I don’t want to form an LLC and do deals on REO properties. Instead, can I bring in a buyer who will do a contract with the REO Bank and then I do a seperate contract with the buyer so I can get paid? What contract would I need to use with my buyer?
Are there other creative ways to profit on REO properties without forming an LLC?
Thanks.
It sounds like you’re talking about birddogging. In other words, you find a good REO bank property and tell a buyer about it. They pay you for the referal. I guess anything’s possible, but you need to look at how you bring value to this situation. In other words are you going to visit the REO properties, estimate repairs, find out how low the bank will negotiate, etc. and then present to an investor?
Thanks for your reply!
I am a Wholesaler trying to break into the business by starting out as a Birddog of REO properties. I will do all the leg work!
How would it work? How about when building a Buyer’s List, telling investors that I do REO’s and that I do deals on the investor’s behalf? What kind of an agreement on paper do I need with an investor? Is their a sample of such an agreement available for this? Would I use this same agreement with a non-investor or just a regular buyer looking for discount property to buy? Do I need the services of a Real Estate Agent?
Additionally: Do I tell the REO Bank what I am doing and how I function? Is there a Birddog out here on this forum who has experiece with REO’s and Buyers of REO’s?
Thanks a billion!
Why not do a double close? They work with Short Sales, so they should work with REO’s.