Real Estate Investor · Long Beach, CA · Member since 2008 · 4 posts · 0 votes
I am determined to buy property at the auction after seeing several associates do it they seem to be making approx $30K-40K per property when flipping !
Can anyone tell me how possible is this and what are the key resources, programs, title reports, and strategies needed?
I would like to make it a full time job with about 1 million to invest.
Sorry for the late response but delay on new user name. Yes, found a site to do the research Retrans.com, If you are not doing foreclosures full time but part time. How much do you think you could make net $ gross margin on average per transaction at 300K purchase on foreclosure?
I am a local Real Estate Broker and Investor, my office is located in the city of Long Beach. I am looking someone to partner with on some upcoming investments, primarily buying investments from auction. Send me a message or call my cell phone [PHONE NUMBER REMOVED] to discuss further. Thanks!
John,
it is certainly possibly to pick up properties at 60-65% of market value.
The problem is which ones. You have to know how to do your research.
I have a good friend who is currently working for a company that is buying at the auctions, but they just ran out of money. He is looking to partner with someone with cash. He would be willing to show you the ropes, work side by side, with him, and he can show you the websites they use to get info, etc. You could even go with him to the auction.
However, be prepared to do this full time, the auctions now are starting around 10am and finish around 4 or 5. You may end up waiting several hours for "your" property to come up.
Give me a call or email and I can put you in touch with him.
If you are interested in doing "part time", I would suggest looking into short sales. you can pick up properties for almost as cheap as at the auctions.
Would be happy to speak with you about short sales, as well.
Talk with your local REIA, there are local companies that will do this for you for a small fee. That way you don't have to go to the auction, just tell them the price you want and they try to get it for you. They send out a list of props going to auction the day before and then you just tell them which ones you want at what price.
hi im from milwaukee n buying at auction is the sure way to go as long as you do your research. last couple deals i made 50 plus grand off each and could have made more but left room for another investor to pick up ten - fifteen grand. want more info jus shoot a question. i can only tell you how it works here in milwaukee
I am partnered with a company in AZ that does this. You can make good money with lower purchase prices in AZ. I am looking for partners with capital, so that I can do more deals, more often. Not only will we do the research and bidding, but I will manage the rehab (if even necessary) and flip of the property. you can be as hands off or hands on as you like. Let me know if you want me to send you info and details. Send me a PM and we can speak on the phone if you like.
If it is reotrans.com you were referring to, this is MLS listed properties that have already been through the auction and gone back to the bank. This is really not helpful for what you are inquiring about.
There are two types of foreclosure auctions, the courthouse steps (before the bank takes them back) and auctions like REDC.
Courthouse step investing is very tough for a newbie to get into. The other auctions come with much less risk as you can get title insurance, clean title, etc.
As far as REO investing is concerned, you must build your team first to succeed.