Category Archives: Flipping Bank REOs For Quick Cash

What you need to know before you call

This is one of the most important videos because you need to know the benefits but also pitfalls of picking up that phone calling the broker when you see a potential deal… this information is a must if you are going to buy REOs because when you go after bank repos you enter the world of the “agent”… there is no way around this fact, so you need to know how to get around in “agent country”, including the terms, language, and motivation. Continue reading What you need to know before you call

How Do You Know What To Offer On A Property

How To Determine Your Maximum  Offer

If you are going to be assigning your contracts, you need to ensure a good margin for your AS IS Cash Wholesale Buyer to Buy!  Here’s the formula I use for single family homes:

The Maximum Offer (MO) is calculated by first determining what the house will be worth after renovation which is referred to as the After Repaired Value (ARV); less the rehab dollars required; less the Buy/Sell/Hold (B/S/H) costs; less profit amount desired

Continue reading How Do You Know What To Offer On A Property

How to Assign NON Assignable Contracts

I recently had a student ask me about the “no-assign” clause. They wanted to put an an offer on an REO property and they were concerned about how do they get around it. For those of you who don’t know and want to work the fast cash action with REO property strategy, that there is a certain clause that says that you cannot assign the contract. Many times most of the contracts that you will encounter with real estate agent’s or a broker’s contract all have a non-assignability clause. So this is how you get around them. Continue reading How to Assign NON Assignable Contracts