I attend the trustee sales each and every day to buy , I do see numerous people at the auction just to see what it's all about. Buying properites at trustee sales is not that creative but it works for me.
how do you determine which propertys to do home work on? When you get the list of nod's are you trying to figure LTV in certain areas? Surely you dont do comps, title searches, AND drive by ALL the propertys . In my area there are 400 a month that come up. For example I did a sort of all property's that fell into a 65% ltv or less and that narrowed it down to maybe 100. However after going to the sale i found that 90% of those property's the default amount was much much higher than expected. Without having an authorization letter signed how do you figure the default amount? or is the whole deal a hit and miss gig?
[addsig]
WheelerDealer, WOW there are 400 a month going to sale. In the Phoenix area there are about 1000 per WEEK. I am sure other investors in the LasVegas, California and other areas have the same.
The day before the sale I will call each trustee to see if the sale is going to be postponed, cancelled, or if it is going to go. Normally if the property is going to go to sale, the trustee will have an opening bid price. This takes about 1 hour to narrow down each day's lists. Once I have an opening bid amount I will pull comp's on each one going. If it has equity I will check title, pull details about property ie....square ft, year built, pool....etc. The next morning I will drive by the properties I am interested in. The whole process of "weeding" them out takes about 2-3 hours of work, this includes all I mentioned above. Also the 2-3 hours I mentioned is only for 1 day of the week, I do the same each and everyday. The worst thing about this is after I spend this time to gather information, I am not guaranteed anything. I still have to go to the auction and bid. I dont know how my process differs from anybody else here who attends the sales.
Ryno-n-AZ, Once I purchase the properties I have to pay for them in cash the next day. Once I do that I will take a picture of it and post it on my website. If the house is occupied I have to send the paperwork to my attorney and start the eviction process. I would have to admit, that my website is my best purchase this year. typically when I purchase a property It is under contract within 10 days. We don't rehab, we just change the locks and it is ready to be sold.
WheelerDealer,
I dont have any hired help. ( I wish I did at times) I have learned how to manage my time. If you read my post previous to this you can get an idea on what it takes just to attend the sale. I never told you about my database that I keep track of all these sales. I have a newpaper that comes 3 times per week. This newspaper shows addresses, names, tax numbers, and shows location and time on where the sale will be held. Data entry is another aspect of all of this. I have to go through the newspaper and type in the information on upcoming sales into my database. When I first started all of this it was very stressful and time consuming. Each person has their own method, you have to adjust on what's easier and more efficient. It took me almost a year to get it down where I could get everything done and still have a life.
Quote:
On 2003-12-19 17:53, WheelerDealer wrote:
I have some questions that i think would be interesting to ask the VETERANS of the sale that have practicle experience in the trenches
... still waiting for these super interesting questions ...
anyone who researches and goes to bid (whether they've won before or not) or just watch knows this stuff! come on man, "trenches" are hardcore, it's like what i walk thru daily on the way to the chinese man's shop on the corner for a shrimp fried rice. a little research on a foreclosure sale isn't hardly the TRENCHES.
wheeler, i'm not tryin to be a dyck, but i get peeved when people come on this board on thier high horse askin for replies only from certain people. if you want that sorta reply, read the boards and see who you think could answer, then PM them.
by the way, the word you wanted is "practical", not "practicle".[ Edited by jackman on Date 12/20/2003 ]
With Retran, you have eliminated all hand entry. You have eliminated all tracking all of this is done for you. They even call the Trustee one day prior to sale to see if it is going. They also call one day after to see if it is REO. Some you may wish to pursue. especialy those whose observed value is below the REO amount.
In the Los Angeles Market with the volume now in effect it would be impossible to go back in time and set up the little cards in boxes and move them around as time progresses. The Retran is all within the computer. You dial in the areas of your interest either by City name or by Zip Code.
It makes the assumption that you are experienced enough to read and evalue entries, Like evidence of John Doe or adjusted values at time of property being www.acquired.originaly. Balance the values of Trust Deeds Recorded at date of Purchase, then Assessors office appraisals. You should be aware of when and why properties were reappraised. But you build your recognization skills as the time passes. You can after awhile identify Zip Codes as to values present and you will also if you are at all aware have memorized the major streets and be aware of the divisions in value present in your area of choice. I also have the title Co. Fax me a copy of the actual Trust Deed involved. I like to look for strange little clauses. Like a Subordination Clause that some title searcher missed. Oh that really smarts. I also monitor the various Trustees to get an idea of how really active they are and if they are tipping the goodies to insiders. It is a war and should be conducted as such.
