California

7 Replies

What's up Jorge?

I'm working the southern Califronia market - as you know. I'm just starting to gain some steam and have several offers out the door. I have cranked up my marketing and have a few bird-dogs looking for junkers. My investors are lined up. Just waiting to close....any day now....

Warren

Hey Warren, nice to hear from you! sound's like you have a big marketing plan going. That's great just keep making those offers im sure one will fall through. GoodLuck out there!!
:superman: :superman:

Regards,
Jorge
:superman: "Natural Born Go Getter" :superman:

I'm in the Woodland Hills area and have been able to do one foreclosure flip for a profit and am looking for more. Doing mailings and door knockings. Where are you locaed. Are you pursuing the foreclosures? There aree a lot out there but most have very little equity. And the banks don't seem ready to deal yet.

Originally posted by "david116":
And the banks don't seem ready to deal yet.

I also recently did a foreclosure flip that was brought to me by investors that knew me from my remodel business, previous customers on their personal house. It definitely hooked me on continuing to do investing, however I refuse to do business with these particular investors again.

I'm currently trying to work a short sale deal for a couple weeks now so time will tell on that one. Waiting for more workable leads to come in to keep trying the short sale angle.

Meanwhile, I've been offering on REOs as well and some are dealing but just not enough. I've gotten some to come down nearly $50k which was only halfway of what I need to make it a workable deal, others just aren't budging at all.

But, I have one right now that is VERY close to becoming a deal. My last and specified "final" offer was $253k.... their counter offer today was $270k, previous was $295k...the house was listed originally at $344k and has an ARV of $380k. The selling agent while presenting that last counter offer stated that they would likely accept $256k. But I have already made 5 offers on it to reach the $253k which was my max offer. Now I plan to walk the house again and see if I have enough wiggle room to come up a couple more thousand or just stand firm. We'll see.

So, it seems that if you shake enough trees, that you will find a bank that will deal. And yes meanwhile there are other REOs that have been sitting for nearly a year now and they are still asking ARV for an "as is" house that needs repairs to sell and not budging an inch on price. Makes me wonder what their game plan is.

Hey Guys,

I am new to the real estate investing market.  I live in Northridge in the San Fernando Valley and the homes around here are ridiculously expensive.  I am not sure where to start.  I am currently finishing Brandon Turner's book on real estate investing and I really like the idea of investing long distance in areas where homes can be bought with lower 20%.  Next, I am going to read David Greene's book and will mostly likely venture in that direction.  What do you thinkl?