Help, I'm Confused!

[RuLea Hunter]

Good evening, I would like a few of you seasoned investors opinions. I'm just getting started in my REI business. I have not closed a deal yet, and I'm focused on wholesaling. Today I had my first experience with trying to make an offer on a REO. I wanted to offer 40% of ARV, and unfortunately I didn't even get to submit my offer because I was having some technical difficulties. I just finished reading an old forum post from 2007/2008 about how the banks will list their homes close to market value and won't budge on the price, yet these are "non-performing" assets they have to get rid of. I currently get daily listings from a broker, who then will submit my offer to listing agent. Is this the way to go? Is there an easier way to do this?

What about the offer? How could an investor possibly want to buy an REO that needs between 15k-70k for repairs and make a profit? How do you get your offers accepted? Especially if I want to "flip" the property to a cash buyer? Are there any investors out there who are currently buying and flipping REO's?

I keep running into these "gurus" who say there's so much money to be made buying REO's, yet there's so much conflicting information. I'm confused, and frankly very frustrated. I feel I can't get any "real" information without being sold a home study course. I have been at this for almost 4 months, and I'm beginning to feel hopeless. Someone, please help me out and offer any information you can, from one investor to another. I'm sure some of you have been in my position before. I'd be forever grateful. Thank you.

RuLea