OfflineI have a question for DG Family. I find REO'S very easy ,with-out even talking to the Bank. But with NO Money to put down and not so good credit, what can I do with them to make money.I have heard that you cant or its hard to assign REO's.
I welcome any information on this.
Thank You,
Curtis Fillers
(Charlotte,NC)
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I'm sure there are many different ways to have success with REO's.
I choose to begin with the bank and their REO list. This requires making a contact there (making a "friend" is even better) and I find out if there is anything on their list that I can possibly lock up.
Then, my strategy is to research the property like crazy ... and spoon feed every possible piece of information on it to another investor (after marking the price up a bit for the due diligence I have performed.)
This idea to pass along the REO "as is" only works if not being greedy.
As a newbie, my goal is to take a small cut ... leave plenty of equity there ... and just do lots of similar transactions this way.
Not attempting to roll around naked in money from any one deal (yet) is the key.
~ Sherri