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How to make money on the worst houses on the market

By
Real Estate Agent with Southland Realtors

Everybody in real estate knows about the prime real estate market, which tend to include the upper priced to luxury priced homes of the market. Then you have modest homes in the working to middle class neighborhoods. But what happens to the worst homes in the worst areas that the banks get stuck with thru foreclosure. These are the homes nobody bids on, often in high crime areas. How do banks get rid of these homes that nobody wants to bid on? They call Odell Barnes!

Odell Barnes buys these homes that are spread out all over the country, for anywhere from 20 cents to 10 cents on the dollar from the banks, without ever looking at the properties. As a matter of fact, he never has to leave his farm near Columbia S.C.. The banks call him at his house, and most deals are made over the phone while he sits on his porch. ABC news did a segment on him a few months ago, and it's a very interesting business model, and one thats made him a millionaire.

Instead of explaining the whole senario, if you click the links below, you can read the ABC story and also hear an interview of the man himself from NPR radio. It just goes to show, there is always another way to make money in the business, you just have to think out of the box sometimes. Just click the links below for the rest of the story, and happy flipping!

http://www.abcnews.go.com/Nightline/story?id=3084500&page=1

http://www.npr.org/templates/story/story.php?storyId=8895894&ft=1&f=1006

 

Nicole Kraus
Signature Realty Associates - Dover, FL
Thanks for sharing, I am very interested in Flipping, great FYI!
Sep 14, 2007 08:40 AM
Chris Pollinger
Berman & Pollinger, LLC. - San Diego, CA
Consulting for Luxury Teams and Brokerages
FYI - REO outsource companies are also great resources for these type of homes. 
Sep 14, 2007 08:46 AM
Joan Snodgrass
Midamerica Referral Network - Kimberling City, MO
Harry:  Thanks.  Very interesting man.  I've quit watching nightline since Koppel quit.
Sep 14, 2007 09:16 AM