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REO 30-40% Discount Bulk. Need Buyers |
broderick0385
19 Posts
Member Since: 07/19/2006
Arlington, TX
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Posted: 22:57 on 12-17-2007
REO inventory holdings by banks are soaring. The melt down of the lending industry and crash of the housing market provide an exceptional opportunity for you to flip bank owned homes.
Must purchase between 10-500million worth. If anyone has any connects to purchase, get back with me!!
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sarahnaqvi
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Posted: 02:03 on 12-19-2007
How many do I have to buy?
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ypochris
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Member Since: 03/22/2006
Lansing, MI
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Posted: 09:37 on 12-19-2007
He said $10,000,000.00 minimum. I have seen others offering $5 million minimum. No room here for the small investor, although getting a group together to purchase one of these packages might be profitable.
Personally I wouldn't do it here, as REO's tend to sell individually for 30-40% below the BPO, and you can cherry pick only the best deals- if you have the time. I presume other markets are different to make these packages worthwhile.
Chris
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cjmazur
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Member Since: 07/23/2003
Cupertino, CA
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Posted: 11:12 on 12-19-2007
there is if you do what I suggested in the thread Nationwide REO Broker.
get 10 people together that have 500K each. the problem is coordinatng the needs and wants of the 10 people.
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ypochris
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Posted: 20:24 on 12-19-2007
10 people in 10 different parts of the country could make the ideal combination to break up one of these packages. Problem is getting the right group together- for one thing, this is getting into REIT land which requires a substantial initial investment to set up. It would be a real gamble to be the one to put out that initial effort, and the greater returns that person would justifiably expect will create problems with the other investors.
Chris
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cjmazur
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Member Since: 07/23/2003
Cupertino, CA
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Posted: 09:44 on 12-20-2007
why do you say reit?
I would look at it as an escrow w/ 11 parties.
The seller and 10 buyers. The buyers could be sole prop, llc, corp, GP, any entity.
I have not found a online tool for facilitate the assembling of these groups.
Also, putting money where the mouth is is a big problem. The sell want's proof of fund, Buyer wants to see tape of REOs. I have seen dozens of deals fall apart here.
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ypochris
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Posted: 09:58 on 12-20-2007
I say REIT because soliciting the general public for investors to do a deal without SEC approval is illegal. If you have people in your circle of friends or friends of friends who can pull together the money, then you could sell off the properties individually in the usual manner, but buying a package together is a different animal.
Chris
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cjmazur
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Posted: 11:55 on 12-20-2007
but REITs aren't to my understand exempt from the securities law.
Publicly solicited interests in a REIT would be the "same" violation as a LLC, LP or Corp interest.
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ypochris
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Posted: 21:08 on 12-20-2007
My point is you would need to set up an entity recognized and approved by the SEC to promote real estate investments. An REIT is typically how this has been done.
Chris
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mc22000
1 Posts
Member Since: 12/26/2007
Redondo Beach, CA
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Posted: 16:48 on 12-26-2007
Broderick, if you still have access to these properties, get back with me. However, there can be no broker chains. You must be direct.
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hydepark
3 Posts
Member Since: 12/28/2007
Cincinnati, OH
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Posted: 19:51 on 12-28-2007
REO's will continue to trade actively for atleast another 18 months. We have partnerships that have completely stopped their lending and are solely focused on trading portfolios.
[ Edited by hydepark on Date 12/28/2007 ]
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dubois81
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Member Since: 04/25/2008
Las Vegas, NV
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Posted: 11:03 on 04-26-2008
Although the advertised Discounted Bulk package is 30-40%; I'm currently working with buyers prepared to buy under the following conditions;
l. Buyer A Seeking properties located in California and Texas with an LTV of
.53 with any points included. Maximum purchase price of
$30,000,000 million
2. Buyer B Capable of larger ($100,000,000 million) package with all
California properties at below .55 LTV.
If the tape can be configured to pull out the aforementioned profile, contact me.
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browndog1001
10 Posts
Member Since: 11/30/2007
Jackson, MS
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Posted: 13:23 on 04-26-2008
When you buy properties in these bulk packages can you take them from all over the country or do you just get stuck with a bundle. As http://streetvestor.com we sell to investors in different markets, but we don't want to get stuck with anonymouse junk.
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vegasinvstr
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Posted: 14:29 on 05-08-2008
have buyer. what is your % FMV for packages in the lower ranges of 10-20M?
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scruffy567
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Member Since: 05/14/2008
Lewiston, ID
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Posted: 19:08 on 05-14-2008
I am interested in learning hw this works. I have a group ready purchase REO's on and indiviudal basis and potenially a group basis. Probably in the $10M area.
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