Real Estate Solutions | Alex Pardo Blog | www.alex-pardo.com | Real Estate Rockstar

Hey – It’s time to set the tone for the upcoming week so I just want to share some REO tips that can help you flip more deals and make more money.

First of all, if you are not flipping REOs you are leaving a ton of money on the table.

It’s not difficult at all, but like anything else, you need to get educated as to how the game really works.

So here are some free tips for ya:

• Identify who the top REO agents in your market
  are and focus on building a long term relationship
  with them. Find out how you can add value to their
  business (i.e. you will close on their deals), and stay
  in contact with them on a weekly basis.

  You can do this by gaining access to the MLS and
  pulling a search for REO properties sold for cash in
  the last 90 days. Then look to see which agents have
  closed the most deals.

  Then ya just gotta pick up the phone and speak with
  confidence. Set up a lunch meeting and begin to
  develop that relationship.

  Before you know it they will be sending you “pocket
  listings” – (deals not on the MLS)

• Contact agents who have ‘Pending Sales‘ greater than
  40 days. Most REOs that sell for cash should close in
  30-45 days max, so this could be a good opportunity for
  you to step in and close a good deal if the agents buyer
  is not able to perform.
• Always structure your deals with cash buyers on ‘Net’ terms.

  Since banks do not allow you to assign these contracts,
  you will need to ‘double-close‘ these deals. All this means
  is that you will first close on the property with the bank
  (A to B closing), and then close with your cash buyer that
  same day (B to C closing).

  Well you can save a lot of money by making sure that you
  get your cash buyer to agree (on your addendum) to pay for
  both sides of the closing costs.

I have more tips I’ll be sharing with you this week so keep an eye out.

Talk to you soon,
Alex P.

p.s. Me and my girlfriend Natalie with some friends at Club 50 in Miami on Saturday night:

Work Smart, Play Hard