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Most real estate investors have heard of the amazing deals that are available when you buy bank owned property (also known as REO property), yet most people aren’t really sure why they should learn how to buy REOs. This article discusses 7 Reasons why real estate investors should learn how to buy REOs from banks.

There are challenges with purchasing REOs. For example, many of the properties suffer from neglect and need substantial fixing up or rehabbing.

Also, REO deals can take months to negotiate and close, and sometimes it’s not that easy to track down the bank personnel you need to negotiate with.

However, if you can get the right price, REO properties can provide tremendous upside potential and quick cash from wholesaling. With that said, let’s look at 7 reasons why real estate investors should learn how to buy REOs from banks:

Reasons #1 – Opportunity to Wholesale For Quick Cash. Because many REO properties need fixing up, and because you can buy them from highly motivated banks at cheap prices, you have a great opportunity to do “wholesale” deals with REOs (deals where you buy low and then flip the contract to another investor for a quick cash profit). Usually, you can find REOs that need only minor fixing up or mostly cosmetic work, then do the work inexpensively before flipping the deal to a retail investor.

Reason #2 – Large Available Inventory. With foreclosures at all time highs, the inventory of REO real estate has never been as high as it is right now. This large inventory means you have many more REO properties to choose from presently than you would have even a few short years ago. This means that your chances of finding an REO property that fits your needs is better now than it has been in a very long time.

Reason #3 – Great Prices From Highly Motivated Sellers. Banks are not in the business of owning property. When they loan money, the last thing they want is to have to take the property back in a foreclosure. So, when they do find themselves owning real estate foreclosures, they tend to offer substantial discounts on those properties just to “get them off the books.” That means great prices for savvy real estate investors who know how to buy REOs.

Reason #4 – Availability of Favorable Seller Financing. Since banks actually ARE in the business of loaning money, they can offer more generous financing terms when they find themselves in the position of selling real estate. So, when negotiating for REOs be sure to ask about financing options.

Reason #5 – Availability of No Cost Expertise. Many realtors, looking for ways to grow or maintain their businesses in these falling markets, have become experts in dealing with REOs. You can use their expertise to walk you through the unique aspects of the REO finding and buying process and they get paid by the bank for helping you make the deal happen.

Reason #6 – Convenience. Banks want to move their properties so they generally make it easy to see and inspect the REOs they have for sale. Homeowners facing foreclosure may be resentful of your attempts to inspect their home. Dealing with the bank removes this emotionality from the equation.

Reason #7 – Professionalism. Many homeowners, especially those going through the challenges of foreclosure, can be emotional and difficult to deal with. Banks are all business, so you can count on dealing with someone who is professional and interested in getting the deal done.

As you can see these 7 reasons why real estate investors should learn how to buy REOs from banks make a powerful argument for adding REO buying to your current mix of real estate investing activities. If you haven’t already explored the world of REO buying and investing, it’s definitely worth a look!

We have had such an overwhelming response to our NEW AND IMPROVED “Path To Profits” workshop that people in different parts of the country have requested us to host this real estate investor training event in some new and different locations.

CLICK HERE NOW TO LEARN ABOUT THE PATH TO PROFITS WORKSHOP

Many people have indicated that they really appreciated the chance to visit the workshop in Las Vegas when we introduced it in July, and we have received quite a few requests to host the event in the Southeast area of the country as well.

CLICK HERE NOW TO LEARN ABOUT THE PATH TO PROFITS WORKSHOP

We have listened to your requests and we are pleased to announce that our December Path To Profits workshop will be held in Orlando, Florida, December 3 (for One on One Inner Circle Day) and December 4 - 7 for the Path To Profits Workshop.

CLICK HERE NOW TO LEARN ABOUT THE PATH TO PROFITS WORKSHOP

We’re very excited to bring Path To Profits to Florida, and we very much look forward to seeing you there!

So, you’ve found a great deal and the money to buy it using all the great tips you’ve learned here on RealEstateProfitCoach.com, and now you can’t figure out how to sell it. Well, you’re in luck, because this post will show you How To Write The Best Ad To Sell Your House Fast In The Current Market!

