Opinion Needed On Making Offers On Props Still Listed w/MLS

[Ray Erdmann]

Howdy Everyone!

RayE here...new member to this wonderful forum (Glad I found this!) and I've got a question that I'm hoping someone here with previous experience can help answer??

Now, before I ask the question, let me give you a quick background about how I would like to start my REI career.

My initial purchase/exit strategy when going after my first few properties would be to:

A. Obtain all funding from a local HML (Hard Money Lender)
B. Put the properties under contract using an "Option Contract", versus an actual Purchase Contract.
NOTE: From another forum I'm a member of, I hear using an OC is pretty standard practice, as most Title Companies are familiar with these...plus they also get around any 'seasoning' issues that some lenders might require.
C. Wholesale said properties to other investors who might be looking for additional rental properties
or
D. Sell to an actual end-buyer and take my assignment fee at time of closing.

Side Note: If anyone has any comments about this strategy, please let me know, as I'm open for any/all suggestions.

Now, here's my question...

As a new, aspiring investor here in the Sacramento area, especially within the suburb where I live, and the surrounding neighborhood, there's been an influx of homes that have been foreclosed on, which the banks have bought back and have sent to their respective RE companies for resell.

Would these REO's be worth my time going after, in order to hopefully wholesale and if so, what kind of reaction should I expect on submitting low-ball offers?

I'm pretty certain that the agent(s) working these properties have to entertain all offers, but at the same time, I also know that seeing as they're REO's, they (the agents) are going to get a low of low offers from perspective investors.

I would love to find an REA (Real Estate Agent) who would be open to work with me, but I'm getting the impression that REA's aren't that open to working with investors. Is this a misconception on my part?
If not, how many REA's would I have to deal with before finding one that's open?

Sorry for such a long post, but I'm eager to 'stop learning', and 'start doing'...

Sincerely,

RayE.