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

I have an end buyer already. How I do secure a deal to assign to my buyer.

Can someone help me step by step on how to do this deal. I want to make some money and use it to purchase more REO properties.

I have not bought any homes before. Iam new in Real estate Investing.

Your help is very much appreciated.

Nothing is Impossible With God.

I was recently driving down secluded streets looking for homes that would be good candidates for investing in and found an empty home. It did have a real estate sign but also a sign on the window saying it was not for sale.
I think I have found one that fell through the cracks and has good potential for a wholesale. We have so many properties here, the agent had never even seen the place. I would like your opinion.

Al-though in our live's, We have to choose! My Q is,
What is better to use;I'm a real estate invester, OR
I want to buy a house!...Your down side is,You are
dealing with conventional measure! Remember,A HML...
Will be a HML!
Click Click,My eye winking.
This one for the student's...Of REI!

Randy
2birds---1stone
"MAKE YOUR ACTIONS COUNT"

I am looking at a couple of Freddie Mac (Federal Home Loan Mortgage Corp) properties listed for sale in my neighborhood at around 67% of FMV. Does anyone here know what kind of offers they will typically accept, for price and terms? Can anybody help me with the best way to structure an offer to them? Also, I don't have a buyer lined up at this point, and I'm not sure whether I would rent or try to resell the property. I am knew at this but have read both books by Dean and am trying to get started investing! Any help or advice would be greatly appreciated!

Regards, David

Guys,

I've used Dean's format and questions on assessing a pre-foreclosure, but does anyone have any advise as to what questions that should be asked when inquiring to REO agents?

Rasheem

I found what in my opinion, is a real gem.
REO has been on the market over 400 days.

1760 colonial, fairly large at around 3500 sq ft.
It has the sort of issues you'd expect for a house that is 250 years old, one buckled wall, roof past it's prime, etc.

It has all the great original floors and fireplaces (5)etc...

here's the thing, asking price is $144,000
Rehab cost, if you want to do it right, $100,000 to $120,000. Fixed up, in this area, this home is an easy $350,000 sale.

I'm reading Be a Real Estate Millionaire. The book is fantastic! I mean i didn't know one thing about how real estate works, heck i didn't even know how a loan works.

With this book though i have learned so much and look forward to finishing it. I have 2 questions:

1. On page 172 there is a thing called Pre-payment penalty. It says you get penalized 6 months to a year of interest if the loan is payed back early? How is that so? Sounds strange considering the one who gave out their loan is getting their money back.

Excuse me if this is posted somewhere else in here but I am falling sleep and I need to get to the bottom of this quickly so I can chase some REO's. Up to today I had believed that you couldn't negotiate with banks on any contract that used the word "assign" or related to it. My coach told me today that I could purchase REO's through hard money lenders and then quickly wholesale the property. In other words , I would be purchasing the property myself and not assigning it to an investor. Is anyone here doing this and why the hell didn't I get the memo earlier?

Hey Fam.... I need to sell my REO props using the "drive by" method, meaning I need to come up with a way to post a sign on or near the property I just "locked up." My agent stated she could not legally do this because I do not have "ownership" of the property, therefore, the property cannot be listed nor can I place a FOR SALE on the property for "potential" buyers who would likely "drive by"....

Can ANYONE offer me a suggestion of how I might go about posting a notice this property is FOR SALE to those who might NEVER read Craigslist or Trulia....

Hey everyone:
Here is the deal. I got in contact with someone who works with investors who buy properties in bulk all over the country. She basically has investors who buy 10-20 properties at the time. She said she can work with me if I have a nice portfolio of properties at at least 40% below FMV.
So, I was thinking that everyone here has properties, REOs and so on.