I do not pack and crunch with teams at the place of sale. I feel that is very crude and if someone stamps on my foot at the minute of my bid, I am liable to flex him one on the knee with my cane. Or at the least do a bark (a bark is when you cannot get your bid out as some team player has his notebook up your nose).You just let out a large noise which makes the Trustee look up with that strange startled look only persons involved in Burrocratic nonsense can really perform. That gives you a moment to dislodge the note book and carry on.
"Oh I love the smell of Napalm in the morning." Lucius
Two request if you don't mind. Would you list your url for your website? I'm curious since it's so successful. How do you drive traffic to it?
Second, I cannot find any newspaper or service to list property info. etc. like you receive. Are they in other states? Would you mind listing their name or website so I can check? Maybe they have a sister publication.
Terry, I just send you a pm so check it out. Traffic comes to my website from my For Sale Signs. Each sign has my website listed on the bottom of it. Also on the back of my truck's window is my web address. And last, Once a month I advertise my properties in the local paper.
Most of the properites on the site I sell to owner occupied. My properites I purchase for investors never go onto the site. For the past year you have to pay 85-90& of market value at auctions to purchase these properties. So I simply started selling to an "end user" vs. "investor". Sure I have to wait 20-30 days to close on the property, but I can make more money. Seems investors want to purchase properties at 80% of market value or even less, right now I have to pay 85% of maket just to pick them up at auction.
[quote]
On 2003-12-20 16:10, jackman wrote:
Quote:
... still waiting for these super interesting questions ...
anyone who researches and goes to bid (whether they've won before or not) or just watch knows this stuff! come on man, "trenches" are hardcore, it's like what i walk thru daily on the way to the chinese man's shop on the corner for a shrimp fried rice. a little research on a foreclosure sale isn't hardly the TRENCHES.
wheeler, i'm not tryin to be a dyck, but i get peeved when people come on this board on thier high horse askin for replies only from certain people. if you want that sorta reply, read the boards and see who you think could answer, then PM them.
by the way, the word you wanted is "practical", not "practicle".
[ Edited by jackman on Date 12/20/2003 ]
Jackman dont be an A$$man!
Veterans are those that have lots of time and experience in there field.
Trenches is a SYMBOLIC place that the people who actually are in the daily persuit of goals in their field, like many on this site, work . They are not what you walk through to get chinese food, those are sprinklers. I prefere to stay on the sidewalk.
Interesting questions are those that are used to draw out wisdom and experience of veterans for the benifit of all not just the secret society of "PM".
And i will continue to misspell words without a spellckeck feature. I stand corrected---it is "practical"
Im glad to see you were paying attention.
Thanks to all that are humble and willing to share your knowedge and experience who know the value in: 1+1=3
Wngnut, can you turn a profit worth the risk having to pay 85% of fmv plus all your other costs involved. sale comm, holding, etc.?[ Edited by WheelerDealer on Date 12/21/2003 ]
RETRAN is a service that provides all the information, that wingnut copies out of the paper and enters by hand, in a format that can be diced and sliced on your computer.
Wingnut probably enters his in by hand so he can better manage his leads
_________________
B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/21/2003 ]
Yes retran, retloc have services that provide lists similar to mine. However, If a property going to go to auction gets postponed to another date, these services will not pick it back up. If you want to be a serious player at the trustee sales, you better have up to date information. [ Edited by Wingnut on Date 12/21/2003 ]
As far as I know, there are about 100 weekly REO's in Vegas. In Los Angeles, CA NOS's are expencive as hell. Often up to 90% of the retail price... rwwrrr can add up to the curent Norwalk insight if he bought soemthing recenty. I do not have time to waist so until i can se some hange in hart, I'll buy elsewhere.
omega1
Quote:
On 2003-12-20 03:45, Wingnut wrote:
WheelerDealer, WOW there are 400 a month going to sale. In the Phoenix area there are about 1000 per WEEK. I am sure other investors in the LasVegas, California and other areas have the same.
As far as I know, there are about 100 weekly REO's in Vegas. In Los Angeles, CA NOS's are expencive as hell. Often up to 90% of the retail price... rwwrrr can add up to the curent Norwalk insight if he bought soemthing recenty. I do not have time to waist so until i can se some hange in hart, I'll buy elsewhere.
omega1
Quote:
On 2003-12-20 03:45, Wingnut wrote:
WheelerDealer, WOW there are 400 a month going to sale. In the Phoenix area there are about 1000 per WEEK. I am sure other investors in the LasVegas, California and other areas have the same.
