Joe Jurek's Guidemap to finding REO Gems...let the adventure begin!

Joe Jurek's Guidemap to finding REO Gems...let the adventure begin!

During the past few weeks, I have had several DG Members inquire about finding REOs. Thus, I hope this information will be useful and informative to the DG family.

The following is my REO action plan that I created and I hope you will achieve many results with REOs and will share your results, strategies and additional tips, with the rest of the DG family. So be sure to take action and let your adventure begin!

1. Make a list of all the small local banks and credit unions in your local area.
2. Visit each website to learn a little more about each financinal institution
3. Have a notepad available for each call. Always note the date, the financial institution and who you speak to. Write down as much information as you can.
4. Make sure you sound friendly, polite and confident with every person you speak to.
5. Inquire who at their bank would handle or be in charge of their REO properties.
6. Once you get the name and phone number of the Asset Manager you are half way there.
7. The Asset Manager of the REOs may ask what you are looking for. You can reply that you and a group of investors are looking to acquire a few additional properties this month and you would like to know what they have available. Draft your question around your area of interest such as single family homes, Multi-family, commercial properties or vacant parcels of land.
8. The longer you speak to the Asset Manager, the more information that will become available.
9. If they have some REOs find out all the information and then state you will need to discuss with partners and contact them about next steps such as viewing the REOs. This wll give you time to run the numbers and locate the properties. The Asset Manager may even inform you about new REOs that are not even listed yet! How great is that?
10. End the conversation by thanking them and if they do not have any REOs inquire if you could check back with them in a few months

I hope this helps. I contacted 3 different banks this week and followed this exact guideline list. I found out some good information and now I have 3 additional REO Asset Managers that I can contact in the future. The REO Asset Manager holds the key to the treasure chest of REO gems! I hope you achieve much success with REOs and good luck with real estate investing! I hope this Guidemap to fidnign REO gems will let the real estate adventure begin! Believe and Achieve! Smiling - Joe

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Good information Joe

I also would like to add that if you already have a business relationship with President or VP of the banks, or even bank manager, ask them about such list and they will be happy to direct you to someone who handle their REO's. I found that to be very helpful. Good luck!

Lloyd


Great guideline!

Thank you for writing that here, Joe. It's a nice step-by-step that is quite simple to do, but may seem a bit scary when you just hear about it. In black and white it shows how any of us can do it!

Nancy D.

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Thanks Joe :)

I will start working on that this week and use your action steps, you're sharing something that's simple to follow, thanks bud for the info.

Everyone Can Make A Difference!
John A.


Thanks Joe

As always great info and easy to understand and take action!

Thanks again,
Mary


Lloyd,

Thanks for the insight and the additional comments. Anytime we can deal with the VPs or decision makers in the bank that will help us to further develope and cultivate our business relationship. Today we may be inquiring about REOs and tomorrow could be financing. Another banking relationship can always help down the road.

If other members have some valuable insight such as Lloyd noted above, please include it in this topic string and we all can learn and build on this together. Continued success on all your deals. Believe and Achieve! Smiling - Joe

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Nancy,

Thanks for the comments and insight. The key is to practice until you feel confident and comfortable. Try farther away local banks first, say in the suburbs, and then when you get your pitch down, go after the local banks you really want. Most bankers are nice because you are helping them clear a liability off their balance sheet. So be confident and go get those deals. There out there justing waiting for our call! Good luck with REO deals and investing! Believe and Achieve! Smiling - Joe

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John A.,

Thanks for the nice comments, I hope the REO point list is helpful. I found that it can be as easy as just making the call. I am sure you will do great with this. Just remember to be confident and practice makes perfect. Thanks again and have a great weekend. Believe and Achieve! Smiling - Joe

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Mary,

Thanks for the nice comments, I appreciate it. The key here is to take action, as you say. With action we can achieve results and learn along the way. I really enjoy meeting new people and making new contacts. Just think about the network contact list that most bankers have. It would be great to cultivate the banking relationship and who knows what the future may hold. Good luck on all your deals. Believe and Achieve! Smiling - Joe

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MY NEXT MOVE

Thanks Indiana Joe

I was just thinking about my next move and BANG there it is. Just finished a rehab, and hope to sell soon, a 3bdrm, 1bath ranch. Your info is right on time.
Thanks, MIKE


Mike,

Thanks for the comments. Glad to hear about your latest rehab project. Will that one be a future rental or a flip? Continued success on all your real estate deals. Believe and Achieve! Smiling - Joe

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Joe This rehab will be a

Joe

This rehab will be a flip, as a matter of fact,I will be listing it today. Also I like your quote. Believe and Achieve.

Mike


Flip or Lease/Purchase

Joe I would consider a lease/purchase if i knew more about it and I could refi at 75% LTV. That would Achieve my goal. cash out and still own the home. I have someone
who wants to do that but I don't know how to go about it.


Mike,

You may want to shop around at your local area small community banks. Inquire to the bank if they have a seasoning requirement (such as owning the home for 6 months or a year). Some local banks do not have a seasoning requirement.

