If you have suggestions of whom my husband and I might speak/meet with that has a great REO business, I am looking to spend a couple or three days in the city they operate in to consider establishing an REO business. Please have them contact me at agentappraiser@gmail.com to make suitable arrangements.
Thank you,
Teresa
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Teresa, I do some REO business but lately have been rejecting alot of the listings, actually I am down to one that I even will accept listings from. You need to attend the REO Mac conference or one of the REO conferences. My REO business came from asset managers that I do BPOs for, it took a few thousand BPOs before I actually got any assignments.
My advice is to make sure that you have plenty of patience, more patience than is needed for a short sale, plenty of time or a team that can work with you, AND most of all, PLENTY of MONEY to manage the assets. It is not uncommon to have hundreds of thousands of dollars out for repairs and maintenance, of course it gets reimbursed eventually. I would advise to have at least 5000 in reserves for every REO listing that you plan to take. Hire a really good assitant/runner/gopher because there is 3 times the amount of work involved with REO over a short sale or traditional sale.
With that being said, it can be profitable