How to find Unlisted – Off Market Real Estate Gems!
Real Estate Investors are always looking to find that deal that is a home run. Think Bigger – Grand Slam! Well, one of the best ways to find that “Deal of the Year” is by locating off market / unlisted properties. Over the years I often like to go right to the source – the owner! With banks, why not go right to the bank. They have a lot of cash and often have a few properties they are looking to sell.
The following is my REO action plan that I created and I hope you will achieve many results with REOs and will share your results, strategies and additional tips, with the rest of the REI Adventurers.
Below are a few pointers to help you with a step by step plan to begin your journey in search of that next deal. So be sure to take action and let your REI Adventure begin!
1. Make a list of all the small local community banks and credit unions in your local area.
2. Visit each website to learn a little more about each financial institution
3. Have a notepad available for each call.
4. Note the date, the financial institution and who you speak to.
5. Write down as much information as you can.
6. Make sure you sound friendly, polite and confident with every person you speak to.
7. Inquire who at their bank would handle or be in charge of their REO properties – a.k.a. “bank owned”.
8. The person at the bank in charge of the REOs is usually known as the “Asset Manager”.
9. Once you get the name and phone number of the Asset Manager you are half way there.
10. The Asset Manager of the REOs may ask you “Who you are and what are you looking for?”
11. You can reply that you and a group of investors are looking to acquire a few additional properties this month and you would like to know what they have available.
12. Draft your question around your area of interest such as single family homes, Multi-family, commercial properties or vacant parcels of land.
13. The longer you speak to the Asset Manager, the more information that will become available.
14. If they have some REOs find out all the information and then state you will need to discuss with partners and contact them about next steps such as viewing the REOs.
15. This will give you time to run the numbers and locate the properties.
16. The Asset Manager may even inform you about new REOs that are not even listed yet! OFF MARKET!!! UNLISTED!!! How great is that? 🙂
17. End the conversation by thanking them for their time.
18. If they do not have any REOs inquire if you could check back with them in a few months.
19. Follow-up with the banks and credit unions every few months
20. Repeat! You deal making machine!!!
Over the years, I have contacted many banks and followed this exact step-by-step guidelines that I created. I found out some good information and now I have several REO Asset Managers that I can contact in the future.
The REO Asset Manager holds the key to the treasure chest of REO gems! I hope you achieve much success with REOs and good luck with real estate investing! I hope this Guide map to finding REO gems will let the real estate adventure begin! If you enjoyed this article please share it with others! Thank you.
Follow your passion and make your dreams a reality! Follow your real estate passion and make a change to make it happen! Live your life in the moment with no regrets! Believe and Achieve! – Joe Jurek
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