BiggerPockets

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.

Thank you in advance for all the help.

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?

Anyone have a response?

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.

Why limit yourself to auctions? All the auctions I went too the properties go for a premium over MLS price.

If you have $1,000,000 you can definitely make a full-time job out of it.

Margins vary depending where you buy, but you should make at least 15%of the sales price if you are buying right and don't run into any humps.

Originally posted by John Cassar

... Yes, found a site to do the research Retrans.com, ...

That site - http://www.Retrans.com/ - does not seem to be what the poster indicated; I get a site that looks like a "domain broker" has it.

Hi John,

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.

Best regards,

Chris

I'll be at one on friday in Spokane , WA. If you're in that area, come watch. PM me if interested. Rich

John, is your interest/focus on REO properties or short sales? Foreclosures can mean several different things.

I focus on REO investing right here in CA and am very successfull at it. You can verify that by checking out my blog here on BP.

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.