Buying or Selling a Home/Wholesaling Real Estate

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Expert: John Hendricks - 4/14/2008


Question
I wholesale real estate in the Metro Detroit area.  I hear that there are investor's from around the nation that are buying homes here in the Metro Detroit area because of the cheap  prices.  They are then renting out these properties because of the great cash flow with very little purchase prices.  

Would you happen to know any techniques that would allow me to connect with some of these investors in around the country?  For my customers I provide appraisals, rehab estimates, and  property managers.  I also supply the contact information to my appraisers, contractors, and property managers so that the customer can be as comfortable as possible with their investment.  Thanks in advance for your help.

Answer
Dear Alvin;

I am sorry about the delay in getting back to you... I have been without a PC in the heart of Mexico, and just now answering my emails. I appreciate your patience.

Regarding what you are doing, there are investors throughout the country that are buying home in large groups. There are a large number of real estate agents who represent not only the buyers, but the investors/banks as well. These agents are primarily working with banks, and investors who package large numbers of homes that have been foreclosed upon. The banks are selling these properties anywhere from $.45-$.50 on the dollar if they buy $15M and more at one time. They get a package of properties to review over a 10 day period of time, no inspections, no pic and choose. How they make their profit is by way of selling to investors for $.15-$.20 per dollar profit. These investors usually cannot afford larger purchases, but can buy smaller amounts of properties.

You may want to talk to a number of REO departments of your local banks who deal foreclosed upon property. You can also talk to some high profile mortgage brokers or recommended mortgage brokers who may be in a position to give you names. I am not sure if you are a Realtor or a private seller trying to sell your inventory of properties. If you are not an agent, find a Realtor who will specialize in this area. On the other hand, if you are an agent, get on the phone and start making contacts. The more you talk about this, the easier it is to start building a contact file that will help you accomplish what you want to do.

I know of a Realtor in California who maybe able to help you with these contacts, and if you do need a qualified Realtor to help you, call me at 415-259-4518 to give me additional details on what you are trying to achieve.

Thanks again for your patience, and hopefully this has been of some help to you.

Warmest Regards;
John Hendricks
JohnHendricks@Marin1.com

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John Hendricks

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As a California Realtor for 23 years practicing in Marin and Sonoma Counties, it is now time to provide counsel through AllExperts.com to those who need advise in real estate. My knowledge and experience includes a wide range of resale residential real estate purchases, new home sales, income related investment properties involved in 1031 exchanges, and land. Let me help you in any of these areas...

Experience

John Hendricks has established himself as one of Marin & Sonoma Counties premier Realtors. A native Californian, John is a well-known and respected Realtor in both Marin & Sonoma Counties who has resided in the Northbay since 1976. John began his real estate career in 1986, and since then has distinguished himself as one or Northern California's top producing Realtors. Before joining Frank Howard Allen Realtors, John was an associate of the Prudential California Realty from 1990-1992 where his outstanding sales achievements earned him one of the company's highest honors, the prestigious "President's Circle Membership", presented to the top 2% of associates for sales and earning excellence. Since his association with the highly regarded Frank Howard Allen Realtors in 1992, John has once again established himself as one of his company's Top 10 Producing Realtors in Marin & Sonoma Counties for the years 1993 through 2007 and now in 2008. Five continuous years of outstanding performance has now allowed John to join 15 other Realtors in the prestigious "Lifetime Hall of Fame" for Frank Howard Allen Realtors. John established a group of professional individuals who specialize in a variety of areas in real estate called, 'Lundmark-Hendricks Fine Homes' This group of professionals are dedicated to the success of representing clients with the greatest amount of care and service when either buying or selling real estate.

Organizations
California Association of Realtors National Association of Realtors

Education/Credentials
Upon Request...

Awards and Honors
Frank Howard Allen Realtors "Hall of Fame Member" Chairman's Circle for 10 consecutive years

Past/Present Clients
Joe Louis & Sharon Sigurdson We want to thank you again for your excellent representation of interests during the recent purchase of our home in Petaluma as well as the sell of our home in Mill Valley. We had the unusual pleasure of working with you during the last year both as sellers and buyers. We felt that our interests were always paramount and that we received a very fair price for the sale of the Mill Valley house as well as our purchase of our new home. This speaks particularly well of you, because of the recent unstable and chaotic real estate market. Will Finke "Quite frankly, we came out of a very difficult situation, which time does not allow elaborating on. This was one of the greatest experiences of our lives as clients. John Hendricks is one of the top businessmen I have ever met." Bruce & Nancy Rosentreter "I chose John Hendricks to sell my house. I picked him because I thought he was professional, aggressive, and that he could get top dollar for my house. He fulfilled my expectations completely." Joy Schuelke "Since we were trying to sell a high end home in a very tough market, and in the middle of a very rainy winter, the prospects seemed quite bleak. I was convinced at the time, and am even more so now, that without John's tenure, patience, and tenacity, we would have not been able to move the property." Lynn McCarthy "I cannot stress strongly enough how impressed I was with the service provided to me by John and his group. Throughout the entire transaction, John was always available, always forthcoming with excellent advice based on his years of experience, and always willing to put in the extra effort to make this a positive experience for me. I feel lucky to have had the experience of working with him." Lea Lieurance-Turk "Thank you John for your outstanding real estate services for the past 5 years I have known you. You have made my dreams come true as far as selling and buying property."
http://www.LundmarkHendricksFineHomes.com

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