Wingnut, How do you come up with the cash to pay for these? Do you actually have that much in an account somewhere or do you have a line of credit using equity forom other properties etc? I'm curious because I'd like to step up my forclosure purchases. My problem is having the cash. It's usually tied up in other properties. I cringe when I see all of the deals I'm missing out on because I'm working on some other property. Any advice?
I have cash available, plus a line of credit on other properites. Buying foreclosures at auctions is fairly easy to do, but the problem is you need to pay for these the next day for the full amount. In the phoenix area there are investors who purchase these properites at auction using hard money. I don't know all the details about this, the only thing I know is the interest rate is 18% ouch!. It does hurt to run out of money and then miss other potential deals, but life goes on.
thanks for providing info. on retran. I went down to the Norwalk County courthouse for the first time today. Met a older gentleman there who says he mentors one-on-one, for $5,000 (deposit of $2,500) and provides info. of house listings and add'l info. Looks like Retran has just saved the day. I didn't have the money anyway. I'd like to hear from someone who has been down to Norwalk courthouse.......
So where is the 'else where' that you buy properties. Went to the auction today and decided that it's not my cup of tea. Do you go knocking on doors? No, I guess you don't bec. I did see your post inquiring about birddogs in L.A. Still need any? Let me know......
So now that you own the right to the property. How long does it take for you to evict them and the costs? What is the cost to do so?
Lastly, what surprises do you run into the condition of the interior?
_________________
B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)
"Most american millionairs today (about 80%) are first generation rich"[ Edited by WheelerDealer on Date 01/13/2004 ]
I attend the trustee sales each and every day to buy , I do see numerous people at the auction just to see what it's all about. Buying properites at trustee sales is not that creative but it works for me.
I go to the auction to buy.
And I have bought properties no just bid on them.
Why?
I have some questions that i think would be interesting to ask the VETERANS of the sale that have practicle experience in the trenches
[addsig]
I buy at the sale all the time. I have done well, and I have hit singles. Whats the question?
how do you determine which propertys to do home work on? When you get the list of nod's are you trying to figure LTV in certain areas? Surely you dont do comps, title searches, AND drive by ALL the propertys . In my area there are 400 a month that come up. For example I did a sort of all property's that fell into a 65% ltv or less and that narrowed it down to maybe 100. However after going to the sale i found that 90% of those property's the default amount was much much higher than expected. Without having an authorization letter signed how do you figure the default amount? or is the whole deal a hit and miss gig?
[addsig]
WheelerDealer, WOW there are 400 a month going to sale. In the Phoenix area there are about 1000 per WEEK. I am sure other investors in the LasVegas, California and other areas have the same.
Wingnut,
you go to sale EVERY day?
1000 a week!!!!! How do you weed them out??
_________________
B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/20/2003 ]
WheelerDealer,
The day before the sale I will call each trustee to see if the sale is going to be postponed, cancelled, or if it is going to go. Normally if the property is going to go to sale, the trustee will have an opening bid price. This takes about 1 hour to narrow down each day's lists. Once I have an opening bid amount I will pull comp's on each one going. If it has equity I will check title, pull details about property ie....square ft, year built, pool....etc. The next morning I will drive by the properties I am interested in. The whole process of "weeding" them out takes about 2-3 hours of work, this includes all I mentioned above. Also the 2-3 hours I mentioned is only for 1 day of the week, I do the same each and everyday. The worst thing about this is after I spend this time to gather information, I am not guaranteed anything. I still have to go to the auction and bid. I dont know how my process differs from anybody else here who attends the sales.
Wingnut,
So once you have been through all of your screening, gone to the auction, what do you do with the ones you win?
Ryno
wingnut,
do you have hired help or do you do this on your own?
[addsig]
Ryno-n-AZ, Once I purchase the properties I have to pay for them in cash the next day. Once I do that I will take a picture of it and post it on my website. If the house is occupied I have to send the paperwork to my attorney and start the eviction process. I would have to admit, that my website is my best purchase this year. typically when I purchase a property It is under contract within 10 days. We don't rehab, we just change the locks and it is ready to be sold.
WheelerDealer,
I dont have any hired help. ( I wish I did at times) I have learned how to manage my time. If you read my post previous to this you can get an idea on what it takes just to attend the sale. I never told you about my database that I keep track of all these sales. I have a newpaper that comes 3 times per week. This newspaper shows addresses, names, tax numbers, and shows location and time on where the sale will be held. Data entry is another aspect of all of this. I have to go through the newspaper and type in the information on upcoming sales into my database. When I first started all of this it was very stressful and time consuming. Each person has their own method, you have to adjust on what's easier and more efficient. It took me almost a year to get it down where I could get everything done and still have a life.
