Ok...who in this forum hasn't given up a day, a week of their life for a deal that got away. Maybe it did not exist!! I am so guilty, but it won't happen to me or my clients.

One of my mentors, who has done extremely well, used to warn me of THE BUMS RUSH. That's a deal that has to be done yesterday to take advantage of this wonderful opportunity.

They will immediately email an impressive NCND, Fee Agreement, and request a LOI by the next tick of the clock or it will be too late.

Most of the time its already too late. How many reading this have seen the same deal presented week after week by new people. How many have had their own deals repackaged and presented back too them as fresh deals???

The facts are, it takes time to buy anything. I have never seen a single house bought and sold in one day, much less a bulk billion dollar package.

The BUMS RUSH stops people from exercising normal good judgment. Of the deals I have seen go thru, the common grounds are:

1) Verified buyer,.................

2) Verified Seller....................

3) Verified Properties.......................

4) Actual Cash Deposit in Escrow

5) Actual Due Diligence Performed by the Buyer Team

6) Negotiations by Buyer and Seller Team

7) Close and Fund

Have you ever called a closing/title company and tried the BUMS RUSH??
How about the County Clerks office to get the deeds processed in a day???
Is it really conceivable to do Due Diligence on 47 homes in 2 days???

Should't this deal be ran past an Attorney ??
In all this Bums Rush did you even bother to get some of the facts straight???

Now, I do agree that if the deal looks good, and the buyer and seller are verified, then by all means demand a contract, make the escrow deposit, and get moving on due diligence.

Only then can we get to negotiations and fee agreements. I recommend that serious buyers have a "Package" of docs and procedures ready to go for the deal they wish to tie up.

There are deals snatched up by Professional Buying Groups who are prepared to purchase, and have an acquisitions team that does not waste time. That's not Bums Rush...that's being prepared to recognise and seize opportunity.

I won't succumb to the Bums Rush....Neither should You

Hello...This is to buyers reps or direct buyers only please.

I am in contract with a ACTUAL DIRECT Sellers Rep who is Currently assigned the task of breaking down a larger package and selling them in smaller bites.

It is a simple protocol.

Call me if you will, and we can discuss the different areas that are available right now, and whats coming up.

We don't need a big FancyLOI POF deal, but if you have one that's OK too. These are small deals, and will go quickly.

All we need is a basic NDA, which I will provide, and a very generic outline of what the Buyer is looking for. Price, Location, Terms...again, from the BUYER.

Some of these are Midwestern Packages for as little as 500k take down, and they have an included exit strategy in place to either assist in the cleaning/marketing/sales/lease options or to handle the entire transaction with weekly reports. Dealing with a experienced company with in place personnel should take the risk out of buying outside of your back yard.

The balance of the packages are nationwide, starting at the low takedown price of 3 mill, and the discounts are relevant to the area. For example, Georgia/ Florida is cheaper than California/ New York, and we also just got a package in from a bank.....Nevada only, 5.2 million takedown with very recent BPOs.

I know every one has their share of horror stories....too bad....When we have more time I will buy you a beer and listen..But not today!!!! ..I don't care how bad you or your buyer has been lied to in the past. Hard Proofing will be step # 2 after a phone call direct to the buyer. Buyers Reps are welcome, just bring the buyer too, and have the Buyer create a current Buyers Rep letter, signed and notarized by the buyer...

My goal here is to have a number of smooth, direct, buyer seller transactions....For those of you who know me already, you know I have seen most of the tricks, and done all the conference calls I care to do.

If you call with anyone other than the actual buyer on the phone, I have been known to politely hang up. If you KNOW a buyer rep that is direct, please save us all time and have that person call, and then we need to get direct to the buyer, and the proofing......

For those that are still interested, these are large institutional packages that have been purchased by an group that is selling in smaller bites.

1) If your buyer only proofs directly to the institution, we are the institution. The buyer can deal directly with the authorized seller rep ....no games here...
2) If your buyer demands a LOA, we will provide that 5 minutes after hard proofing, Attorney to Bank, or

Attorney to Attorney. There are a few relevant choices, but NO PACKAGE TAPE WILL BE DELIVERED WITHOUT PROOFING FIRST>
3) We do not compile these packages, they are grouped by the seller in relevant sizes and by Location.
4) Exit strategies are available upon request for successful buyers. This is a service provided to assist the new owner on purchases not in his "Back yard" This is not a free service, and is offered outside of this deal by other parties not associated with the seller.
5) Initial Purchase Protocol will include,NDA, Hard Proofing, LOA, Contract, Fee Agreement, Escrow Deposit, Wire Instructions/Paymaster, Due Diligence, and Close.

6) Finally.........[b] There will be NO Packages, scrubbed or not, to anyone other than a proofed up B

uyer.... If for some reason the Buyer shares the sanitized list with someone and it gets put on the web, the buyers deposit will be forfeited. After the buyer has purchased the package, he can spread the deal to a thousand mailboxes, but we have the intent that this program will not work that way.

Mikenorvell@earthlink.net

This post is probably a bit overdue.

I have decided ( a while ago) to form a consulting business as my primary marketing arm for what I do. Yes, I still am a Licensed agent, not a broker yet, maybe I will never get a brokers license. In the next week I will make a decision as to where I want to hang my agents license.

You can bet it will be with a group that deals primarily in investment and commercial deals. I have great leads on Builder Closeouts, fractured condos, stalled projects, and all kinds of deals that should be ready to go here in FLorida. Or I may just stay where I am at, you never know...... Rick and I have been Friends for nearly 20 yrs...

