Wholesaling REOs off the MLS in Los Angeles

[Deborah Hill]

Hello Everyone,

Since I have access to the MLS, I really want to look into wholesaling REOs. Can anyone share any and everything about it? I have pulled closed cash sales in the last 30 days and drove to properties to get a feel of the neighborhood and what the property looked like for the price paid.

My buyers list is starting to grow since joining BP.

I want to know what you look for in a property, dealing with the banks, how you come up with your offer, should I be watching certain properties, how do the banks come up with their listing price, etc. (so many more questions I have)

Any feedback will be greatly appreciated.

Thanks

[Wendell De Guzman]

@Shanker Nair , if you mean "hold" the HUD property to resell to an end buyer or retail buyer...well it depends really on your end-buyer's financing. If they're paying cash, that's not an issue. If their financing has to abide by Fannie Mae guidelines, then you can re-sell within 6 months but only up to 20% mark up (don't quote me on this though: talk to a banker or mortgage broker - they change the rules so often).

I wholesale the HUD deal to another investor even before I close on it. Consult an attorney in your state though so you will know how to do this in the right way. What works for IL doesn't necessarily work in NJ.