I want to get into wholesaling REO’s and have recently watched some videos/read some articles about Preston Ely and how he is wholesaling bank owned properties. The boot camp program is sold out…I really want to get this. Has anyone heard of or maybe even purchased this program? Apparently the secret is in “the closing”.
I am not trying to say anything bad about Preston or anyone else but I would find someone local to you that does them, and find a way to work with of for them. There is always more to a deal than what someone can or will put in a program. One of the hard parts in bulk REO’s is POF (proof of funding) you can at time be talking about a lot of money. I have seen deals on single family homes up to 20 million and multi and com. properties of 150 million. So if you have POF then you are well on your way, if not then that’t you first hurdle. It really seems alot of the people on the net (mentors) say they will provide POF but most of them seem to be for 24 hrs.They want back to back closings.
I plan to do REO’s under 100k…so hopefully finding a mentor or someone else who is doing this who would like to partner with me can provide proof of funds. From what I’ve heard banks are catching onto the POF letter given by transactional funding companies.
The biggest thing that is holding me back from trying to wholesale REO’s is the fact that most (if not all) REO’s are already listed places such as google, MLS, all over the internet. So unless I find an investor who isn’t internet savy (which I’m sure most are…) I just think it’d be hard to make it a deal. My thinking is places such as CA, TX, and FL where REO’s are most abundant, it’s a little easier to pull it off. Hopefully this isn’t the case though and I can successfully wholesale REO’s in my area ( Raleigh,NC).
Anyone know if all REO’s are posted on the MLS or with agents? Is there anyway to get a hold of them before they are assigned to an agent or the MLS?
I have his 6 week teleconference replays…
its a homestudy course now
You can go to ivfinancialsolutions and listen to many video’s from Jason Medley to help you understand closings and issues. You might find some of his stuff on youtube also. Herbster
Lee is a good friend of mine, and I can tell you that he is the real deal. Any wholesaler in Tampa knows the volume of business he is doing. I’ve closed probably 10 JV deals with him over the last 2 years, and can tell you that he knows his stuff.
There’s no “secret” to the closing. He does a simultaneous closing using the buyers funds to fund both transactions. You just need to have a title company lined up ahead of time that will do these type of transactions.
Hope that helps,
Steph :cool