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