It is a simple principle of real estate investing you need to apply to find more real estate deals. It all comes down to generating leads and the deals will follow. I know you are probbaly asking...Hey Joe what are some of the creative ways to generate leads to find deals that others can't find?
Banks foreclose on houses and the banks call these bank owned foreclosures - REOs. The Acronym REO means "Real Estate Owned". 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 AR Community. So be sure to take action and let your own adventure begin!
Action Steps:
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 generate some leads in your local area. I contacted 3 different banks this week and followed this exact guideline list which usually gets me results! 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 finding REO gems will let the real estate adventure begin! Go make it a great day! Believe and Achieve! :) - Joe Jurek
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