Well today I attended my first meeting of DCREIA, my local real estate investors club, and it was AMAZING! I met great, like-minded people, and got to get some super helpful info! So many people were in attendence, like 300! It was great. The main topic of today's meeting was how to buy bank REOs. What I learned was that the majority of REOs are given from teh banks to real estate agents. Therefore, if you want to dicussing purchasing one its important to get an agent on your team who can look out for other listing agents that have posted bank REOs on the MLS. He also said it was ntoa  good idea to try to negotiate directly with the banks realtor because theya re working with the bank and not for you.So they won't be trying to get you the lowest price possible for the property. So basically get a realtor on your team that can look otu for REO on the mls and negotiate for you in the purchase. One of the reasons the majority of banks givetheir REOs to realtors to list is to fulfill the requirement by the FIREA law that says the REO must be widely marketed. Thus they presume that by giving it to a Realtor, that fulfills that requirement because it is listed in the MLS! I plan to attend regularly to network and get information and also get buyers for my deals. I can see why the experienced investors suggest joining your local REI club. It is so super helpful! What a resource to have all those investors and RE professionals in one room! Now I just gotta learn how to float like a butterfly (networking and getting to know everyone) ! I got some really good contacts first time going though. Yay!

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