REOS

[Riley Hinshaw]

Im a 19 year old wholesaler looking to get into Wholesaling REOs. My question is, where do i start and am i even capable of doing this. How does the process work? Whats the first thing i do? Should i contact an REO broker? How much money do i need to wholesale an REO (assuming i have to make some sort of EMD)? how much capital do i need ? please help me out, i can really use some step by step advice!

thanks BP!

-Riley

[Percy N.]

Riley Hinshaw why did you opt to wholesale REOs?

They require good finances or at least contacts. Banks will not allow you to assign the contract, so you will need to double close. This means you will need to pay in full for the A-B transaction. You can find funding for 2-3 points but that is expensive.

Remember that REOs are listed on the MLS which makes it easy for other investors to find as well.