Rockin’ Real Estate REO’s In Todays’ market!

The Art of Robbing Banks

By Pre$ton Ely

The richest and smartest people in the world go where the money is easy. They’re really pretty lazy. They refuse to fight uphill battles. Rather they opt to slide down slippery slopes of joy.

Now that the market has decided to go “Britney Spears” on us we need to take a closer look at what we are doing here. We need to make sure there isn’t something “easier” out there than dealing with the standard “motivated seller.”

It turns out there is.

Before the market took a nosedive, our “I Buy Houses” classified ad in the Tampa Tribune was one of like thirty. But now? We are one of only four.

Where did everyone go?

I was just interviewing one of the nation’s top wholesalers who told me he is currently spending ZERO dollars on seller marketing. He used to spend $8,000 a month. Where are his leads coming from?

Everyone is switching to REO Bank-Owned foreclosures.

And there is a reason for that.

Ever since the stimulus package was unrolled banks have been giving away their inventory of foreclosed homes like unwanted clothes to goodwill. And they are able to do this for good reason. A reason which you will learn very soon.

We recently picked up a house from a bank for $2,500 smack dab in the middle of Tampa. We flipped it immediately for a $20,000 profit. Never spent a dime.

You can do the exact same thing … if you know what you’re doing. (wow … that’s a big “if”)

How would you like to be the recipient of some of these “rag tag” houses? Well you can. Easily. You simply have to know where to stand in line and how to claim your fair share.

Up until now, investors have been paralyzed with fear when it came to flipping REO (bank owned) foreclosure houses. The biggest obstacle? Non-assignable contracts. Banks don’t like wholesalers. They’re weird like that. Whoever’s name is on the contract must close (in their name) on the deal.

Obviously this is not the game we play. Using your own money is for morons with no brains. Rich people (even billionaires) do not use their own money. We use the moronic people’s money. : – )

But what if there was a way to sneak your buyers in to close on the property for you right underneath the bank’s nose while you get paid your $10,000 “flip” fee right at the closing? And what if that way was totally and completely 100% legit? You would want to learn this tactic I’m sure.

As a “problem solver,” which is what you as a real estate investor are, you need as many tools in your tool belt as possible. There is no such thing as “knowing enough.” The very best in our industry never stop growing and expanding their repertoire of investing strategies (except for Stick Boy). I just watched as Than Merrill devoured The Short Sale Kid’s entire home study course on a recent plane trip. Than is already a master of short sales. But in his words, “if I can get just one new tip from a course it pays me back many thousands of dollars.”

Unfortunately, the step-by-step process for doing these secret REO “double closes” would take much more than this article to explain. But a more in depth tutorial is on the way to you soon. Keep your eyes peeled.

Does the old way of “motivated seller marketing” work? Absolutely. We still do it every day. We have direct mail campaigns, and classified ads, and ppc ads, and a host of other strategies in place at all times. But we are also doing some REO’s. We are “both/and” kind of people. Either/Or thinking is for the small minded. Large souls want it all.

You can have it all.

Starting right now.

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