Question: "I am currently looking for bank owned (REO) properties to buy. I’m looking for something that is in good condition, and I want to turn it around and sell it. At this point, I don’t have a job. I’m going to make offers on these bank owned properties to Realtors. But I was informed that realtors ask for money and proof of funds. At this moment, since i’m unemployed, I don’t have any of those. So how can I buy and sell these houses without spending any money for this?
Answer: "The short answer is that you really do need the proof of funds to make offers on these properties. That means getting private money or partnering with someone who has cash to work with.
You might think of some other types of deals to chase. I would suggest that you start doing advertising in craiglist or bridgedog to get some interested clients call with houses for sale.
One of the more recent Wealth Building calls we did was six almost free ways to find motivated sellers. We dealved into both of these approaches. One of the approaches we talked about was using craigslist to place advertisements to find motivated sellers.
Here is a video with some ways use craigslist:
The goal is to find a motivated seller. The reason you want motivated sellers is they will give you equity for FREE if you solve a problem they have. You might be able to buy a house for half price if you do a good enough job in solving that problem.
Use a technique like the one on the video to get motivated sellers to call you. When a motivated seller calls you, proof of funds is never an issue. Money is not an issue, assuming the deal is good enough. You will find the money if you have a good enough deal.
Do you need to know you are getting a fantastic deal? Absolutely.
So don’t worry so much about your proff of funds. Worry about how to find a motivated seller."
October 26th, 2009 at 3:54 pm
Scott, No job, no money, no resources, in todays banking world that is a decline. Working with bank REO with no resources is a waste of time. I would suggest he work with some investors or private money. Possibly working with private owners, but REO purchases require cash. Good luck.
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