now!!!!!

thanks,

Norm

By: Chris Johnson

Chris Johnson — Wed, 11 Aug 2010 22:24:00 +0000

Sounds GOOD Kenny. Me and Kenny Have closed 2 deals together. Made 7k should have made 21k but I included some contacts of mine who set the ball rolling. I keep control of the deal with the serious buyer talking to Kenny It takes exactly what he says in this article. But only the strong determined minded people will make it. You cannot waste your time with chains(daisy chains) a lot of people in the way. Every contact is not going to make you money. you can tell who is a real buyer and seller over time but it will take a few blows to your self esteem to be let down until you really understand. I can tell if a buyer is real buyer or a “pass through buyer” someone who has know exit strategy and who dissapears when you ask them to send a Proof of Funds to the seller. There is a lot of money to be made in BULK REO If you can learn what it really takes to close a deal. It is a whole lot different from single whole sale deals and takes a llitle longer depending on size of deal. Thanks

By: River Valley Homebuyers

River Valley Homebuyers — Wed, 11 Aug 2010 18:49:00 +0000

how do you find REO bulk tapes/deals? Where do you find buyers? If you want to purchase a bulk deal how do you get it funded?

How do you get others to check out all the properties if you can’t? Do you pay them? How much? How can you make sure you trust what they are saying?

What kind of discount is “typical” (not what is possible, what is typical. Most gurus use the “possible” number to lure people in) for bulk REO deals. Of the ones that are listed on the MLS, how much of a discount are you getting off the retail asking price?

How would you recommend getting started in this REI area for someone who has no contacts with the banks that sell bulk reos or no contacts with any buyers of bulk REOs? What things are necessary?

What does the contract with your buyer/seller say in order to get the assignment fee? Do banks know that your “brokering” the deal for them, or do they think you might buy it, but you really are “assigning” it to another person?

When your brokering for the seller (like in your $300k example) do you tell your buyer that the price is $325k and its non-negotiable? Or do you start at $350,000 and let them talk you down to $325K?

If the bank is looking for $300,000 for a tape, is this a fixed price or are they open to offers? If they are open to offers, how much of a discount do you think they are willing to take? (I know it all depends on the bank, the package, etc, but I’m looking for an average or ballpark number from his experience).

By: THE TRUTH

THE TRUTH — Wed, 11 Aug 2010 17:56:00 +0000

Get ready to waste a bunch of time, only to get circumvented in the end. Been working this market for over two years and my two partners over 5yrs. I have seen and heard it all in this business. I also agree with HopefulHomes. Way better deals in notes. Banks are not letting go of these REO assets as cheap as people tell you. Be careful with anyone selling you a product or a dream of making huge money in this market.

By: HopefulHomes

HopefulHomes — Wed, 11 Aug 2010 17:53:00 +0000

You are correct, and unfortunately that does happen sometimes. A key is to know your seller (or your buyer, depending on what side you are on) and have a relationship with them so you don’t have to worry about things like that. Personally I only deal with local buyers now (after dealing with both sellers and buyers across the U.S. and even some internationally) who I can sit down with and meet in person. Of course now that I have what I know to be “real” buyers, the few real sellers I was dealing with don’t necessarily supply what they are specifically looking for. The Bulk REO industry is a fun one!