From Broke To 300 R.E.O. Deals Per Month With Reginald Perryman
Episode guide
Written by The Real Estate Investing Club from the recording’s transcript and show notes (). It summarizes what Reginald Perryman said on the show; it is not a transcript.
Reginald Perryman, a Detroit-area broker and investor, describes inheriting two properties from his grandmother at 19, getting licensed and later running a brokerage that listed large numbers of bank-owned homes after the housing crash. He explains to Gabe Petersen what REO listing brokers pay for up front, how Michigan's foreclosure and redemption period works, and where investors can find bank-owned listings. He also talks about taxes, a probate flip and his habit of prospecting by phone every day.
Questions this episode answers
- What does an REO listing broker do?
- How does foreclosure and the redemption period work in Michigan?
- How can investors find REO and bank-owned properties?
- How can a real estate agent also invest in deals ethically?
- What tax mistakes do new agents and flippers make?
What Reginald shared
- Reginald says REO listing brokers often front costs like cash for keys, lawn care, rekeying and utilities, then wait 30 to 45 days for banks to reimburse them.
- He says tracking profit and loss by bank showed many clients weren't worth keeping, so he cut back to the three major banks.
- Reginald says Michigan owners have a six-month redemption period after a sheriff sale, so a winning bidder can't take the property until it ends.
- For investors, he suggests auction.com, HUD Home Store, the MLS search for bank- or government-owned homes, and the websites of smaller banks and credit unions.
- As a broker, Reginald says he tells sellers the market value, the as-is value and his own cash offer, and full disclosure is what keeps the deal fair.
- He says he won't take on a fix-and-flip that nets under $25,000 because it isn't worth the time.
- Reginald's advice to his younger self is to hit the phones; he says talking to at least 30 people a day is the habit behind his business.
Go deeper on this site
- Distressed real estate investing foreclosures and bank-owned property
- How to do probate deals more on probate leads
Show notes
In this episode I interview Reginald Perryman, a real estate investor and broker in the Detroit metro market with a wide breadth of experience. Join us to learn about how Reginald went from $80 in his pocket to running his own brokerage doing 300 - 400 REO deals per month post-2008 collapse, and how he continues to thrive flipping houses, buying rentals, serving home buyers as an agent, and most importantly, coaching new investors and agents to lead successful careers in real estate.
From Broke To 300 R.E.O. Deals Per Month With Reginald Perryman | The Real Estate Investing Club #2
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