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Article Directory :: Reference & Education Articles
Bulk REO investing new comers will definitely run into some challenges. Having the knowledge of how the BULK REO business works will keep you from being blacklisted within the industry as a time waster.
One of the biggest mistakes that new people into the Bulk REO investing niche make is that they do not have a credible website to do marketing with. Credibility is key in this arena. If you don't have your own targeted website, you will not be able to attract the audience you would like to attract.
The next biggest mistake as a beginner, is to use free email address to conduct business. This is a very bad idea on so many counts. If you run a professional business, you don't use a free email account- Final!! It looks bad to your clientele, as well as it provides NO credibility for you.
Another common mistake a beginning REO investor needs to avoid is claiming that they have connections to the a ˜list of bulk REO's valued at a billion dollar! Don't do this. The investors you probably have access to don't have a billion dollars sitting around to give you "the newbie" and do you know how many houses this is to deal with? The true investors who are buying bulk packages will only laugh at you and move on.
If you don't have access to a list of packages but want the services of a hedge fund to back you up, then tell it like it is. You are more likely to get real financial backing if you tell the truth right from the start and not sound like a hot air billion dollar balloon full of false claims. Veteran investors can spot a fake and the last thing you want is to begin your career with flake.
It is tempting to get on other people's bandwagons and claim connections to the ones with the tape. However, a more advisable technique of doing business would be to create a good relationship with bank on your own! You will find the results are totally worth it since what happens is that you get up close and personal with the holder of the tape and you control the deal.
It takes more effort to broker other people's tapes, which are a hit and miss venture. It is better to work on creating good will between you and the bank Less efforts with more results, that is where you want to be.
Beginning investors sometimes assume that a package automatically indicates a "˜plus three" fee. This is not always the case and to keep claiming that it is to your clients will make you look very stupid so try and avoid this.
Another common mistake for a beginner bulk REO investor is that they don't understand the terminology used in this business. Make sure you know what a "carve out" is. Knowing basic terminology is required to break into a big business like this, you need to know what people are talking about. If you don't learn the terms, you may be face to face with a huge deal and not even know it
One of the other biggest mistakes you can make is to post a REO bulk tape sale on Craigslist. Posting a billion dollar REO deal on a virtual bulletin board like Craigslist will attract people you do not want to deal with,unless you love wasting your time with lookieloos! Craigslist is not the option for you. "
It is my wholehearted suggestion that if you want to be in the business of Bulk REO investing, to get some basic education before you start. It will go along way.
Duncan Wierman is a founding member of Bank REO Property Deals. He has written a complete guide to the BULK REO industry to assist investors to be more proficient and to produce quality product. You can find out more about this concise guide at
http://www.BulkREOPropertyInvesting.com
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