Residential REO volume has gone down significantly because of the ROBO fiasco and doing workout loan mods in pre-foreclosure and short sales.There is a difference between a commercial OREO broker and a residential REO one.Residential many REO asset companies have just a few assets trickling in for the amount of agents that have applied.So these companies charge computer platform and system fees and mandatory training sessions and bilk the agents out of what little cash they have.The net 45 days is also not true in many cases.They are supposed to pay in 45 days but many times delay payment for 2 months or longer.This makes the banks or asset companies float interest free loans using and abusing the reo brokers/agents.Then too add insult to injury they take a 1 percent fee off the top with only a 2 percent payout afterwords.Sometimes the bank will start the listing price high even though the listing brokers opinion doesn't agree with them.Then they re-assign to another agent and take a mark down and you are still chasing the bank to pay you the costs incurred with the listing.What you don't have on the reo listing side is CONTROL.Some of the big REO companies HAVE TO sell hundreds of properties a year with volume or they actually LOSE MONEY.For this reason many of my friends have gone to the pre-foreclosure side which is what I work on the commercial side more.Since I work with the borrower the bank has to deal with me to close a transaction versus trying to get into a "good ole boy" network where a company might have a 50 year relationship with a bank already.You can't focus on what you can't control but just take advantage of the opportunities that present themselves and capitalize on them.

Considering our immense  track record in the Cleveland, Ohio area and being the largest volume renovation loan contractor in our region, we deal with many clients who have experienced failures and required us to come in and complete, because the contractor was not capable of managing the administrative and financial burden these projects require.  

Keep in mind the costs are much different if you decide to fix and flip, or buy and hold - so knowing this exit strategy ahead of a conversation with a lender will make life easier for both parties.Here's what you should ask:1) Are you a Broker or Direct Lender, and what’s your estimated loan volume this year?

@Mike Snyder i dont buy in Florida but I buy a lot of volume in PA.

Sure, if a PM specializes in nicer homes with better tenants, then the tenant side could be moderately profitable, and perhaps even very profitable at high enough volume, but there is less of this type of business and all PMs aggressively pursue it.I'd be leery of these real estate agents who do just the tenant work (no overrides on coordinating maintenance) on a part-time basis in low volume.

Start doing more volume.

., allowing people to "age in place" and considering stopping water shut offs as "inhumane" (not that she could do it, because there are bonds issued against water receipts, but the mere fact that she is considering it speaks volumes as to her financial literacy, her willingness to cater to the interest du jour, etc.)), and "multi-unit" covers a multitude of sins - duplex, three-flat, six-flat, etc..

. - My partners and I were lucky enough to be LOs at a large hard money lender, and I had a particularly high volume client that was doing a lot of business in OH.

This can take weeks or months depending on the foreclosure volume.

So helpful or not this organization is a reflection of their founder which speaks volumes.