Let me know if you have any questions after reading it through- I’ll be happy to answer them for you.

Steph

Yes, I agree with you that this strategy is probably not going to work so well once the amount of foreclosures on the market gets back to a normal level. I’ve been checking the number of lis pendens that are filed in my county every month for the last 2 years, and there has yet to be a slow down- there are still roughly 2000 being filed each month. I think I’ve got another 2 years to take advantage of the market, and I plan on busting my butt and stock piling as much cash as I possibly can in that time period.

I am working on some other business opportunities right now (non-real estate), that I plan on venturing into once the REO opportunity is gone…

Regarding your contract, I’d love to help you out, but I’m not in any way qualified to give you advice in that area. You can always use the purchase and sale agreement that is approved by the board of Realtors in your state until you have a chance to have your attorney review it…

Take care,
Steph

I love your strategy, but it seems like it might be a strategy that just works good in todays market due to the economy. Do you have a transition business plan after these banks get more of these REOs off their books? Will you maybe start to make more MLS offers for non-REO properties?

Regards,
Adam

p.s. In your eBook you had recommended to consult an attorney to make sure you have all the important clauses in your contract for your end buyer. I’m in the process of putting together my purchase contract for my Buyers. Would you be willing to take a quick glance at my contract to make sure I hit all the important points before having my attorney review? I would greatly, greatly, greatly appreciate it!

I find out what my buyers are looking for, and then I go and make offers on properties that fit their criteria. I kind of work it backwards- instead of getting a deal under contract and then searching for a buyer….I get a buyer lined up and try and find them a deal..

Make sense?
Steph

I see you have low offers. What are your guidelines for the properties you put offers besides being REO’s? Does it matter the location of the property to you? Or is it more on the price? What about the property’s structure and floor plan? Do you consider any of that? Or it doesn’t matter as long as the price is right?

Thanks

The signs work really well for me- I put 40 of them out this weekend, and have already got a bunch of calls.

Let me know how it works out for you next time around..

Steph

Just out of curiousity, where are you finding your buyers? Did you put out bandit signs like Steph said? How did your meeting go with the investor? I wish you the best of luck with investing. We are excited to finally step out of our bubble, and make some deals happen!

Steph, thanks for the tip on the bandit signs. We are going to try and put them in a different area this time. We had tried a while back but didn’t get any response. Come to find out that someone removed all of them!

I’m actually going to try the twice/day thing and see how that works out. It’s hard to resist when I have my Blackberry on me all the time, though..

Hope you’re having fun in FLA- next time, swing by Tampa.