Also inquire how much they will loan on a refinance. Some banks may offer between 70% and 80%. You want to ensure it is based on the appraised value of the home, not the purchase price plus improvements. If you find the right bank, this could provide you with the option you are looking for. I hope this information helps. Good luck with this one, either way it should be a good deal for you. Believe and Achieve! Smiling - Joe

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Great info but got questions

Joe,

Your information and guidelines are great, but I want to know how did you get the banks to give you %100 financing? Did you provide your financial details? Or did you end up connecting a buyer for those properties?

I would like to talk with you personally.

Send email to and put DG comment in the subject.

Phillip

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Phillip Bruce


Great Information

Thanks Joe,

I will take a leap of faith this week as well and call some banks my self. I am ON MY WAY. And thanks for the vote of confidence, and encouraging words. I am so excited about putting together my first deal. I will keep you all updated and congratulations on your success.

God Bless You!
Yasiah

"Faith Without Works Is DEAD!"

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WOW sounds eisier that I thought

Tank you Joe,
It seems I have been missing the boat here with the great deals and investers aren't interested in the properties I have been finding. Yet I find I have been on this learning curve and have wanted more info on the inside scoop sort-a-speak. This is very helpful.

Sheri

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REO Action Plan

Great information that all of us on this site can use as another tool for advancing our real estate investment careers.


Phillip,

We are going to buy and hold these untis as rentals. We cultivtaed a relationship over time with the Bank Asset Manager and we did not provide any financial information. We recieved the 100% financing by just making an offer and requesting it. Good luck in your local area workign with small banks. Believe and Achieve! Smiling - Joe

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Yasiah,

Thanks for the nice comments. Good luck and I know you can do it too. Believe and Achieve! Smiling - Joe

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Sheri,

Good luck with REOs and working with your local community banks. It can be a numbers game so the more you call the more possibilities. Even if they do not have any REOs today, build and cultivate the relationship for future opportunities. Believe and Achieve! Smiling - Joe

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freedomn3,

Thanks for the comments. Good luck with working with local community banks in your area on REOs. Believe and Achieve! Smiling - Joe

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Thanks

For sharing that valuable information. How would I work a multiple million dollar foreclosure in historical district (Auburn Ave)of Atlanta own by several banks? Do you think I would have to show financial standing before they would even take me seriously?

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Atlcamel,

I always feel the worse thing they could say is no. So it never hurts to try. If you put together a good presentation and create a win-win scenario it could work. I would also suggest looking for redevelopment funding through your city, county or state.

Some areas offer redevelopment funding for targeted historical areas. Thus, by doing a little reserach you may find some grants or low interest loan assistance. I hope this helps. Good luck with this project. Believe and Achieve! Smiling - Joe

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Dean where are you!

The 161 condo unit has been already completed. How would I go about getting the lenders to discount the paper?

Indiana-Joe wrote:
I always feel the worse thing they could say is no. So it never hurts to try. If you put together a good presentation and create a win-win scenario it could work. I would also suggest looking for redevelopment funding through your city, county or state.

Some areas offer redevelopment funding for targeted historical areas. Thus, by doing a little reserach you may find some grants or low interest loan assistance. I hope this helps. Good luck with this project. Believe and Achieve! Smiling - Joe

__________________

"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.


Atlcamel,

You may want to submit 3 different "offer options" to the lenders spelling out in each option what you are proposing. As with any deal, if you do not ask, you may not know what the lenders are willing to do. Good luck with this potential deal! Believe and Achieve! Smiling - Joe

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This post is awesome!

It inspired me to take action in doing exactly what Joe did. I'm still in the process, but have made offers on 2 properties directly with the bank. And I'll keep on it and stay with it in order to get an offer accepted!

The "black and white" of exactly HOW to do this helped me so very much. Thank you Joe for posting!

I just wanted to comment here to bring it up on the site again in case it inspires anyone else. I have bookmarked it, and will continue to look back at it. This is the kind of knowledge sharing that is so incredible here on this site.

Trying to get started with no money? Remember (this is the part I didn't understand a couple months ago), but if you do a double-close and/or get 100% financing from the bank, either of these, gets you money without having to put up cash to the bank for these REOs.

Here is another great post from Freeindeed that I bookmarked to illustrate this: http://www.deangraziosi.com/real-estate-forums/contracts-and-offers/3298...

I wish much success to everyone here!
Cheers!
Louisa

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REO's

Louisa did you get an offer accepted from the bank yet? Are you going to rent the property or assign it? You can assign REO's right? Not sure but planning to call a couple of banks in morning.


REOs

Smiling

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REO Websites??

I've been looking on the net at some REO Websites. A lot of these require a payment of some sort. Are these worth it? Should I just stick to calling banks. I really would like to get the upper hand on some multifamly deals. Any thoughts??


REO Websites??

I've been looking on the net at some REO Websites. A lot of these require a payment of some sort. Are these worth it? Should I just stick to calling banks. I really would like to get the upper hand on some multifamly deals. Any thoughts??


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