Jesse, you can google bpo companys and find a list of them for free. Apply to as many as possible. You will need to have W-9, E@O and you have to be a real estate broker/agent. Round up your zip codes before sighning up. Good luck!
So much supportive advise. I wasn't sure how it would be possible without doing BPO's to actually get the REO listing. One of the main reasons I asked was I listened to Brian Pelicans phone conference and looked into joing his REOagent University were they said that it is possible to get REO listings without doing BPO's. I may hold off signing up now.
NO-and frankly, you don't want to. Never underestimate the benefit of the lowly bpo. Are they time consuming for little compensation? Yes. Do they familiarize you with properties that may be going to FC soon and are well priced? Yes. Does it let you know your values for what you are looking at much better? Yes. There is no downside. Just manage your time and don't bite off more than you can chew. Even 4-6 per week is a tremendous learning tool and you can mostly do those in the evenings if need be. ;)
David, My partner and I use the BPO money to support our REO business. Often times you will have to front the money for repairs, utilities, lawn maitenance etc. If you don't have the cash flow, you can get it from the bpo. My partner and I do about 10 a week and a $50 + or - each you can imagine how fast you can build up your business account.
I actually love doing the BPO's. Like Chris Oliver said, It really helps you familiarize your self with your market niche.
David, I just started doing REO's this past Summer and just like everyone said, you'll have todo BPOs once the REOs are assigned to you. Like someone mentioned before, if your initial list price is not correct, you'll end up having to do a Monthly Status report, which will require BPO type information.
REOs are a lot of work. They take time, money and resources. Plus you have to deal with the unexpected such as vandalism, utilities, stolen lock boxes, etc. REOs are good to have because if priced right, they sell fast, you get access to investors and you increase your chances of getting both sides ofthe deal.
I like the advice of only doing BPOs for REO companies and not BPO mills. I've been doing BPOs for Clear Capital for a while, but I'm only sticking with them because they are reliable and pay when they say they will.
BPOs unfortunately are the spring board to the REO world. I too started at the BPO level and within just over a year, REOs were being submitted to me thru my INBOX. Work the BPO companies that also do REO work. That way after doing great BPO valuations, they will start sending you REO work.
REO's and BPO's go hand and hand. You can't do one without the other. You must master the BPO (with detail, timeliness and accuracy) to master pricing your REO's properly. BPO's (fee BPO's and BPO's for your listings) are simply a part of the REO business.
I'm actually looking for ways to get started and have no problem dealing with starting slow and doing bpo's first. What are some reputable companies that I should sign up for to receive bpo assignments?
I'm currently in process to obtain my certification for RDC-Pro and am ready to start doing bpo's. By the way, this is my first day being a member to this site and the information i've found here so far is amazing!