I’m Having Problems Buying REOs – can you help?
If you are struggling to come up with money to buy foreclosure properties from banks and want to know how to solve problems like, not having enough cash, dealing with restrictive rules from banks, competing with multiple buyers for the same properties, etc.
Here is my answer…
How To Put Deals Together Without Making A Call
I am going to teach you how to use a 100% automated system to buy and sell property.
I taught this brand new information for the first time at my last Two Day Buying Event. Although it’s been working amazingly well in it’s current version, this new upgrade and major overhaul changes everything and automates the entire process of working with Buyers and Sellers.
When you use this new system, you will:
> NEVER have to make a phone call
> NEVER have to talk to a Seller
> NEVER have to talk to a Buyer
> NEVER do any of the work yourself – outsource it all for pennies
> NEVER spend a dime on down payments
> NEVER need or use your credit
Once it’s set up, the daily work is done for you.
It is the closest thing I’ve ever created to a money machine. I know that sounds like hype, but I’m not feeding you a line here – this is the real deal.
Here is how it works:
1. You hire a freelance virtual assistant (VA) on elance or odesk. They are going to cost about $50 a week. You will use the ad I give you to post so all you have to do is copy and paste it in. It’s free to post on these services, by the way.
2. You give the VA the instructions on how to do the job. You don’t need to write these, I already have them written out for you. They come with a short series of 5 minute or less, online videos where I walk them through the simple process. They actually see my screen as I walk them through it and hear me tell them where they need to click and what they need to do. You can do this work yourself, by the way, if you can’t afford the VA – it’s not difficult. I made this training so easy that someone who only has a rudimentary grasp of English can do this work.
3. When they use the software I give them, they scrape powerful, motivated seller leads from several websites. The software does the heavy lifting and gives them anywhere from 100 to 800 new leads per WEEK to email – it’s a never ending new source of sellers and they are free to gather and free to email. And these are B2B leads for you Internet marketers out there, so emailing them is NOT spam.
4. After they send out the email, the Seller responses come in. The VA plugs them into our autoresponder and they all start getting a sequence of emails that drive them to our Seller website. A small percentage of them will read the site and fill out the online form. They will also fill out the online Lease Option Memo and give you control of their property. They do this WITHOUT talking to you! I’m not joking. Some of them will get your email, but do nothing – our autoresponder will continue to send them emails FOREVER until they sign up or unsubscribe or die. It’s amazing how many deals come in with this system months after we first contact them.
5. Once you have the deal and control the property, you need to hire a Realtor to sell the property for you. You don’t pay them, they get paid ONLY if they sell your properties and they are very reasonable. I give you the ad that we use to hire a real estate agent using craigslist. It’s an amazing ad and breaks down for them the job and what they will get paid for doing it. We get lots of responses who are ready to go, every time we run this ad in every city we’ve tried it.
6. The real estate agent is going to put YOUR sign in the yard (cost $3 dollars), take some digital pictures (their camera) and put their lockbox on the door. They are also going to contact the Seller by phone and pick up the key and introduce themselves.
7. You VA is going to post your property for sale using the online sites we tell them to use. Again, I have written this process all out for them and created videos to explain it, so there is no guesswork.
8. The Realtor is going to show the property (with their gas), work with the Buyers, get the contracts signed and collect the checks (which they deposit into YOUR account). You are going to control ALL of the leads that come in for these properties. There is an entire system with two different business web sites that I’ve created just for BUYERS and we will set it up for you. They will allow your VA to keep the Buyer leads coming in. You always want to keep control of your Buyer and Seller leads by the way – this system makes that possible without you having to mess with them yourself.
That’s it – once it’s set up and working, it will start making you money. It has worked in every market we’ve ever tested it. And if for some reason it doesn’t work for you in one area (not likely), you can always try it in another area or even MULTIPLE areas. Yes – it’s scalable! You can do this NATIONWIDE - even worldwide if you like.
Are you blown away yet?
Have you ever heard of a business system that did so much of the work for you from DAY ONE?
