Costa Mesa, CA · Member since 2015 · 22 posts · 9 votes
I've heard so much talk about how people go to the "courthouse steps" and find a distressed property and it sounds pretty handy.
I have to wonder though, what should I know going in? I live in Orange County, CA and was wondering where to start. Do I simply Google local courthouses or do any local investors know any specific place to get started?
Also, what are some handy online resources that I should know about? I've only really found https://www.hudhomestore.com so far. However, it doesn't seem to bring up any results in my markets.
I live in Costa Mesa but I'm interested in multiple markets including (but not limited to) Westminster, Santa Ana, Fountain Valley, Huntington Beach, Los Alamitos, Long Beach, and everywhere near the North-Western tip of OC.
Sean Cutt Welcome to BP. There is a local meetup in Lake forest every month that you should check out. http://meetu.ps/2QWCkh
I am currently flipping homes in Orange County and just purchased a home at the court house steps.
Welcome, @Sean Cutt. I'm a local investor who's also trying to look into the courthouse steps. Looks like we both have a great resource to tap into with @Joe Homs.
My understanding is that buying at the courthouse steps = paying all cash. If you can pull this in SoCal, then my hats off to you. You could do so with hard money, I suppose, but that's a bit too "sporty" for me. Also, my understanding is that most (but not all) "off market" deals that you market or door knock to find will also be all cash. That leaves REOs and short sales. Short sales have been a complete waste of time for me personally, but have found some good REO deals. REOs have been a numbers game for me ... lot's of offers always going through the listing agent (or the hudhomes site already mentioned). HUD also gives owner occupants 1st shot at deals and only allows investor offers after that window expires, so a great option for your 1st primary or house hack. It is a tough market these days to find a deal, but don't buy unless you find a good deal that you can afford to hold as a primary residence indefinitely (because it won't likely cash flow day 1).