Quote:
On 2003-12-19 17:53, WheelerDealer wrote:
I have some questions that i think would be interesting to ask the VETERANS of the sale that have practicle experience in the trenches
... still waiting for these super interesting questions ...
anyone who researches and goes to bid (whether they've won before or not) or just watch knows this stuff! come on man, "trenches" are hardcore, it's like what i walk thru daily on the way to the chinese man's shop on the corner for a shrimp fried rice. a little research on a foreclosure sale isn't hardly the TRENCHES.
wheeler, i'm not tryin to be a dyck, but i get peeved when people come on this board on thier high horse askin for replies only from certain people. if you want that sorta reply, read the boards and see who you think could answer, then PM them.
by the way, the word you wanted is "practical", not "practicle".[ Edited by jackman on Date 12/20/2003 ]
With Retran, you have eliminated all hand entry. You have eliminated all tracking all of this is done for you. They even call the Trustee one day prior to sale to see if it is going. They also call one day after to see if it is REO. Some you may wish to pursue. especialy those whose observed value is below the REO amount.
In the Los Angeles Market with the volume now in effect it would be impossible to go back in time and set up the little cards in boxes and move them around as time progresses. The Retran is all within the computer. You dial in the areas of your interest either by City name or by Zip Code.
It makes the assumption that you are experienced enough to read and evalue entries, Like evidence of John Doe or adjusted values at time of property being www.acquired.originaly. Balance the values of Trust Deeds Recorded at date of Purchase, then Assessors office appraisals. You should be aware of when and why properties were reappraised. But you build your recognization skills as the time passes. You can after awhile identify Zip Codes as to values present and you will also if you are at all aware have memorized the major streets and be aware of the divisions in value present in your area of choice. I also have the title Co. Fax me a copy of the actual Trust Deed involved. I like to look for strange little clauses. Like a Subordination Clause that some title searcher missed. Oh that really smarts. I also monitor the various Trustees to get an idea of how really active they are and if they are tipping the goodies to insiders. It is a war and should be conducted as such.
I do not pack and crunch with teams at the place of sale. I feel that is very crude and if someone stamps on my foot at the minute of my bid, I am liable to flex him one on the knee with my cane. Or at the least do a bark (a bark is when you cannot get your bid out as some team player has his notebook up your nose).You just let out a large noise which makes the Trustee look up with that strange startled look only persons involved in Burrocratic nonsense can really perform. That gives you a moment to dislodge the note book and carry on.
"Oh I love the smell of Napalm in the morning." Lucius
Hi, Wingnut,
Two request if you don't mind. Would you list your url for your website? I'm curious since it's so successful. How do you drive traffic to it?
Second, I cannot find any newspaper or service to list property info. etc. like you receive. Are they in other states? Would you mind listing their name or website so I can check? Maybe they have a sister publication.
Thanks for sharing your secrets for success!
Terry
Lucius,
What is RETRAN?
Terry, I just send you a pm so check it out. Traffic comes to my website from my For Sale Signs. Each sign has my website listed on the bottom of it. Also on the back of my truck's window is my web address. And last, Once a month I advertise my properties in the local paper.
So Wing,
Now that I have seen your site, once you buy them you are just retailing them? No super discount for investors???
Ryno
Most of the properites on the site I sell to owner occupied. My properites I purchase for investors never go onto the site. For the past year you have to pay 85-90& of market value at auctions to purchase these properties. So I simply started selling to an "end user" vs. "investor". Sure I have to wait 20-30 days to close on the property, but I can make more money. Seems investors want to purchase properties at 80% of market value or even less, right now I have to pay 85% of maket just to pick them up at auction.
[quote]
On 2003-12-20 16:10, jackman wrote:
Quote:
... still waiting for these super interesting questions ...
anyone who researches and goes to bid (whether they've won before or not) or just watch knows this stuff! come on man, "trenches" are hardcore, it's like what i walk thru daily on the way to the chinese man's shop on the corner for a shrimp fried rice. a little research on a foreclosure sale isn't hardly the TRENCHES.
wheeler, i'm not tryin to be a dyck, but i get peeved when people come on this board on thier high horse askin for replies only from certain people. if you want that sorta reply, read the boards and see who you think could answer, then PM them.
by the way, the word you wanted is "practical", not "practicle".