Don’t get me wrong here, writing killer ads is a real art and ultimately, it takes patience, practice and a whole lot of trial and error.

But, you can short cut that process just a little by taking some tips from us, since we’ve sold a house or two in our time!

More than anything, when you’re trying to sell anything to anyone, you need to get their attention quick or risk losing them forever as a potential buyer.

The same holds true in real estate. The most important part of your ad is the headline, those few precious words at the very top of your ad copy.

Some of the most powerful headlines create a sense of urgency or irresistible curiosity in the reader, and that makes them read through the rest of the ad copy to get your full sales message.

So, consider using any of the following headlines in your ad…

•    I Need To Sell My House This Weekend!
•    Steal My House From Me!
•    Handyman Special!
•    Steal My House… Please!
•    Investor Special
•    House Liquidation Sale

You can test different variations of these headlines, but you’ll find that they create the urgency in your potential buyer that suggests there is a limited time to act fast to get a good deal. That’s what you want your prospect thinking!

If you can bold or underline the title for no extra cost, do it as it can attract even more attention to your ad.

Once, you have their attention, the next thing you want to do is keep it short and sweet, especially if you’re advertising in an expensive newspaper that charges by the line or word. For example, you could say everything you need to in the following short little ad…

I Need To Sell My House This Weekend!
$187k Cash, 2stry
Apprsd @ $289k
(###) ###-####

If you have pictures and more information about your house, it’s a great idea to get them up on a website and then point your prospects to the site.

One way to save money on print space if you have a website with a long URL is to use a URL link shortening site like one of the following:

•    TinyURL
•    MetaMark
•    SnupURL
•    NotLong

These sites are free and can help save serious money if you have a long link like an Ebay auction listing or MLS link.

Everyone is really busy these days, and sometimes you may want to stay up to date on what’s happening here at RealEstateProfitCoach.com but you just don’t have time to get to a computer, login and see what’s new.

So, we’ve just installed software that allows you to Get Updates To RealEstateProfitCoach.com On Your Mobile Phone!

How cool is that? Okay, so we’re a little geeky now and then, but honestly, it’s a great way to stay in touch when you’re on the go.

If you want to take advantage of this service, just fill out the little form on the lower left side of this site and you’ll start being notified by a text message to your mobile phone whenever we update the site.

It’s that easy, and just one more way for us to try to serve you better!

This is an Important Notice To Our Florida Students About a New Law that Takes Effect Today. In light of a wave of foreclosure rescue scams, the Florida legislature enacted a new law governing certain real estate transactions. You can read the full story at the link below.

We just wanted to be sure that all of our readers in Florida are aware of the new law, so that they can be sure to take it into consideration when crafting their deals involving Florida foreclosure properties.

Click Here To Get The Full Story

WOW!  We certainly had a great turnout for our call entitled “Bob & Jayme De-Mistify the Mortgage Bailout!” And yes, we successfully recorded the call! In fact, you can Click Below to Replay Last Night’s Call

CLICK HERE TO DOWNLOAD THE CALL!

We apologize that so many of you were unable to access the call - we had well over 150 people on it!  At the same time I can tell you that, unequivocally, this call has received the most interest of any that I’ve ever done! Here are the topics that were discussed:

1.       How did we get here in the first place and…does it matter?
2.       How does the current bailout plan affect the secondary markets?  Are there options?
3.       How will it affect John and Jane homeowner?
4.       How will it affect us as real estate investors?  Short sales?  Short Paper?
5.       The tools and techniques that you should be using in today’s market.
6.       In light of all that’s going on, what are some investment strategies that we can and should be pursuing?

Listen to Sal Buscemi, Jayme Kahla, and Bob Leonetti as they give you the banker’s perspective on the Massive Mortgage Bailout and how it affects Real Estate Investors.

CLICK HERE TO DOWNLOAD THE CALL!

