Im new at the real estate game …just started lookin around at possible deals and i am finding all kinds of reo property that is listed by banks thru a broker. They dont quite meet the parameters of a hard money lender (for me to have time to sell)or WHOLESALE to a hard money investor for instance… here is one that i found right around the corner from me…2 yr old .2650 sq ft …move in condition…just a cleanup… listed at $125000…and all the comps around it are $65 per ft. new houses still being built in the area… thats $172000… how can i work this for some quick cash…Do reo banks ever come down any off of their list price ? I guess its probably obvious to most of you how to make this work for some quick cash…which is what i need … but since im just getting started i guess i neeed a push… These kind of properties are all over my area… 25 to 30 % below market. THANKS
Before you locate the houses, locate the buyers.
There are great deals in everymarket, and there are great buyers in everymarket. It sounds like you have found some great houses, now just go find some great buyers. Until I learned to find great buyers wholesale deals were impossible. Once I had a decent network of buyers to call on then everything was gravy.
It is honestly that easy.
Eric Medemar