All Forum Posts by: Brett Patterson

Yes, there are many properties that come on the MLS as great deals. Some are negotiated into great deals, and some are introduced to the mls as great deals (which usually don't last more than a day).

JBrooks-

We have seen HUD homes go for $100, listed at 20k...or listed at 85k and sold for 25-30k. Many of the banks like to stay within 80-85% though...The great deals however, don't last long enough to negotiate on,

The rental market is very strong currently, largely in part to the lack of financing available to most people.

Yes, I can put offers in on many of the REO properties we list....however, I cannot put offers in on HUD homes that we represent, nor can I put them in for any family.

Banks have brokers do appraisals on most foreclosures before they are listed, and every time their is a price reduction. They trust those listing agents to give them a realistic selling price and listing price. When offers come in, a lot of these banks want to see the offer be within 5-10% of that initial opinion of the broker.
However, if your agent isn't listening to you, and wasting your time with properties that don't interest you, it's probably time to get a new agent...

We see a lot of these end up in foreclosure beacuse the previous investor didn't think about an exit strategy. Single family homes can create cash flow while appreciating in value, and are much easier to unload when the time is right.

It depends who owns the property...is it bank owned, investor owned, trust owned? Based on who you are negotiating with will help determine a starting price...

Hello, my name is Brett. I am a Realtor in Western Michigan, and a small time investor who would love to someday become a big time investor! I am currently employed by a top 40 broker in the country, who primarily deals with foreclosed property and investors. We sold 160 properties in 2007, and are on our way to selling 300+ in 2008.
I have flipped a couple of homes myself, but would love to invest on a larger level, creating some cash flow and a portfolio of properties. This site seems to be filled with lots of educational, motivated people with the same goals and aspirations. I can't wait to meet you all, and contribute in any way possible!

Hope to talk to you all soon!

-Brett