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REO Portfoilos $50k +/- ( Second Try) |
jrs
8 Posts
Member Since: 09/03/2007
Clemson, SC
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Posted: 11:10 on 02-18-2008
This is my second try at this post. I posted this last night and it was deleted this morning. I spoke to one of the moderators who gave me some pointers. Maybe this will work.
I often see REO portfolios or packages offered that start at $25M-$100M Minimum. The problem with these offerings as I see it is that it leaves a lot of would be investors out of the loop.
I regularly purchase REO portfolios for under $50,000. I buy these portfolios and then typically sell them off individually to people who are purchasing them to live in via owner financing. I do not do any rehabbing, I sell them as is and let the buyer do the repairs. I then sell the note or collect the payments.
I am looking for investors who would be interested in purchasing these REO portfolios. These portfolios are not geographic specific.
These properties have all gone through the foreclosure process, which will eliminate any liens on the property with the exception of taxes or water bills that may be associated with the properties. In other words, I do not get a guarantee that the title is clean regarding taxes or water bills. I typically see an average of $750/property that needs to be paid for back taxes or water bills.
If anyone has any interest or questions, please feel free to reply back through this forum.
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cjmazur
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Member Since: 07/23/2003
Cupertino, CA
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Posted: 00:29 on 02-19-2008
It's kinda hard to solicite people and not sound like an advertisement.
Perhaps be less self serving and there are 50K portfolios out, and let people put 2+2 together and ask or PM for more info.
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jrs
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Posted: 20:28 on 02-19-2008
I may be missing something, or taking your comment incorrectly.
I don't see that the portfolios I have and regularly purchase are any different than the ones people are talking about on other forums. The only difference is the numbers are smaller, making them more affordable for many more people.
There my be other smaller portfolios available, I am sure they are, but I have not seen any mentioned in any of the forums.
I will be happy to answer any questions that arise. After speaking to one of the moderators, he had mentioned that I needed to be less specific in my initial posting, b/c that is the reason my original posting had been deleted. I had included too much info. I would also prefer to keep as much of the info passed on the board for everyone to see. I will of course PM anyone who requests, but as I said I would like to keep everything as accessible as possible for people to see.
[ Edited by jrs on Date 02/19/2008 ]
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cjmazur
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Posted: 22:38 on 02-19-2008
You have to learn to dance. Some moderators are more anal than others and some are just NASTY, mean, and capricious.
If one says:
There is such a thing as X, and I have even bought X before.
Is different than saying Y is BAD X is good, X is all shiny and new, etc. I hope what I am getting at is clear.
On the other had if someone asks how X differs from Y, go to town.
keep everything as accessible as possible..
is one of the problems.
Joel and I (and others) have discussed that there is not a good platform on the site for Pool or Portfolios. As I recall, Joel proposed importing them into the property DB, which defeats the pool attribute.
I think that it was expected that the deals in progress would be more productive. This isn't a soup to nuts solution, nothing is.
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ypochris
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Member Since: 03/22/2006
Lansing, MI
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Posted: 23:13 on 02-19-2008
My understanding is that this forum has different rules- it is intended as a place to look for the missing piece in a deal. At the same time, you are not supposed to be advertising something or looking for a lender. So it is a tricky balance. I would think that a format of "this is my deal; can you help me?" would be acceptable, but then again I am not a moderator of this forum.
On the forums I do moderate I try not to be anal or nasty, but I do tend to respond to complaints from other members even when I might have let it slide otherwise.
Anyway, to the point- a portfolio for under $50K? How many properties constitutes an average portfolio in that price range?
Chris
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cjmazur
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Posted: 02:50 on 02-20-2008
crossing to another topic Michigan, 50K in detroit would be a lot of properties... LOL
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jrs
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Posted: 09:28 on 02-20-2008
Thanks guys for your input. This is all new to me. So I am having to learn.
Chris,
To answer your question about the typical # of properties in this type of pool for around 50k, I purchased a pool last week that had 10 properties in it. It was $35k. I have only received the info on two of them so far. These two are in Detroit, both are multifamily units. I am selling one for $750 down & $450 /month for 15 years. The other I am selling for $500 down and $350/month for 15 years. I already have god potential buyer for both of them. Of course, you can't count on anything until you get cash in hand. The others are located as follows:
McKeesport PA
Albion MI
Indianapolis IN
Buffalo NY
Lafayette LA
Wynnewood OK
Pittsburgh PA
Flint MI
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petepete
11 Posts
Member Since: 01/15/2008
Chicago, IL
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Posted: 08:34 on 02-21-2008
Do you have any in the Chicago area that are for sale. I may be interested in a purchase
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jrs
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Posted: 08:44 on 02-21-2008
petepete, when the packages come in, they are what they are. They are not geographic specific. As you can see in one of my previous postings, they are located throughout the country. That is not a problem though, b/c I have people who I work with who will secure the homes and put my for sale signs up for me. I take the call and screen the buyers on the phone. I never see my houses in person. Nor do I meet my buyers. I now this may sound strange, but it works.
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petepete
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Chicago, IL
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Posted: 16:44 on 02-23-2008
I also have access to REO properties that need rehab. Can do a package deal for anyone that needs properties to rehab in the Chicago area. Average property is 50-75k.
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jrs
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Posted: 16:49 on 02-23-2008
Is the average property $50-$75k, or is that the price for the package? My typical packages average around $3,000-$4,000 per property.
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jose4818
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Posted: 20:41 on 02-23-2008
Do you have any in Texas?
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ypochris
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Posted: 21:03 on 02-23-2008
Could you explain your network to secure and sell these properties, including costs?
Chris
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jayman72
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Posted: 16:41 on 02-24-2008
Interested in ny long island area...
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trepainting
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Member Since: 02/24/2008
Hagerstown, MD
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Posted: 16:57 on 02-24-2008
I'm looking for rehabs in Maryland, West Virginia & Pennsylvania.
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