REO's for Newbie - Posted by Terri

Posted by Ronald * Starr(in No CA) on September 28, 2003 at 08:57:13:

Terri-------------

Some people do fine with REOs. And no, this would not be “wholesaling.” Wholesaling means getting a property tied up with a purchase contract for considerably below the market value and then selling he contract–technically “assigning” the contract–to an investor who can fix it up.

However, in most parts of the country there are very few good deals from lenders who own properties. They sell on the MLS and get close to market value. You will have to expect to work very hard to find a few good deals. So, persistence–the “secret” of real estate success–has to be your watchword.

Good Investing***************Ron Starr************

REO’s for Newbie - Posted by Terri

Posted by Terri on September 27, 2003 at 22:57:56:

I’ve read that people who are new to REI should stay away from foreclosures at first. I wouldn’t mind buying property at a discount (wholesaling?) that has been foreclosed upon and doing minor repairs to rent it. As long as you run a title check and possible a check on the previous owners… (just saw Cold Creek Manor–a bit paranoid now)
What do you all think?