All Forum Posts by: Ben M.

@Ayaan Aha, I am unsure as to what ur agent was playing at bc it sounds like there was no way he/u could've successfully placed an offer on the property, here's why:

1- MOST if not ALL REOs are sold in AS-IS conditions; so no contingencies are accepted; YET, do diligence is encouraged.

2- MOST if not ALL REOs are cash purchase, so, a conventional loan is outta question. If cash is NOT required then the bank doing the selling WILL offer IN-house financing.

3- An offer "Pack" would have a deposit of at least 10% or US$1000 depending on the institution ur buying from.

I bought quiet few REOs and from different banking institutions and the drill was always the same without fail.

In-box me if u have any questions u wanna address privately & good luck.

Aaah, Bee or NOT 2bee...an age old dilemma that won't be solved in this lifetime or the next.

Here's my two cents; knowledge is key to all endeavor. And, the cyberspace is teaming up with all kinda information FREELY and READILY available, so why pay a fat cat to "teach" me yet down deep I know that if HE/SHE was successful he/she woulda never been teaching, he/she woulda been out in the field shoveling money left and right. See, THAT's what's keeping me from licensure.

I've been learning and doing REI for a good 4yrs all while keeping a FT job, I haven't paid a penny to learn yet I came to learn much more than the best of real estate gurus. I think that if u do like REI and love MONEY, you can teach urself much more than anyone else can teach u.

I do recommend BP, YouTube, local meet-ups but ABOVE ALL networking; u have no idea how far a word of mouth can get u, Facebook is a great tool.

I dunno if u've done any deals yet, but I can def email u some links in ur area; I can't post anything bc that's considered spam and I think BP is awesome for bring uptight ab it bc it keeps the rif-rafs away.

Wish u best of luck and feel free to shoot me any questions.

Thx Nick, it sounds like we're hitting the same wall.

Thx Al, I can't understand why they insist on sticking to protocols that are do archaic that they end up at a loss in most part. I'm only saying so because I have seen properties sitting for months (not exaggerating) and when I call I'm told they're sold, when I insist that they're not sold I'm told that they're under-contract and will be sold in a MONTH, which I KNOW is unacceptable for banks that are looking to liquefy the asset in question :-( yet the worst part is when I reach back after a month I go through the VERY same scenario...

So again, if anyone has any ideas at all, I am ALL EARS AND LISTENING :-/

Does anyone know if there's anyway at all of contacting the bank directly about a property?

Has anyone tried?

Has anyone been successful at either buying or AT LEAST discussing the property?

Any feedback and answer will be HUGELY appreciated.

Thanks in advance, Ben M.

I'm looking to network and share experiences with as many people as possible, both good AND bad as nothing can be overlooked when investing in real estate.

I live in Ashland Virginia and currently concentrating on Richmond Virginia.

Thanks for reading and feel free 2hmu.

Welcome to BiggerPockets friend.

Commercial is the best way to go; I'm guessing you just found out for yourself with this fixer-upper deal :-)

I'm new to REI, only three years, it was my advanced computer skills that got me to stumble upon few deals; and, I've been trying to turn it into a livelihood ever since. I still am learning, still unable to get solid funding and investors to take off, yet I am in one of the hottest market in the US, the central Virginia market is one of the most dynamic out there.

I am looking to assist anyone anywhere as long as they assist me.

Can you guys help me get to the new redirected link please? I'm new in here and very interested in reading more about it...thx