Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 14 years ago,

User Stats

5
Posts
3
Votes
Bernard B.
  • Lender
  • Conyers, GA
3
Votes |
5
Posts

newbie to REO flips need advice

Bernard B.
  • Lender
  • Conyers, GA
Posted

Hey Guy's and Gal's I am new to this REO flip niche can anyone give me basic step by step advice on what to do from start to finish. I am looking for the easiest and simple method scince this will be my first REO flip then I will go on to more advanced ways without using outside money.

This is what I know so far....

1.Build a list of cash buying investors
2.Find a REO broker or agent and have them feed you porperties.
3.Once a good deal is found put the property under contract with a EMD of about $1K?

Here is the point where it gets fuzzy for me. Do I? How do I tie-up the property to keep the investor from going around me. End buyer aor NCND greement or....

A. use transitional funding for the A-B to secure the property (first closing purchased from the bank) then have the investor pay cash to the TF at the B-C closing for the price I have set, pay them back the principle plus points and get my check from the title company for the profit.

B. Use a hard money lender. (sounds like it would go down the same way but be more expensive)

C. Land trust: Sounds complicated but I wouldn't have to pay any TF or HM fee's

Help!

Whats the best way to do this step by step.
Please be specific.

Thanks for your help.

Loading replies...