Bank owned properties can be bought for as little as 15% and then she wholesales them to other investors who rehab them and rent them for cash flow or sell them to retail buyers getting a nice profit themselves. In this type of activity it is crucial to buy low enough and that you check upfront how easy it will be to resell the property.
Working as a wholesaler includes selling more and more times to the same buyers and therefore one must make sure that he provides deal that make money also for the next investor stepping into the deal and that the second investor is able to get them sold fast enough.
The general rule is to NEVER offer more than 82% of the asking price, no matter how low it already is, and rather try to close deals that are in the 15 – to 25% range of current market value, if you plan to wholesale the deal, even to overseas buyers.
Sandra Negron has been operating so far on the Florida market, which is pretty rich of bank owned properties anyway, but now is ready to move also to other states using the system learned from Mark Jackson and Sam Bell on their Virtual REO course.
She is one of the top students of Mark and Sam and she has been invited to the special investing cruise to the Bahamas where she has refined her skills in virtual investing to the point of being able to locale properties and evaluate them directly on the ship and then make offers.
Roberto Mazzoni
P.S. This interview was done for the benefit of my Italian investors who will be using and following VREO. IF you want to know more about the system and its application to international sales, subscribe to this site!
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