If this isn’t getting your juices flowing, you have no business being a real estate investor.
There is NOTHING like this system ANYWHERE in the world. Companies spend millions of dollars to create systems like this. I had to try hundreds of different techniques before I found the right combination of automated activities, software and processes to make this work.
And you can do it from ANYWHERE.
You can sit on the beach and manage this entire system with nothing but your laptop and an internet connection. You can do it in 8 to 10 hours a week… often less.
And here is the part that is going to make it irresistible.
If it doesn’t work, you don’t have to pay me a dime. I mean it. I guarantee 100% that it will work if you do it the way I teach it.
I am ONLY going to give this system to the people who come to my Two Day Buying Event here in Indianapolis, Indiana. You MUST be there to get this system.
I’m going to invite all my past Six Month Personal Mentor Program students to this event for FREE. If you are a past or current mentor student and you want to come, you MUST reserve a spot (they are limited) – send me an email and I’ll get you the hotel details.
If you are not yet a member of my Six Month Mentor Program, you can sign up. I’ll put some links below that explain the program and the other things that are included. It’s NOT a cheap program, but there are some discounts if you qualify and a payment plan available (see the link below).
But it cost PENNIES compared to buying a business. And if you compare it to getting a college education, it’s WAY faster and WAY cheaper.
Perhaps the biggest benefit to this program is that you have ME there to help. I don’t pawn you off to some inexperienced underling – you get to speak with me personally on my conference calls, you get to meet with me personally at the events and you get access to me by email and fax.
When the student is ready, the teacher will come.
You need to ask yourself if you are ready to make a change in your life. Are you ready to take control of your future and stop saying with a wistful voice “Someday I’ll make a change.”
I’m going to put some links below that will explain the Mentor program, what it costs and what is included. I will also give you a video interview with me where I talk about the techniques I teach in this program. AND I will give you a video of what we do at the Buying Event (these are methods and systems in ADDITION to what I’m talking about above).
If you are already a mentor student or have been one in the past and you want to come, just send me an email. I’ll put you on the list. Again – there is no charge for you to attend.
If you want to sign up – don’t wait till the event to do so – you can get started RIGHT now – today. The more you learn before you come, the more you will get from the event. I’ll teach you how to make real offers on property without using money or credit on the FIRST day in the program. It’s phenomenal.
You can also bring your spouse or business partner for no extra charge.
If you are interested in signing up, call me. I want to talk to you personally and ask you a few questions to make sure you are right for the program. If you have questions that aren’t answered on the links below, feel free to call me – but please only do this if you are serious and have the resources to come. I do not allow anyone to do this program on “spec.” It would be unfair to my other students and not a good business model for me.
I wish you all the best of all good things. I hope to meet you soon.
For More FREE Information
About What I Teach
Part One: A written letter from Joe that tells all about the Partner Program, the Six Month Mentor Program and the Two Day Buying Events. This is everything you need to know about this program, what it includes, how you can work personally with Joe, how it can get you started very quickly as a real estate investor and why Joe guarantees it 100%.
Part Two: My Business Blueprint. I recorded these 7 videos for the folks on my newsletter list. It will teach you how my business is structured and exactly how I’ve been able to build a multi-million dollar business in real estate investing and work less than 10 hours a week. It doesn’t talk about the partner program very much, but it will give you an idea of what you would learn if you partnered with me.
Part Three: This is a recorded audio seminar titled, “4 NEW Methods For Investing In Real Estate That You Have Never Heard Before.” It runs 1 hour and 18 minutes and is filled with usable, practical techniques for investing in real estate with zero down payment and no credit.
Part Four: Video Interviews with Joe’s Partner/Students. There are several hours of hard hitting interviews with Joe’s students if you follow this link. These students tell you exactly what works for them and what you can expect if you get involved.
Part Five: Joe’s Bio. Here is who I am, where I came from and how I got here.
