This is a key component as to why Cam is a successful real estate investor
Salt lake City, UT (PRWEB) March 29, 2013
New video shows investor Cameron Dunlap flipping an REO property to an end buyer. Cameron has been buying and selling real estate since 1993. This is an example of some of the kinds of houses he flips for quick profits.
This specific deal was a pre-list REO which was brought to him by an REO listing agent who works directly with the bank and asset managers. "This is a key component as to why Cam is a successful real estate investor," says Jarad owner of Foreclosure University. "These REO listing agents are powerful."
Cameron's strategy is to work directly with REO listing agents and properties that have not hit the MLS. By doing so, he can make an offer to buy the home before it gets listed in the MLS, so there is a lot less competition.
This video is a perfect example of how important it is have the right tools and knowledge when investing in real estate. By simply knowing what to say and how to work with REO listing agents, could mean the difference of doing a few deals to hundreds of deals.
After determining the value of the property, Cameron bought the property for $60K. He bought it using transactional funding. This is a unique way of buying property without using personal funds, credit or income verification. Cameron offers transactional funding for all his students which means he will help them fund their deals so they can flip the property to an end buyer which is what happens in the video.
Over the past several years, Cameron has built up a massive buyers list. So the first thing he did was went out to his buyers list. He immediately found a buyer for $75K. He was not the only one either. There were others that wanted this property too, so he listed them as back up buyers just in case.
In this particular example, the first buyer backed out so he ends up flipping this property to a backup buyer. This is what makes a buyers list so important. Cam understands this piece extremely well which is why he also created a nationwide buyers list for his students when they become part of the iflip program.
The best buyers are cash buyers because they don't need to get financing This particular buyer was obtaining financing through FHA, who a lot of times will scrutinize the deal. They like to justify the price increase. Fortunately in this case, Cameron was selling it for a great deal based on the current appraised value and FHA was ok with it.
So he bought this property for $60K and flipped it for $80K a short time later doing very little repair work because the property was in pretty good condition to begin with.
This is the kind of stuff that Cameron does on a daily basis. Not only himself, but also his students. He's created several tools and software that make the investing business easier and save time for those investors who really want to do more deals.