Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Hi everyone,

I'm here in Phoenix, AZ. and wanted to find out if anyone have done any wholesale deal out here and also if this is a strategy that still works out here.

I have been holding back in getting started. I don't have any cash so I goal is to start wholesaling. I do have about 9 cash buyers on my list so I think I can start locking up some properties to wholesale them. Any advice is appreciated.

Happy New Year's 2012

In 2009, my wife and I purchased a single family residence, 1550 sf home in foreclosure from the bank for $45,000. The realtor provided full disclosure that a new road was coming through and would impact the property in some way. After purchase, we sent 2 months re-habbing the property spending $15,000 for new paint, flooring, cabinet upgrade, appliances, etc. We then got a renter in the home with a rent of $825 a month.

Hey Guys...

Happy early new years !

Well i took Dean's advice and started on my new years stuff early, started by getting his new book...Near the end of the book got me some cash buyers, still marketing for them.

However, its road block time. I am in a rute on what to say to property owners about buying property. I found Matt's script but im an over thinking. I wanted to see what every one else was saying when they cold call.

I am the type of guy that likes to have many solutions for single problems.

I guess im asking, if any one has a script they use for different situations that dont mind posting to give me an idea on how everyone is going about cold calling..

Thank you in advance guys and again happy new years !

One of the biggest things I am having students do that have a hard time talking to buyers and building their buyers list is to get them to find a deal that 99% of all cash buyers are going to be interested in and leave a very generic message to that effect on their answering machine that guarantees they respond by email.

Step 1: Go to your local craigslist and type in either investment, equity or cash flow in the search and switch the search to real estate by owner. Theoretically all those listings should be unlisted on the MLS and be a good deal. Pick out the best cash flow deal and the best equity flip deal you can find and have those in mine when you call up potential buyers and use the following script:

http://www.housingwire.com/2011/12/28/fha-extends-anti-flipping-waiver-t...

I know this is a broad subject but just wanted to present a few things:

We all know that by contacting our agent and having them search reo's short sales and the like is a pretty easy thing to do.

What I have noticed lately is that the larger banks are less willing to deal or are slow as molasses. Especially B of A and Wells Fargo. Dragging their feet is to the tune of 4 months in some cases and that is on a cash deal for Pete's sake! Grrrr

So what I have found that is going after small banks, especially locally owned and credit unions are the best bet.

They didn't get all this bail out money and are making better deals to get property off their books.

I know this is a broad subject but just wanted to present a few things:

We all know that by contacting our agent and having them search reo's short sales and the like is a pretty easy thing to do.

What I have noticed lately is that the larger banks are less willing to deal or are slow as molasses. Especially B of A and Wells Fargo. Dragging their feet is to the tune of 4 months in some cases and that is on a cash deal for Pete's sake! Grrrr

So what I have found that is going after small banks, especially locally owned and credit unions are the best bet.

They didn't get all this bail out money and are making better deals to get property off their books.

I've never read about this type of deal before so I thought I would bounce it off everyone to see if I'm missing something. I am buying a foreclosure for 11,200.00 and going to re-sell (lease/option) to an end buyer for 29,500.00. It is a three bed/ two bath with 2200 sq ft on 2.2 acres with three out buildings. The lease term is for 5 years with zero down at 11% interest and 750 per month. He work for the State of Michigan and has for 25 years(not going anywhere. His fiancee also will sign on the dotted line. I think I have everything covered (attorney is drawing up the paperwork and buyer will be responsible for taxes and ins) and he has even agreed to have his payment auto deducted from his account each month. The realtor said if something went wrong I could quickly sell it for 15k.

Ok Remember the seller Who wanted to Sue me over A Deal well This morning I wake up & A Damn Investigator is Knocking on my Door with Papers for A Small Claims Law sue.

My thing is here The first time He tried the same thing & I had A good reason I was off on Vacation & so I canceled the First time due to not having Enough Time so I Canceled the Deal before it even went to Escrow Which Should not be A reason to sue since The deal never Made it to Escrow but for Some reason the Seller was talking about suing me & this was When I was On Vacation in NV .

Hey, I have found someone interested in doing some flips in the area I put above. Cash buyers! If you can help out send me a PM.

Looking to buy around $80k-$110k, some rehab, and sell. They are looking to sell retail or just under, so there has to be a nice spread there.

Later