So far in my "How to Wholesale REO Houses" series, we have discussed how to build a successful team, the tools needed to become successful at REO wholesaling, and also looked at how to search for cash buyers and how to qualify them. In this article I will show you how to find REO houses without spending a cent of your own money.
When you have found 4 or 5 cash buyers and know exactly what they are looking for, you will find it easy to go out and start finding properties to contract. It's important that you know searching for cash buyers is a continual process. You need to ensure that you continue looking for the cash buyers in order to build up your buyers list.
This is also applicable for finding properties. The moment you stop looking for properties you will be out of business it's as simple as that! In other words, it's critical you continue looking for cash buyers and properties all the time.
After you have been in contact with at least 4 or 5 cash buyers you will need to contact your local Realtor and let them know that you are ready to start searching for properties.
If the majority of your cash buyers are looking for properties in the southeast section of your city or county then you will let the Realtor know that you are looking for properties in that area. If your buyers require 2 bedroom 1 bath properties then you will let the Realtor know that you are looking for the same. If your cash buyers are looking to spend around $50,000 for a property that is worth $100,000 fixed up then you will be looking for properties in that price range as well. It's not rocket science!
You must ensure that you remember that YOU are the buyer. You are not representing buyers, you are representing yourself. You have to present yourself as the buyer in the transaction because you are the one who will be signing the contract on the property. Once you have signed contracts on the properties then you can present the properties to your cash buyers because you will be in control of the property.
Once your Realtor starts to send you properties you will cherry pick the best properties and then get comps on those properties from your Realtor. You will then get comps on the properties and will be required to set up an appointment to take a look at the properties.
In order to make offers on properties, you must use this simple formula shown below:-
ARV (this is what the house will be worth fixed up) x.65% minus repairs, overhead, and closing cost= MAO (Maximum Allowable Offer).
This formula will inevitably give you the maximum amount that you can pay for the properties that you are looking at. It's important that you drop คอนโด กรุงเทพ your initial offer to a lower amount than what the MAO value is.
Once you have received an accepted offer, you will need to present the properties to your cash buyers and sell the properties. In the next article, of my "How to Wholesale REO Houses" series, I will discuss exactly how you can sell the properties you take control of to active cash buyers.
In the meantime, you should take more notice of the MAO formula so when the time comes for you to make offers on properties you will be ready to go. Never complicate things in the property market. Times will be hard but your mentality will be the deciding factor whether you will become a success or a failure. Think smart, remain positive.
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