If You Don’t Think You Can Afford My Program
But Would Really Like To Get Involved,
Listen To This Audio
If you would like to sign up for the Six Month Mentor Program…
just give me a call and I’ll get you going. Make sure you read the web page about the program before you call so you understand how it works. If you still have questions after you read the web page, feel free to give me a call. My direct line is 317-598-1220. Please don’t call unless you are serious about this opportunity and are in a position to afford it.
Read Transcript for “I’m Having Problems Buying REOs – can you help?”
If you’re thinking about buying REO’s, here’s the advantages and disadvantages of doing those and some tips on how to get them done.
“My real estate investing question has to do with REO’s. I have read that all REO’s must first be listed in the MLS for three full days before any offers are considered, then I’ve read that they must stay 12 days for first time home buyers and then public entities. So investors do not have the first shot, only after 15 days. My question is, is this correct? And if so, how can realtors advertise? I will send you REO’s before they hit the MLS. So that’s my question.” – Joseph Ball
Joe: With real estate owned properties, how it’s determined on who they’re going to sell it to is determined by the bank. HUD, VA, Fannie Mae, Freddie Mac, individual banks – they all have different policies about how they sell their properties. You’re probably talking about HUD or Fannie Mae. They make all of their foreclosures available to home owners first, especially with HUD and VA, because they want homeowners to live in these properties rather than investors to buy them, so they want to make those available. They put them on the market to those people first and then once they reach that deadline, they’ll open them up to investors. They keep fluctuating on the times and we’re always trying to bid on the first day they become available to investors if we’re buying those properties for cash. So, that’s one thing you have to look at.
Joe: If you have a good realtor that you’re working with that knows how to search for properties and you know the type of property that you’re looking for, then you can put that criteria into the MLS and then when that property comes on the market, it’ll show up. I have a really excellent lady who does that for me. She goes out and looks at the properties. She knows when we can bid on them. If they don’t get bought by an individual, then we bid on them on that particular day, which is good.
Joe: I’ve also heard stories (and I haven’t done this personally) of nonprofits to where you can donate money to them and then the nonprofit can make an offer. I don’t even know about the legality of that, but I have heard of people doing that as well. I choose not to do that because we have enough deals coming in to where I’m happy with what we have, but that might be another option for you if it’s legal. So I hate to give you legal advice here because I don’t know on that.
Joe: REO’s are designed for people who are going to buy properties and turn around and flip them. You have to pay cash for an REO. You’re not going to be able to do them on terms. You’re not going to be able to do rent to buy. You’re not going to be able to buy these properties on terms at all, which means you have to have cash.
Joe: I have cash – not everyone who listens to this video has the kind of cash that I have to invest. If you do, great – make sure you know what your exit strategy is on the property that you’re buying because they’re a lot harder to sell these days. So if you buy a property that you’re going to fix, flip and then use that money to buyer another one and then fix and flip it, you better know that it takes longer to sell these properties and your profit margins are going to be smaller if you want to be able to move it.
Joe: So keep your prices down so that you can sell it as quickly as possible, but also know that you’re usually going to be dealing with an FHA buyer, which means they’re going to do an appraisal. Appraisals are having a hard time coming in these days because if you’re buying an REO, that means you bought it for a lot less than you’re selling it for, so that might mean that the other lender is not going to make a loan on the property at the higher price because they see the comp that you bought it for $20,000-$40,000 less than what you’re selling it for. Keep that in mind as you do this.
Joe: I suggest that you buy properties and you buy them as rental properties and you put your money in good, solid passive investment properties. By the way, I sell passive investment properties. If you have cash to invest, I can get you 13-16% return on your investment on a turnkey package that’s already been rehabbed, and that already has a tenant in place, where we know what the problems are and what has been fixed. We buy them. We don’t know if the water runs in these properties. We don’t know what the issues are. We get in and usually get some kind of surprise. We have a good management in place to fill these properties.
Joe: I sell it from my own portfolio. I don’t partner with others at least at this time on those kinds of properties, other than occasionally with my mentor students.
Joe: Anyway, hopefully that answers the question. Use some of the other techniques that I teach. Don’t deal with REO’s unless you have a lot of money to invest. Thanks.