Good Price?? 2006 H2 Lux. Pack

[pdxrealtor]

Originally Posted by mikejr

I've been licensed for 17 years and have been in REO for 11. Have owned my own brokerage for 10 years now. It's a niche I fell into and have exploited it. If you are going to make it in REO its all about volume. I average 300+ REO's a year....with a career sales of over 3500 properties.

BPO work if good to hone your skills.

The biggest issue most agents have with REO work is the reimbursment process. Fronting money for trash outs etc can get daunting and at times we have $100K out in reimbursements. If you can get a "system" in place for handling the properties and meeting the timelines, you can do well. Many of our clients arent looking for new agents so its difficult to break into the REO gig. Asset managers dont want to be training an agent, they want an agent that will produce.

What i like about REO work is.....the average person will buy a house once every 12 years....so you always must be looking for new business. With REO work, you establish a relationship and then they feed you the work on a recurring basis.

But its not for everyone. Getting fleas, chased by dogs, walking through human feces and god know what....well isnt for the faint of heart thats for sure.

WOW... that's a lot of props a year! Sounds like my story to date (minus the volume!!) as I am a first year brokerage owner and second year REO prop. lister and this is the end of my sixth year.

I might be the next you!!!!! LOL... I come from a blue collar factory job, and am barely into my thirties so I don't really have the need/desire to make 300+ homes worth of money every year. I'm so happy to just be blessed with the opportunity to be in such a cool profession......

Every market is different also... the cheapest REO prop. I sold was for 109k I believe... most are at least 175k and I just closed one for just over 700k.

I've moved away from all but a couple BPO mills. I still do them when I have down time for the exact reason you mention above.

I have a lot of friends/acquaintances I use for my work and a lot of them will bill me 30 days out. That helps if you're broke like I was last year.

I hear that a lot.. the cash flow issue.

Man, we found some male sex toys in one of the most recent homes we trashed out laying amongst moldy food and the worst stench I've smelled to date.

I figure if it's for me I'll stick with the leftovers or companies that the vets don't want to work with and learn and build from there.

I just find the entire process very interesting. The worst part is kicking the old occupants out of their old homes... that sucks for me but it is what it is. 90% of mine have been hispanic... have you noticed that trend in your large volume??