Renting REOs?

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screwrealestate_IHB

New member
So the neighbors condo is an REO from Countrywide. Anyone have any experience or hear of anyone successfully renting a REO property? I was thinking I could get a hold of them and see if they do rentals but figured I'd get any important inside info here before trying...
 
I don't think they'd go for it, but its always worth a shot. Maybe you might be able to get them to do a rent to own type loan.

Good luck

-bix
 
I've never, ever heard of a bank doing anything so sensible as renting an REO. But these are unusual times, and the worst thing to happen is you will be told "no".

Bix's suggestion is excellent, but again, remember banks don't even know how to make loans, they sure don't know how to get rid of property.
 
Just kick the door and squat in it. No one will be around for months to check on it. (I mean, that's all the rage in Hollywood right now....)
 
You bet Bix, just dealt with 3 separate occurences last week. These people all have pro-bono, ultra-lefty attorneys too....they truly know how to game the system. Worked properly, it will take the landlord 45-60 days to evict these squatters. Long story about how they do it....but they're not stupid (so if any of you have vacant rentals right now, secure them REALLY well and check on them daily, if possible).
 
Trooper,

Yep, I know the type. I've had to PAY these people to GTFO...er.. to leave. I've had to forcably evict a few in my time. I mean jeeze people....

I have an agency take care of it, any issues liek this and they PAY for it, not me. Lawyers have come after me before and I counter sued and they ended up owing me (because they knew their client NEVER signed ANY agreement). Squatter? No, not if its less than 30 days usually, then I have to sign an agreement and then it takes up to 2 months to finally get them out!

I guess i'm just superised that it would happy in such a heavily populated area as well as an area that would generate VERY decent income.

good luck

-bix
 
15 or 20 years ago in the Netherlands, one could not evict squatters at all. Nor could the landlord turn off the utilities or stop paying for the utilities.
 
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