Reo Listings On The Internet
I have come across several sites on the internet that are pay services. They charge anywhere from $150-300 per year on a weekly basis. Is this the best way to go about finding REO's to flip or for rental income.
I am just getting started in real estate investing so please forgive my ignorance.
The best method I found, was I walked into a real estate office about 2 miles from my house and asked to speak with a realtor who was investor friendly... told them what I wanted from them and asked if they would submit any bid I had no matter how rediculous the offer was... they agreed... I took them to lunch and we discussed further details... Now I pick up the phone and get all the info I need concerning REO's emailed to me free...and have developed direct contacts thru them....I guess I owe that realtor another lunch....
The best way to deal with NON -FHA REO's is via the specific real estate company which handles them. The majority of each lender's REO's are handled by one specific office of the large R.E. Co such as Centuary 21 office or a specific agent at one of the other large franchise companies.
The FHA repos are handled by one specific agent but since they are up for bid initially it doesn't matter who you use for them as long as the agent knows what he's doing..