Buying on Tape

[Christopher Jackson]

Are there anyone familiar on buying on tape, some know it as buying in bulk? Looking for more information on this strategy. Chris

[Jon Holdman]

@Christopher Jackson  if you truly have the cash to buy you may be able to find a bank that will sell you a group of properties.  I'm aware of a group here in Denver that has had some success doing that.  They formed a pool and raised private money that let them go to some local banks and buy small batches of REOs.  Do realize these are truly the dregs of the banks inventory that they can't move any other way.

If you're thinking you can find some tape and pass that along to someone else and collect a 3% fee, you're wasting your time. You're not going to wholesale these. You're not going to do this with no cash of your own. Anyone is says things like "direct to seller, NCND, POF, LOI" and other gobbledegook has nothing. They're simply passing along some list (aka a "tape", though I do tape in my day job and our tapes hold 8.5 terabytes, so putting an Excel spreadsheet with 100 properties on a tape is ridiculous). If you don't actually have the cash to buy you are not going to do anything messing around with "tapes".