Buying Foreclosures in Bulk
“I’m interested in buying foreclosures in bulk from banks. Can you give me help getting in touch with some of the asset managers you work with?”
***ANSWER:
You’re one of many people who’ve contacted me about this. Most are how-to-get-rich-quick-in-real-estate seminar attendees and/or in way over their head.
I may be wrong, but I assume you want what they do: Discounts of 25-50% off today’s already low values.
You’re not going to like my answer, but some day you’ll thank me because I’m going to save you a lot of time…
I have over 20 as clients, so I’m familiar with their motivations. By the time they foreclose, they’ve already taken a huge loss. Their additional costs and risks aren’t big enough to justify a 25-50% discount.
Sorry.
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