So, you want to invest in real estate by monopolizing on the many REO (Real Estate Owned…i.e. homes foreclosed on by banks) opportunities that are proliferating across the country.

Look Often

One of the keys to buying these homes is offering immediately upon a price drop.  Oftentimes, banks put their listings on some type of a “rhythm” so that the price drops rather repeatedly every 3 to 4 weeks until the home sells.  This is not always the case, but more often than not, happens.  You want to see these price drops every time they happen.

Ask your local real estate agent to get on their mailing list.

Be First

When a new listing comes out, you NEED to know about it.  Again, you need to be on this list that the agents can produce for you.  Listings can be emailed straight to you, or better yet, have your better half get their real estate license, or yourself.  Bottom Line: You need access to the MLS listings.

Multiple Submittals

Usually, it’s the new listings/price drops that get you a bank REO.  However, that is not always the case either.  Even more so, today, banks are repeatedly taking offers at 50 cents on the asking price just to move the inventory.  Make the offer and see if it sticks.

Happy Investing, Your friend and mentor,

Brandon Yeager

Filed under: "B"randomness

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