How to spend my $$$???

There are so many companies that claim they can get you "set up" in the REO world for $50 -$100 $500 dollars. I realize sometimes you have to spend money to make money and I really want to break in to this side of the business in my area, but I could use some advice on programs that have been helpful to agents or if they are all just a scam. I am on (2 months nothing so far) and purchased zip codes on and have been registering on as many sites as i can. Is there something that has been helpful or should I just keep it up with th assest managers and hope for the best! Thanks!

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  • I agree with Michael and always suggest to contact your local banks and loan officers. That's how I got the contacts. We need our buyers to be pre-qualified and always need loan officers. On top it is free.
  • Hi Gwynne. Stay away from these types of services, as well as most of the "certification" courses out there. They are of little value. I agree with Margaret, REOtrans is good but as Joseph states, just paying for zip codes will get you know where, RESnet is also good but you need to network as much as possible. Most of the Asset Management companies out there have shut off new applications, so you need to find a contact to get you past the iron curtain.
  • REOTrans is the only company I am getting REO properties from. I started with one client GMAC and once they implemented REOTrans I did not have a choice. I really like their set-up for BPO's, Status reports, etc. I did get my first BPO order from Goodmen Dean and Old Republic this week. Maybe I will get lucky.
  • I can only speak from my exp. that the purchasing of zip codes from reotrans is kinda fruitless. I had about 20 zip codes for the better part of 10 months and didn't receive anything out of it. I hope that helps I know they charge a small amount but nothing really comes of it.
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