How do you get a conncection with the REO Mortgage Banks for ASSET MANAGEMENT?

Question

I want to become a independent REO asset manager or possibly start my own asset management company and work with the Banks that have REO properties.

How does a person get connections, or know where to go to get to the correct person in charge to sell themselves to the Banks so they will use me for asset management?

I have 20 years in mortgages and I have experience in asset management too.

Answer 1

I might be wrong, but I think you should be looking toward the real estate brokerages instead of the banks.  At least in the larger metro areas, I think the larger RE brokers have one department which work with the mortgage companies.  The RE brokerage basically does all the work, such as deciding what repairs are necessary, what sub-contractors to use, what price to charge, and then list the property.  They charge the mortgage company a management fee plus a commission when they sell.  If you notice on the mortgage company websites in the REO section, they list a RE agent with every foreclosed house.  If you want info on that home, you contact the broker, not someone at the mort. co.