Notices Of Default
I subscribe to a daily legal newspaper in L.A. that includes notices of default and REOs.
I'm kind of confused, though, because I'm not sure how to determine which ones are good to pursue and which to leave behind. Any advice on how I should use these listings to maximum advantage?
Also, I actually live south in San Diego, so L.A. is a little out of my way. Any advice on finding people to work with who would actually carry out the deals to completion through these listings.
Thanks much 
Alex
**Please See My Profile**
salexrizzos,
I live in Redondo Beach. I'm just getting into REI, and I've been looking at the Daily Commerce occasionally. Is that the legal newspaper to which you refer? I'm too cheap to subscribe ($219/year) to that publication, so I've periodically been dropping by the Norwalk library when I take my son to his grandmothers for day care. This library happens to be next to the LA county clerk/recorder office, so I can get info there if I need it.
Short answer to your question is I can give you some knowledge that I know at this point relative to what you see in the legal newspaper for NOD's.
I've been speaking with some local (and remote) investors to work with on pre-foreclosure deals. Haven't done one yet, but hope to in the next few weeks. Let me know if you'd like to discuss working together in some capacity. I have some interest in REI in San Diego area, and I'm frequently down there on business for my "real" job. My company's office is in Irvine. See my profile and email me if you are interested.
Take care,
Kevin
k e v i n @ v b r e a l t y . n e t
[addsig]
I am in OC and can help with what I know. PM me to discuss.
The source in California is RETRAN, look it up in the telephone book, ask for John. It gives you all the Notice of Defaults within a few days of their filing. Cost is about $100 a month. But it gives you everything you need. Comps, lists the TD's against the properties etc. etc. Now comes the hard part. You can look and see pretty well what the true remaining equities are above the encumbrances. But now you must create a mailing, or just get in your car and go knock on the door. Then what do you say? What are you prepared to do? Save the property for the owner? Ah buy the property if he wants to sell. You have the big task. You must establish empathy, then motivate the owner to do something and in that doing lies your profit.
When I was young I was a fighter pilot,flew in the RAF and the USAF, went to a lot of wars, met some really terrific pilots, could do everything. But that's not what it was all about. You had to win an airbattle and that is not the best pilot, it is the one who gets in there and really flys the combat mission. This is similar and the essance is the same. You must impose your will in the transaction. The perfect transaction is the proper solution to the problem. Refinance, Sell the Property, Transfer ownership and solve the foreclosure yet leave the person still in possession? Keep going there are hundreds of answers. One is the right one for that situation. Find it and that my friends is a true victory. Lucius
Thank you all for your responses. I'm very appreciative for the existence of this forum for information and mutual assistance.
Hi Alex,
If the paper has the parcel number, name or address, try going to your county's assessors office website (if any) and see if you can find it in there.
Cathy