How to find deep-discount REO properties in your backyard

Since we all know REO is a very hot topic in today’s
market, I want to share with you some of the things
that I’ve learned from my Alfred Alonzo about how
he’s flipping as many REOs as he can get his hands
on so that you can implement them in your market.

Here’s a glimpse of our conversation one sunny day…
(chimes…chimes…chimes…)

Me: Hey Alfred, how you doin?

Alfred: Great man, what’s up?

Me: Dude, it’s amazing how many REOs you’re
flippin nowadays. What’s up with that?

Alfred: (smiles)

Me: I want to find more REOs in Houston to flip.
Give me some real quick tips that I can pass on to
my virtual assistant to help me find some of these.

Alfred: Man, aren’t you doing enough deals already?
Can’t get enough of deals in today’s market, huh?

Me: Nah, it’s never enough, I have plenty of virtual
assistants that can do these stuff for me so I figure
let the houses pay for their salary and a whole lot
more

Alfred: (shakes his head smiling)

Me: So, are you gonna give me your tricks or what?
Don’t be holding no secrets from me now. I’ll kick
your a$$ … LOL!

Alfred: Alright bro, here’s some quick ones for you:

1. Pick an area that you know is a good rental area.
If you’re not sure, ask a Realtor to pull up an area that
has a good mix of properties for sale and properties for
rent.

2. Ask that Realtor to give you what the DOM
(average days on market) is and what’s the average
$/sf sold in that area

3. Let’s say if that area normally sells for $65/sf in
today’s market. Then have you virtual assistant to
watch for new REO listings that are listed at around
$42/sf and send them an offer (this is what I call the
low hanging fruit)

Me: Dude, that’s good! What else, give me another
one. I know you have plenty!

Alfred: Hahaha! Another easy one is to have a
Realtor give you all the REOs that the status recently
changed from Pending Sale to Available (that means
the deal fell through)

Me: Ah, that is a good one! Dude, seriously, how
many of these tricks do you have up your sleeves?

Alfred: Oh, plenty, I’ve been doing this for over
19 years and have done over 700 transactions. I
probably have forgotten more tricks than Carlton
Sheets is teaching now…LOL!

Me: Hahahahaha!!!

Alfred: Here’s another really good one for you.
Have your assistant check the listing price versus
the tax appraisal price. If it’s 80% or less, you’re
golden; especially if the DOM has been 150 days or
more.

Me: Alright, that’s more than what I need to implement
today.

Alfred: Well, as I said I got plenty. Call me if you got
questions.

Me: You should get on a webinar to teach my people
this. This is great stuff!

Alfred: Ahhhh, I don’t know man…

Me: Dude, whatever man. Gotta go. Later!

(chimes…chimes…chimes…)

So there you have it folks, 3 great strategies that
you can apply immediately.

I’m applying this in Houston myself because I can’t
seem to get any bulk REOs in Houston. I can find
plenty else where.

Anyway, gotta go get some more REOs, they’re just
a goldmine right now.

Watch this video if you want to get your hands on some.

P.S. How ’bout selling houses before buying ‘em?
Go Here to find out how.