Los Angeles trustee sales

8 Replies

anybody know about or used the following service?

http://www.anchorloans.com/Equity/ForDevelopers/Tr...

i'm an auction newbie and have never purchased at auction before, only off of the mls

everybody says the margins are thin in LA and I agree but I do see investors making good buys all the time, I track it on a daily basis

I've researched this topic to death but I personally don't know anybody who is active to shadow or talk to

ideally, would love to team up with an investor or group that is already doing this

some good info to share:

http://www.kenihandevelopment.com/2013/01/10/buying-properties-at-the-trustees-sale-in-southern-california/

thank you

Hi @Kian Golchin  

I've not heard of this lender, but I've been to trustee auctions. In fact, I went last summer with two local Los Angeles BPer's and we watched a property go for an insane amount over what we all agreed would have been retail ... AND it needed a ton of work. I really don't see how the buyer was going to make money on the deal.

Not saying there aren't deals to be had at these auctions, but know that you are going up against deep all-cash experienced buyers who represent capital management and institutional buyers. It's tough to compete.

Originally posted by @Joshua McGinnis :

Hi @Kian Golchin 

I've not heard of this lender, but I've been to trustee auctions. In fact, I went last summer with two local Los Angeles BPer's and we watched a property go for an insane amount over what we all agreed would have been retail ... AND it needed a ton of work. I really don't see how the buyer was going to make money on the deal.

Not saying there aren't deals to be had at these auctions, but know that you are going up against deep all-cash experienced buyers who represent capital management and institutional buyers. It's tough to compete.

I agree but I do see deals all the time, I track it on a daily basis

not impossible doing it solo but would be very risky in my opinion, i'm a realtor and have my appraisal trainee license as well, my dad is a retired GC and I've been around and involved in real estate my whole life but I would really like to team up with a group or an investor who I could help

have you ever door knocked preforeclosures? going to start but I have never door knocked before and I heard it should be fun:)

I follow your posts all the time and you do an awesome job of helping out

@Kian Golchin  

How do you think buying these with a group would help - is it to divide the risk or just that you'd like to have the coaching from someone who knows the formula? I'm just curious.

We've never door-knocked explicitly pre-foreclosures, but we do (actually @Catherine McGinnis  ) door-knock 400-600 homes a month on the LA westside.

exactly, to be more efficient and to minimize my risk, basically what Hunter mentioned in his article above, i'll post part of it here again:

A: A bidder at the sale (with lots of cashiers checks on him) that has his ears open for bids that are dropped during the sale. The auctioneer will call these out throughout the course of the sale. These bids have the least amount of competition because only the bidders that have a team can realistically bid on them.

B: A person in the field that can drive the property and its comps and is capable of estimating repairs. These people usually straddle the boundaries of whats legal and ethical. I’m not going to get into what people do to insure that they get the property for the best price, but lets just say it’s competitive.

C: A person at home in front of a computer that can pull info on the subject properties and the comps to come up with the maximum bid.

D: A title rep that can let you know you have clean title.

how has the door knocking been going?

@Kian Golchin  The company your asked for their are a hard money lender. You can purchase TD's from them and they service it for you. 

All I can tell you from my experience in purchasing notes, you have to have enough equity to keep you safe at least 30-40% and a borrower with a long enough time that you can see their ability to pay, DO NOT BUY SECONDS.  There is also another company in Laguna Beach, I forgot their name. They do it. 

Not a bad deal.

Morry Eghbal thanks Morry, cool site

Hey Kian,

Have you considered a syndication deal? It gives you the ability to leverage your investment and partner with other like minded business investors. 

Hi Robert,

Do you know of a good one? if you do, can you please tell me more about it

thank you

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