Finding asset managers...a waste of time???

Bird Dogs, Wholesaling
1

Hey guys. Quick question. I’m still somewhat new and wanted to get your guys’ insight.

I was speaking with a realtor the other day about contacting the asset managers of banks to get more leads on discounted properties and reo’s, and making them another great source of deals, and he said I would be wasting my time. He mentioned that the asset managers really don’t care about getting rid of the property as much as they do about getting the best price for them. He also mentioned they won’t deal with investors directly, they only go through their listing agents.

That kind of makes sense in the fact that they want the best price, but would it not also benefit them to contact local investors to get rid of some of the thousands of properties they have right now and will have in the future?

Also, when contacting them, is there anything in particular that you guys say to them in order to convince them to call you when they have good deals, or do you just call an introduce yourself and let them know what you do? Any advice is much appreciated.

Matt

2

Scott Carson and his partner talk to bank asset managers all the time. It’s a pain in the butt to get to the right person, but it’s possible. The realtor is probably say that to mislead you. From what I’ve seen, the more you tell them about what you do, the more they confuse you and you confuse them, esp. of you’re making offers on short sales.

3

I wouldn’t waste the time, I would focus on motivated sellers. Even of you make contact with the asset manager they will want to sell you the properties on some tight terms in bulk. If you’ve got a massive buyers list it’s a possible play, but f you don’t you might be a little over your head.

Asset managers know they can get 80% LTV if they list it, so to discount it to 60%^ LTV for you is highly unlikely.

Good Luck!!

Sean