REO,
Do you buy houses and then resell them, or rent them out. Also do you ususally buy the houses before they hit the MLS market. When you buy a house to sell it right away, how much do you try to make at a minimal $5000, 10,000 ect. What type of properties do you try to buy…100,000 houses, 25,000 house…million dollar homes? Right now i am just buying homes to rehab, and sell or rent them out. I would like to expand my REI to just flipping properties, building spec houses, and buying and renting out Multi-family units. Im new to this, have 2 houses now, have one rented out, and another in the rehab process that should be done in 2 or 3 weeks and be able to sell for a 20k profit
REO
I like your approach. I don’t even like to work on my own house.
I now own 78 rentals in Colorado 4 in Vegas and 2 in Phoenix! As far as holding YES I hold the best wholesale the rest! If you I can make 2k by transfering a contract and I do not want the house then so be it! On an average month I will do 20-30 deals so 2k per deal and 20 deals you do the math it adds up real quick! The funny part is 10% of the houses I do that with I buy back after they are fixed up at 20% below market and dump them at 100% in a week!
Robb
WOW! Seems that I opened a can of worms on this one. 
Glad to see the discussion going though.
Robb, 78 rentals? Now THAT’S impressive! I currently own two houses (renting one out as a lease option) and am looking at a 6-unit place in Buffalo right now since it’s close to where I live in the Toronto area. I should know by end of week on that one. I’d much rather be investing in Colorado though! Maybe once I have cash flow from some closer places I’ll start broadening my scope.
Do you mainly look in newspapers for your leads? Can you explain more about the transferring of contracts for a profit? What is the process? Are you referring to Lease Option contracts?
Thanks,
-Jeff
Please correct me if I am incorrect REO, but I believe the answer to JeffLe73’s question is the following. You transfers the contract by assigning the contract. Look at the clause on your insurance policy. It says something to the effect of “Big Bank USA and/or assigns”. When the bank wants to sell your loan, it assigns it to a new investor. The new investor becomes the assignee. You can get a home under contract and then assign it to another investor for a small fee.
I generally don’t even go that far I work a price and already know who is going to buy it so I put there name on it and add my spread in there and get the seller to sign paperwork to pay me at closing! No double close that way!
my boyfriend who buys programs of ALL sorts (he is one of those who buys from self hypnosis to who knows what all) anyway one day looking for something in boxes in the basement i found carlton…listened and my life has been different ever since. My boyfriend? oh he is tagging along watching me do what he should of been doing all this time… he is very supportive. Sheets is great.