NC Investors that are looking to buy in bulk, 5 or more houses at one time, Fannie Mae may have what your looking for.
Bulk buying of homes is simple but you must have the CASH to do so, Investors with at least $500,000 liquid cash are in the right place at the right time.
More info here: http://www.fhfa.gov/webfiles/23196/REO2112F.pdf
This has been one or Tom Bohlmann’s specialty since 1993 buying and selling houses in bulk
Full story Below:
Fannie Mae is invited investors to submit initial applications to bid on pools of foreclosed properties owned byas part of a new pilot program.
The goal is to help stabilize the troubled housing market by turning properties into rental units. Similar programs are expected to be launched by Fannie Mae’s sibling company, Freddie Mac, and the Federal Housing Administration, the government-controlled mortgage insurer.
That pilot program would be limited to properties that Fannie has already leased through a program that allows tenants to rent homes when their landlords go into foreclosure. It involves real estate with an estimated value of at least $250 million in six areas: Southern California, Las Vegas, Chicago, Phoenix, Atlanta, and parts of Florida.
There are many more foreclosures that could be pooled into packages and sold to investors. More than 83,000 foreclosures were listed for sale by Fannie, Freddie or the Federal Housing Administration as of late December, with the largest concentrations in California, Georgia, Michigan and Florida. (Figures for Fannie Mae include some properties with an accepted offer.)
The idea of packaging these properties and selling them to investors has been kicking around in policy circles for quite a while now and has been seriously discussed by Obama administration, Federal Reserve officials and regulators since at least last summer.
“We’re working to turn more foreclosed homes into rental housing, because as we know and a lot of families know, that empty house or ‘for sale’ sign down the block can bring down the price of homes across the neighborhood,” President Barack Obama said in a speech Wednesday in Virginia.
The FHFA is setting up this pre-qualification process to make sure investors in such properties have strong enough finances and enough experience to handle the process. Investors would be required to rent out the foreclosures for several years.
Regulators selected Fannie Mae to run the pilot program rather than Freddie Mac because it has a larger inventory of foreclosures — more than 55,000 were listed for sale as of late December — and because it was easier to launch a pilot initiative with only one of the federally controlled mortgage giants.
–Nick Timiraos contributed to this report.