[ Edited by jackman on Date 12/20/2003 ]
Jackman dont be an A$$man!
Veterans are those that have lots of time and experience in there field.
Trenches is a SYMBOLIC place that the people who actually are in the daily persuit of goals in their field, like many on this site, work . They are not what you walk through to get chinese food, those are sprinklers. I prefere to stay on the sidewalk.
Interesting questions are those that are used to draw out wisdom and experience of veterans for the benifit of all not just the secret society of "PM".
And i will continue to misspell words without a spellckeck feature. I stand corrected---it is "practical"
Im glad to see you were paying attention.
Thanks to all that are humble and willing to share your knowedge and experience who know the value in: 1+1=3
_________________
B.G. & Wheeler D. LLc Inc.
[ Edited by WheelerDealer on Date 12/21/2003 ]
Wngnut, can you turn a profit worth the risk having to pay 85% of fmv plus all your other costs involved. sale comm, holding, etc.?[ Edited by WheelerDealer on Date 12/21/2003 ]
RETRAN is a service that provides all the information, that wingnut copies out of the paper and enters by hand, in a format that can be diced and sliced on your computer.
Wingnut probably enters his in by hand so he can better manage his leads
_________________
B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/21/2003 ]
Wheeler Dealer,
Yes retran, retloc have services that provide lists similar to mine. However, If a property going to go to auction gets postponed to another date, these services will not pick it back up. If you want to be a serious player at the trustee sales, you better have up to date information. [ Edited by Wingnut on Date 12/21/2003 ]
As far as I know, there are about 100 weekly REO's in Vegas. In Los Angeles, CA NOS's are expencive as hell. Often up to 90% of the retail price... rwwrrr can add up to the curent Norwalk insight if he bought soemthing recenty. I do not have time to waist so until i can se some hange in hart, I'll buy elsewhere.
omega1
Quote:
On 2003-12-20 03:45, Wingnut wrote:
WheelerDealer, WOW there are 400 a month going to sale. In the Phoenix area there are about 1000 per WEEK. I am sure other investors in the LasVegas, California and other areas have the same.
As far as I know, there are about 100 weekly REO's in Vegas. In Los Angeles, CA NOS's are expencive as hell. Often up to 90% of the retail price... rwwrrr can add up to the curent Norwalk insight if he bought soemthing recenty. I do not have time to waist so until i can se some hange in hart, I'll buy elsewhere.
omega1
Quote:
On 2003-12-20 03:45, Wingnut wrote:
WheelerDealer, WOW there are 400 a month going to sale. In the Phoenix area there are about 1000 per WEEK. I am sure other investors in the LasVegas, California and other areas have the same.
Wingnut, How do you come up with the cash to pay for these? Do you actually have that much in an account somewhere or do you have a line of credit using equity forom other properties etc? I'm curious because I'd like to step up my forclosure purchases. My problem is having the cash. It's usually tied up in other properties. I cringe when I see all of the deals I'm missing out on because I'm working on some other property. Any advice?
I have cash available, plus a line of credit on other properites. Buying foreclosures at auctions is fairly easy to do, but the problem is you need to pay for these the next day for the full amount. In the phoenix area there are investors who purchase these properites at auction using hard money. I don't know all the details about this, the only thing I know is the interest rate is 18% ouch!. It does hurt to run out of money and then miss other potential deals, but life goes on.
Quote:
On 2003-12-19 17:25, rwwrrr wrote:
I go to the auction to buy.
And I have bought properties no just bid on them.
Why?
Where do you find infon on these sales and so fourth around LA area?
Lucius,
thanks for providing info. on retran. I went down to the Norwalk County courthouse for the first time today. Met a older gentleman there who says he mentors one-on-one, for $5,000 (deposit of $2,500) and provides info. of house listings and add'l info. Looks like Retran has just saved the day. I didn't have the money anyway. I'd like to hear from someone who has been down to Norwalk courthouse.......
So where is the 'else where' that you buy properties. Went to the auction today and decided that it's not my cup of tea. Do you go knocking on doors? No, I guess you don't bec. I did see your post inquiring about birddogs in L.A. Still need any? Let me know......
Mark so were you able to get any listings at the norwalk courthouse or what?
So now that you own the right to the property. How long does it take for you to evict them and the costs? What is the cost to do so?
Lastly, what surprises do you run into the condition of the interior?
_________________
B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)
"Most american millionairs today (about 80%) are first generation rich"[ Edited by WheelerDealer on Date 01/13/2004 ]
.[ Edited by WheelerDealer on Date 01/13/2004 ]