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

We have a bank owned property with pool available on our street. They're asking $69,000. We're working with realtor to offer $37,000 due to anticipated repairs and ARV is in the range of 100,000, and want to assign it. Does this sound like something we should take on for a first deal?

Thank for your valuable input!

OK, this is going to be real quick. I'm new to REI and this is my first post. I'm very nervous and full of fear. So I'm going to post this and hope it make sense. I'm not going to reread it because I know I will just delete the posting. Here goes. I was calling FSBO, trying to get the "Fear Monkey" off my back. I called an out of town number and the spoke with the owner of the house. To make a long story short. The owner lived out of town and hasn't been back to see the house in 2 years. He just wants to get rid of the house. I asked if you wanted any funds to pay bills or go on vacation. He replay was "NO" I'm sick of this house and I just want it out of my life. The note on the house is 71K and it has back taxes of 3K. I don't know if it has any liens on the property.

Today, I want to write about buying resort property. Most everyone enjoys a trip to the coast, lake, or the mountains. Many dream of having property in their favorite resort locale. I have purchased and sold over 10 properties in resort areas (beach and mountains) in three different states. Here a few tips I would offer in buying resort property:

So I called around to some reltors, and left a few messages. The first one called me back and laughed at me when I told him I was an investor who wanted to buy some properties. He asked if I was already approved and said it was "stupid" to go looking for houses without having financing already. He said that he NEVER has done an ASSIGN or would NEVER do a "feinder's Fee" because that would be stupid. He then proceeded to explain to me that ASSIGNS are the dumbest things in REALTY because if we dont close then the assignor gets "stuck" with the property, when they never had intentions of ever buying it.

We had bought two REOs in the same week for cash in
the end of October.
The first rehab we finished about 3 or 4 weeks ago & just finished the second rehab.
Put them for sale using a yard sign, listed on our website, & some Internet sites. Had a person call from just driving by, Jill was there & showed the house, they liked it ... she told them about the other property & took them over to see it, they also liked that one & made cash offers on both of them! We accepted the offer!!!
Both Properties had New Roofs, Bathrooms, Kitchen
Appliances, Lighting/Plumbing Fixtures, Carpet & Paint
Inside & Out.
House 1 - 2 bed/2 bath/2 car garage; 1435 sq.ft.
Bought for 36,000; rehab cost was 13,000(including new

Hey guys

An agent i am working with sent me this email today when i asked for an expired list of listings off the mls.

"I spoke with my broker today and he informed me that I am legally not able to send out the information on expired listings but that I can go over it with you in person andI would have to be the person to make contact with the previous seller. If this is ok with you let me know what works best for you to meet."

What are you'r guys thoughts, I was asking for the listings for Washington area as well if that helps any.

I did some research and didn't find any thing proving the agents statement true, so i am a bit confused

Thanks

David

I have been going around the site for the last few hours. I have come to this road block many many times and that is calling the seller and saying the right thing.

It seems i can pile up 10 to 20 buyers all pre-qualified but for the life of me cannot find a deal good or bad. By that i am not asking on "How to find sellers" but rather how to talk to them or what to say as i have found many. I just seems when i call i have a talent for saying the wrong things ><

My question is does any one have a script they use when they call sellers or even a link to a page on this site that has one already put down.

Thank you guys so much in advance for the help.

I'm looking to buy properties in Alexandria, Arlington, Annandale, and Fairfax county, Virginia. If anyone has any property or know someone who wants to sell a property, let me know.

Thanks

Baria

Hey DG Fam,

I need an owner financing deal, subject to, lease option in Santa Barbara,CA or Galita,CA. I have a buyer right now with a substantial amount to put down. I will pay you a fee for bringing me the deal. If you are new to investing, this is a way to get your first deal under your belt! Buyer wants 3-4-5 bed room,, nothing near freeway or railroads, no swimming pool, no HOA,. Price range 500k-750K. Something that includes a quest house or a second unit would be good. PM me me on what you have. Buyer eady to go now! I will look at all deals that fit MOST of the specifications listed above. PM ME.....

Let's make some $$$$$$!

J-

Hello DGers,
I'm completely new to real estate investing and I have found a property that I believe is foreclosed on and I want to try and wholesale it. I've searched for information, tried to contact the bank that owns it through e-mail but I never got a response. I've set up a buyer's list through craigslist and I think I have much of what I need to getting started. I just don't know what to do in terms of trying to get a contract in the works with the owners of the property?

Does anybody have advice or is willing to mentor me? I am located in Brooklyn, NY!