But, aside from just being a Realtor, I love the business of Marketing & Consulting. This title takes into account many skills, allows you to wear many hats. Dealing with investors is not just finding good deals, its much more. It involves finding deals that you can also set up a profitable exit strategy as well.

With a good exit strategy, investors won't have to look at a deal very hard. We can show them the way in, we can also show them a way out!!  So, that will be my main focus. Find deals that I can also create an investment strategy for my clients.

Oh yeah, my feeling about being a single agent are still the same. Makes no sense to me to try to work both sides of a deal. I like knowing what I am representing, who is the client.I believe the clients like it better as well.

In the meantime, I would like to talk to those who have great deals for investors in the Fl area. On a Bulk REO basis, I would love to hear about any BULK REO on a Nationwide basis. We do currently have interests in BANK OWNED properties in Fl, smaller deals to medium. Cash to close for the right packages..Try me....

Lets go make a deal.........I love investing

This post is probably a bit overdue.

I have decided ( a while ago) to form a consulting business as my primary marketing arm for what I do. Yes, I still am a Licensed agent, not a brokeryet, maybe I will never get a brokers license. In the next week I will make a decision as to where I want to hang my agents license.

You can bet it will be with a group that deals primarily in investment and commercial deals. I have great leads on Builder Closeouts, fractured condos, stalled projects, and all kinds of deals that should be ready to go here in FLorida. Or I may just stay where I am at, you never know......

But, aside from just being a Realtor, I love the business of Consulting. This title takes into account many skills, allows you to wear many hats. Dealing with investors is not just finding good deals, its much more. It involves finding deals that you can also set up a profitable exit strategy as well.

With a good exit strategy, investors won't have to look at a deal very hard. So, that will be my main focus. Find deals that I can also create an investment strategy for my clients.

Oh yeah, my feeling about being a single agent are still the same. Makes no sense to me to try to work both sides of a deal. I like knowing what I am representing, who is the client.

In the meantime, I would like to talk to those who have great deals for investors in the Fl area. On a Bulk REO basis, I would love to hear about any BULK REO on a Nationwide basis.

Lets go make a deal.........I love investing

I am a Realtor in Central Florida. I have had a license for nearly twenty years.

During that time I have worked mainly with investors and bought many good Real Estate Deals myself.

In the last year, I took off from regular Real Estate and did other business, working with investors doing evaluations on larger projects. But in Fla, the numbers always came out the same....Don't Buy...Don"t Buy

I did a lot of study into the market, and Last Jan, 2008, I could not actually do a pro forma that used current info that would justify a purchase at normal Realtor CMA pricing. We did attempt to factor in downward pricing, but the values were continuing to fall.

The banks were in total denial at that time, and short sales were all I was doing. Suddenly I had over 70 deals and no one that could close.

Its a year later, and I feel better about getting back into the market. I have been traveling Fl for the last year, and have seen houses and entire subdivisions continue to fall, but it seems to be leveling off now.

In discussing the deals across our fine state, I feel its time to get back in to selling Florida. The prices are low enough now to cash flow the deals, and that's all we ever needed. The old run up of prices made no sense, the last one left holding the property was destined to lose.....I saw it, I wrote about it and was called negative.

But, I did survive by taking a break from the business. I look forward to working with local investors again, because the new name of the game is built in equity at these prices.

Florida Real Estate prices will continue to fall, but I can forecast a bottom. There are definitely areas of Florida that will recover faster, or at least quit falling and level off. For investors, this is good enough.

Its time to get busy on Investment deals again. Lets go do deals.

The recent TARP Plan is already showing it will do little for the hardest  hit areas of the country. I have been watching the reruns on C-SPAN TV, and have seen the parade of Represetatives from Indiana, Illinois, Michigan and Ohio tell their story.  Basically, TARP has done nothing for the blighted areas in thier districts.

As a Consultant/Broker working in REO Packages, I recently have been getting flooded with the Rust Belt areas. One of our investors was willing to go into contract on on package where the BPO / LTV values were in the low 20% ranges.  Proper due dilligence requires taking a closer look not only at the pricing discounts, but the exit strategy for the buyer as well. Buying homes in bulk for a discount only makes sense if they can be sold later.

      http://www.nytimes.com/2009/03/08/magazine/08Foreclosure-t.html

Most of these REO Packages are selling for a total purchase price from $500,000 to $3,000,000.  We have a package now, just released, that has over 40 homes for a purchase price of $1,299. each. Actually, the homes are being sold A La Carte,  so taxes, closing costs, and other fees (including commission) are added on top for an average total of between $5,000. and $6,000. 

The biggest issue with these areas come from the Report that the Investor and some local Brokers we engaged came up with this week. Many of these homes are in areas so hard hit by unemployment, and by local taxing authorities that refuse to value the properties at current values. Believe it or not, many of these homes that can't be sold for $20,000 right now are still on the tax rolls for three and four times that amount.

We do have a package where the local authorities have made a deal with an large Bulk REO Investor for a flat fee on some 50 homes in its district. Irregardless of back fees, taxes, ect, a new investor will be able to come in for a flat amount to start over.

        Now, that's a move that's designed to create opportunity, instead of  creating road blocks.

We were looking at another package that has about 70 homes in it, in Indiana. There, the community is allowing normal zoning to be altered very easily for "clean" business, such as offices, small print companies, and most any kind of "quiet & clean" business to move in.  They realize that something different will have to happen to get their own communities going again.

My point in this story is that TARP and these programs will not come in and save these areas. Thankfully, we are making contact with positive forward thinking entrepreneurs that are going to make it happen. We cannot wait on a Gov Bailout for these areas. it will have to be done by us.

If you are such a person, in this kind of area, we would love to hear from you. Our investors will buy them if you will help us turn them back into homes and businesses again.