Mike's Blog

For those who are chasing thier tails...Looking for an answer to Small Bulk REO Packages.....Take heart. 

There are real packages, nice small packages that can be bought. They are not always where you want them.

 They are not always in your back yard.

They do not always look like a package.

They will have some houses that aren't pretty. 

PS.........this is REO, right??? These home were not paid for, sat empty without maintenance, possibly stripped of interior fixtures.

WHat do you think you get for 30 cents on the current BPO......

Imagine that you wanted to buy an entire car lot at one time......Imagine that Car Lot A is all used cars, some ready to go, some not  ......

Now imagine Lot B is all new cars...

 same amount of cars......which would you buy first??? Would you be willing to pay more for the new cars...after all, its a bulk sale right??

We are working with some very nice bulk deals here in Fl, and accross the country as well. Presently we are working for a bank/developer for a beautiful group of brand new houses and models full of upgrades.....Yet, here we have investor groups using comps to establish values of our brand new houses....By using ten year old homes in the surrounding neighborhoods.

Luckily, with patience, we can impress on a real investor that New Homes will certianly have a greater value. But it does take patience to get thru to the ones that only want to bid a pre concieved percentage on a per unit price. 

Yes folks, packages are available. But all packages are not created equal. Please don't try to price them that way.

We also have some packages that are definately "Lot A".....Go figure, there will be work involved in making these all livable and ready to sell to the public again..

Happy Hunting

Mike Norvell Sr

Immediate Sale needed for a Smaller 3.1 million dollar S. Cal package.

This package got put on the web, and it went crazy......but to date, Thursday April 9, 2009.......not one contract was executed with a hard deposit.

Look, this is for a buy and Hold investor, to take these and put them on the market for a 3 - 6 month hold and sell them one by one.

Its too small to do a big flip and hit the lottery, this deal needs to be sold retail and make a very nice profit in a reasonalble time...Remember when investors were willing to buy and wait more than a week for a big profit.....That kind of investor is needed here.

I AM DIRECT TO THE SELLER>>>>>>>>> so many Jokers were claiming to be direct to the package.........This is simple...

.Call me..verify that you are the buyer,
 that you have 3 million to spend........and
I will put you on conference with the principle....
Then, recieve the full package, including property pics
Agree to take title on the pacakge.......Every one is so far is only interested in doing a flip.....Its too small to make a killing with a flip!!!! Sorry!!

I HAVE BEEN INVOLVED IN OVER 9 TRANSACTIONS WITH THIS PACKAGE.......NOT ONE DIME HAS BEEN PLACED IN DEPOSIT..
IF YOU DONT HAVE 3.1 MILLION, PLEASE QUIT WASTING TIME WHILE YOU TRY TO TIE THIS UP TO FLIP.....


I have actually had this discussion with several...." There wont be enough profit for the end seller once I mark it up for my profit......OK>>> That has been established......

Lets make deal.....Small Cal Deal.......For an end user who thinks making a 30% return is a good thing to do........

MikeNorvell@EARTHLINK.NET
(352) 408-7111

Ok, Ok....Who hasn't heard the pitch. Sign up now, with all your buyer information, get all the fee agreements signed, and when the package comes in.....

But this week, I heard it three times, and one of them took the cake.

It was my first "conference call" in a while. I have had my fill of these conference calls, and most of them go nowhere, and take a long time to do it.

This one was nearly an hour. With in a few minutes, I put my phone on Mute and took a walk while listening on my headset.

My short walk is down to the stop sign and back, right at 1.2 miles......The call was still going on.....an on....

But, one of the participants was a very experienced party, and he began to attack the hosts on a point by point analysis. His points were:

     1) How well do you know the seller broker...

     2) How many of these deals have you seen go thru....

     3) How many parties are between you and the seller you don't know...

     4) Why should we be willing to sign over 20 pages of documents with parties we don't know, for a deal that has not been done yet, with a seller group that cannot be disclosed because of their affiliation with the Federal Government...

     5) How long have you been involved with this Broker Group that you are so willing to put your integrity on the line for them.

     6) Who are the parties again, (oh yeah...can't tell us) how do the points on the fee agreement get split......

     7) Why would we wish to be involved in paying the "unknown" Broker parties four percent that we get none of..........

     8) Why in the hell did the conversation not begin with this last point,,,, Blah Blah Blah Blah

About this time I was repairing the sink in the bathroom, a chore I had been putting off for some time.  As the parties agreed to say good bye, I saw the time expired on my phone was 57 minutes....I chucked to myself as I was testing the sink trap that I had just replaced....I chimed back in long enough to say good by...great conference call!!!

I think I was the only one who actually did not waste the last hour........

Three weeks ago, an opportunity came up to market a package as Sellers Rep for an Investor Group. I partner on a regular basis on deals with Mike G, and we were told that this nice little Cal package had only been given to 3 people, who were instructed to only provide the package to verified actual buyers.We happily accepted the opportunity to market this package, with the understanding of first come, first served.

Fair Enough.

Now, a representative can be direct, and not exclusive. Which means that other groups besides us have the opportunity to bring REAL BUYERS to the table for a contract.

This is the way that this business should work. Only the actual buyer should get the full package, and it should be made EXTREMELY clear that it should be held very close to the principle buyer only.

But one person broke the trust, and sent it to a JOKER BROKER, who put IT ON AN EMAIL LIST and it was suddenly on the WEB. I have personally never seen a package get so spammed.

This weekend, I got wind of a huge fight brewing over this Cal package involving a dozen brokers I have never heard of. One of them actually took the time to write me an email threatening me with extreme legal action for my false representations on this package. If this guy was not so serious, it would actually be quite funny.

It gets to the point, where even as the sellers rep, no one wants to believe me when I am promoting the package. Its even more ridiculous when the actual seller is not believed because others are claiming to own the deal and are doing a better job of lying than we are of telling the truth.

The good news is, we now have 4 contract offers on the package, and the seller is going to make a deal with one of these buyers this week.

As a seller rep, (direct but not exclusive), we now have several more packages that we are marketing for this same seller. And yet, most of the inquiries I have received in the last few days are from brokers, who insist I send them the tape first. They won't accept the fact that this is a terrible thing. The rules are clear. We are supposed to send the packages to the actual buyer only.

If this rule was adhered to, the majority of the BS we encounter would disappear overnight.

Another rule should be, if you don't have either the seller or the buyer on speed dial, and you continue to waste hours and weeks on dealing with other Joker Brokers who don't know either, then you should just stop and get some real facts about the deal....