Congratulations to student Diane Swick for helping her friend and creating a win-win situation for all. The following short sale subject-to Tips are posted with her permission, written right after returning home from the Austin Workshop:

In addition, after returning from Austin on Sunday … on Monday I received a call from a friend from the past stating her house was on the foreclosure block the following Tuesday.  I coached her during the week but she could not get the attention of her lender.  On Thursday, she made me lunch while we made full circles on speaker phone with her lender and by 5:00 p.m. that same day she had a written (and signed by the lender) forbearance agreement with a payment agreement that she could afford through April, 2009.  I made some changes to the agreement on Friday to include:

A. The foreclosure sale would be canceled and the suit suspended;
B.  If all payments are made as agreed the lender would agree to extend the term as needed until the borrower’s income returns.

I give you this bit of information as a hopeful addition to your ’subject to’ lessons.  You would not have to bring the loan current and make the regular payments if you work just a little bit harder.  You could actually do a work out with the lender for a reduced payment in lieu of the foreclosure until you can flip flop the property.  Also, you now have a contact for your short sale if needed.”

Thanks, Diane, and again - Congratulations!  RL

This post is about a Very Important Call Tuesday Night!!  $700,000,000,000??!! That’s a LOT of money, especially when in the hands of a single individual with sweeping powers!  And with the largest bank failure in this country’s history happening just this week, it’s no wonder that people are “astir” with questions and concerns!

This isn’t a posting to opine the merits of a mortgage bailout.  That’s next week when the dust settles!  This posting is, however, to tell you of a free BONUS CONFERENCE CALL that Jayme and I are hosting this Tuesday night.

Register Here For Tuesday Night’s FREE Tele-Conference

At 5:05 Pacific, 6:05 Mountain, 7:05 Central and 8:05 PM Eastern, Jayme and I will share our Mortgage Banker and Wall Street insights with you, giving you the “Word on the Street” and helping you untangle the truth from the hype.  We’ll give you our take on the Mortgage Bailout and tell you what you, the real estate investor, can expect in the months to come.

Register Here For Tuesday Night’s FREE Tele-Conference

We’ll be answering questions posed by many of you, “How will this affect the Short Sale market?”  “How will this affect our ability to buy notes?”  “Should we continue to market to distressed properties?” We’ll answer all of these Tuesday Night along with a whole lot more!  Be sure and be there - it’s part of our commitment to you to go beyond merely teaching you what we know…but to teach you how to do what we do!

Register Here For Tuesday Night’s FREE Tele-Conference

Oh, and after we give you our take on the issue, we’ll open-up the call and answer questions from all of you!

Here is the Link for Last Night’s Question-Driven Mastermind Call. WOW!  I really hope that you were on last night’s call, because we answered a lot of really great questions and exchanged even better information and answers!

Questions came in from all over including questions on Simultaneous Note Closings, the current Mortgage Bailout scenario, and even how to work closely with Secondary Managers!  Oh, and we also talked about raising private money, and heard from a couple of our students in San Diego who just today, with our help, raised almost $3 million in private money to fund their deals.

Click Here to Listen to September’s MasterMind Call!

Hi Everyone! Bob and Roland have spent the past 5 days in Los Angeles at Eben Pagan’s GuruMastermind, one of MasterMind groups that we belong to and network in, and we have lots of great stuff to share with you over the coming months as a result of some great people we met. We’re so happy to announce that Profit Mapping Lessons 1 - 10 Are Live!

One thing we did in between meetings, greetings, learnings and doings was to record the audios for the Introduction and first 10 parts of the Profit Mapping Program that we introduced in Austin at our most recent workshop.

For those of you who signed up, we have the first 30 days of audios, videos and texts up and available on the password protected part of this site called ProfitMapping. You can get there from the navigation bar on the left side of the main screen of this blog.

Just type in the password we sent you via e-mail and you can access all the cool stuff we have for you in the Profit Mapping Members Section.

Roland is scouting locations for our European workshop for the next 10 days and Bob is working on a secret new project in Palm Springs, and Jayme is really, really busy putting the finishing touches on her Commercial Real Estate Investing workshop, coming up in the first part of November.

We’re VERY excited about all the cool stuff we’re creating for you to help you knock it out of the park in this awesome real estate investing market! Stay tuned for more!