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This is the place to share with the community deals you have recently completed so investors from around the country can see what passes for " a good deal" in various markets. You must be able to verify your deal with pictures and/or links to relevant documents.


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bulkforeclosuredeals
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Topic: Just Wholesaled 22 Properties
Started: 2/16/10 Current Grade: ?
Posts: 11 Topic Type:
I just D/C 2 michigan reo properties yesterday in detroit invstor escrowed $1,500 per door qcd.

Also D/C 20 REO KCMO properties tomorrow signing contracts and escrow should be there today for around 188,000 for all 20 properties at $9,400 per door with warranty deeds.

For only 6 hours of work make around $25,000 dollars wholesaling No assignment of contracts I buy and resell them using D/C.

Not bad for a less then a 40 hour week I /DC reo properties about 2-5 deals per month! You do the math it's awsome!!!!

Reo Inventory from banks,lenders,hedge fund companies and private sellers
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JohnCorey
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# 1
Default
Posted: 02-17-2010   Current Grade: C
Is there a point to the post? Are you advertising (hint: read the rules) or looking for a pat on the back?

If you wanted to share a success so others can learn tell us the steps and how you did the deal. That way more will know what to do and how to follow in your footsteps.

John Corey
www.ChelseaPrivateEquity.com/blog
Follow me on Twitter-> www.Twitter.com/John_Corey
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#
Default
Posted: 02-18-2010   Current Grade:
Can do put in the wrong fourm should have been under deals done! If some one wants to know how I put this deal together lets start a topic and and can tell you.

Placed in the worng spot can the amin put this post or topic in the right place?

thank you,

And no John its not an AD
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Default How I did the deal
Posted: 02-18-2010   Current Grade:
Wholesaling or flipping real estate should be the buzz-word of investing in real estate this year.With the number of distressed and foreclosed properties climbing through the roof, small real estate investors have plenty of opportunities to make quick profit in the current market.

And the opportunities for money making are bounded only by the investor’s motivation and willingness to work hard in order to find the right properties and to close the deals with prospective buyers.

Given that wholesaling houses does not require putting money down or taking property ownership, risks about losing money in this business venture are almost none.

All that needs to be done is to locate the property, put the property under contract if there a cash buyer, and double close the property. Note: when doing a double close A2B B2C transaction you contract with the buyer first.

Now, identifying the right property may be a daunting task for the non-experienced. However, there are several tasks that can be done in order to have the properties located:

Instead of driving neighbor hoods, checking your newspapers for distressed homeowners, or placing ads for sellers.

Why waste the time and gas?

All you need is to find the hedge fund companies, lenders, or private sellers that buy any where from 100-500 reo assets per month and cut them up into smaller packages. Most properties you can pick up for $10,000 or less per quit claim deed or warranty deed.

Example of smaller packages: If a private seller or hedge fund company that we allow cherry picking off there inventory.

Next step is to find buyers looking for great deals nationwide for .20 to.50 on the dollar find buyers that invest with cash, a 401k, IRA and then do a double closing with them. This type of transaction should all ways be closed with a title company that specialize in reo bulk transactions..
JohnCorey
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# 4
Default
Posted: 02-18-2010   Current Grade: C
Quote:
Originally Posted by bulkforeclosuredeals View Post
Can do put in the wrong fourm should have been under deals done! If some one wants to know how I put this deal together lets start a topic and and can tell you.

Placed in the worng spot can the amin put this post or topic in the right place?

thank you,

And no John its not an AD
Moved as requested.

The how-to discussion for how to wholesale should be in the wholesale section. A fresh thread on the generic topic of wholesale deal making or a life story for how you built your business are two ways to take it.

People can discuss this deal (the details of the specific deal) here.

John Corey
www.ChelseaPrivateEquity.com/blog
Follow me on Twitter-> www.Twitter.com/John_Corey
alexproperties
Rank 2
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# 5
Default i agree with John
Posted: 04-04-2010   Current Grade: B-
im totally lost on your point here and the generic information doesnt help either.
Bperry
Rank 1
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# 6
Thumbs up Hello fellow investor
Posted: 04-14-2010   Current Grade: B
I think what your doing is awesome i'm a beginner to wholesaling do you have a system in place wow i guess you do. Well if you have any tips or even your proven system that you would care to share that would be greatly appreciated. Hope to hear from you soon. wishing you continued success.
PrincessK
Rank 1
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# 7
Default Thankyou for this
Posted: 04-15-2010   Current Grade: B
I appreciate you sharing with us how you did your deal especially not assigning the contract but A2B and B2C .I am new to wholesaling and will focus on Reos as one of my methods

Peace and Love

Karmen

karmensellshomes@yahoo.com
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#
Lightbulb How to be a supply side wholesaler of reo assets and bulk foreclosure deals
Posted: 04-27-2010   Current Grade:
First of all thank you and this is for informational purpose only not an ad um( John )

GET EDUCATED, Get a company name get a website get an email create a investor profile form and create your procedures and protocols for your buyer's, and start creating ads, start placing ads that you are a supply side wholesaler of reo assets and bulk foreclosure deals.

In being a supply side wholesaler of Reo Assets and Bulk Foreclosure Deals is to create a buyers list, this buyer list will have investors ready to buy properties nationwide or mainly in the midwest at $2,500 to $6,000 on a quitclaim deed or $8,000 to $10,000 on a warranty deed. We don't like doing the diamond states CA,AZ,NV,UT,Ect.. Every body want's still only 20% to 30% below retail market value in those area's unless you buy 300 at a time there a pain to do a REO CIRCUS!

Find your seller of real product make sure they titles or deeds in hand ready to go they can be banks, lenders, hedge fund companies or private sellers looking to liqidated there inventory which give you the oppurtunity to sell the product as cherry pick instead of in bulk.

Once you have the buyer's proof of funds and investor profile form time get the buyer the inventory they requested go to the seller if not in your own inventory and ajust the pricing to reflect what you would like to make on the deal.

After buyer complete's there DD time and choose properties from the inventory you had sent over then you will go into contract will the buyer as the seller using a double closing contract with 3 addendums attached addendum 1 is sign and dated with properties they would like to purchase from the inventory, addendum 2 is the escrow agreement with the title company and the buyer we always use a title company that does allow double closings wet or dry.

Now once they sign addendum 1 and 2 I will call my seller to see if properties on addendum 1 are still available they are if buyer has not took 2 weeks or more to decide as the banks don't sit on these property for long. once I find out from my seller what properties are available on addendum 1 then we write up addendum 3 with the properties that are still available.

Once the buyer signs and date's addendum 3 we have a contract once that is complete I call my seller and have them send me a contract into my company to by the properties thus in the contract with the buyer it states that I am double closing using the my buyers funds to purchase said properties from my seller.

It's refered to as also an A2B B2C transaction in the real estate world if you have any questions please feel free to contact me cherrypickreo@gmail.com this and any other discusstion is for informational purpoeses only please contact your attorney or cpa for information reguarding double closings.

Thank you,
deric
Rank 1
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# 9
Default Good Job
Posted: 04-28-2010   Current Grade: B
so where do you get your clients from? and do you write up your own contracts, or can you find free contracts online for wholesaling? btw what is D/C? ahah

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