Quote:
Originally Posted by Eric Coffey
Yeah, I hear ya! There are still plenty of investors out there buying bulk REO @ about $.65 on the dollar. A lot of them deal with the banks and asset managers directly though. Even tying to represent the banks REO holdings as an agent is a tough nut to crack now.
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Yep, were actually buying them at $.20-$.30 in large bulk portfolios (3-10MM) and selling them through several disposition channels at $.55-$.60. Yes, working directly with the Banks asset managers. Some of our investors are foreign and/or seasoned R/E groups. Interestingly enough many of these groups end up selling these assets through the national auction houses at.......$.65
Another cool disposition channel through another biz model we have, I'll spare everyone the details but when we're running a pool through the auction we see many FTHB's buying their first home for $30k
Great to see the people who were smart enough not to be lured into the 100+% ltv sub-prime loans buying their homes for cash!
We've even seen some of them come back and buy several more properties with their self directed 401k!
R/E.... still a viable instrument if you know how to use it!
YMMV
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2009 Cayenne GTS, '81 911SC RoW Targa (lot's of goodies), '86 535csi, '84 633 csi (turbo charged-sold)
, '68 912 Targa (sold)
, '69 911E (sold)
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