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

I need advise,really new at all this. I want to wholesale properties and I purchased a website to direct investor buyers to. However, the wording on the website assures buyers all properties are for sale by owners. My question is, are pre-foreclosures still controlled soley by their ownwers? Would the buyer have to involve themselves with the seller's mortgage co. or bank?
I really will appreciate help w/this!
rconline

I have found several properties (REO) that I am unable to make offers on. They show up on foreclosure alert, but the REA said that after a failed trustee sale that the property has to be made ready for bank sale (REO). I even called REOTRANS.com on one property they have and was told that this preparation time to sell can take from serveral weeks to months. Question: Is there anyway to make offers on these "In Limbo" properities or do I just need to have my REA's and myself keep on eye for these properities so an offer can be made when they are ready to sell?

Some good info I found while researching probate sales - OMG that conference was a GEM! The ideas and strategies just keep flowing.

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Are you looking for a ready market of motivated home sellers who are often willing to sell at a deep discount -- a market where you'll have little to no competition at all?

Hello Everyone

As you probably know at the conference last week Tallmedge Bell did a great series on Buying Non Performing Notes. I have dived into it head first but I thought I would share a little video series that I found online.

So check it out and lets get this conversation started.

http://www.livevideo.com/media/tag/how-to-buy-nonperforming-notes.aspx

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There is alot of truth in what people out here say about positive thinking. I am getting to the point where I don't even tell my family and friends about what I want to do in REI because I am tired of hearing how I can't or it won't work. So I have decided on a new avenue of help. I went to the library and got the book "Rich Kid Smart Kid" and I am rwafing it with my 11 year old daughter. We read 1-2 chapters per night depending on time available after homework. I told her that once I can get set up with my website and 800 numbers that she can work for me.

Does anyone have any experience buying a REO that has people living in it? I want to put in an offer on a house but the owners are still living in it. The realtor can't even get me in the home to look at it, but it's such a good deal it doesn't really matter if it needs work or not. The listing says that the bank has already begun the eviction process but there is no guarentee that the occupants will be out by the time of closing. Does anyone have any experience dealing with this situation?

Hey guys,

I was just wondering if anyone could shed some light on how you go about calculating if a property will generate positive cash flow. I understand the basics i.e. gross income - expenses but if someone could share a specific example it would help a lot.

Secondly, how much is insurance generally? Do you guys use an umbrella type insurance or insure each home individually?

And finally, does anyone include a set maintenance amount in their calculation just in case?

Thanks in advance, you guys are a great help on here I don't think we could do it without you.

Vern

Greetings,

I am very new at this and I need some help. I recently bought Dean's book and recently went on Dean's site and read about double closing. I fell unto a unique situation being that I have a close friend who has been trying to find a house. She has been pre-approved but she hasn't found house because she is very particular about what she wants. She has been through three realtors. I would like to know one, can I do a double closing in this situation by me finding the house that she wants and two, how do I go about it? Any help well be appreciated.

I have ordered DG's book and awaiting its arrival but I wanted to know if there are is anyone out there doing this in the South Florida area, specifically in Palm Beach County? I am looking for a mentor and would love to hear from anyone doing this in this particular area.

LSM

Hello all. Am new to this forum and have read everything that's posted and I appreciate all the information this forum have provided. I am waiting on DG book to arrive but I do need some clarity on a few things.

I am in the same situation as a few others, I currently do not have a job, have no money and poor credit. But am seeking to change my circumstances, which is why I am interested in real estate.

Here are my plans which I am seeking any advice or guidance on.