All Forum Posts by: Angel Perez

That's a great relationship you have with that HML. I wanna be like you when I grow up lol.

OK that makes sense. It's a catch 22. You can do it but you can't find anyone willing to do it.

I think the winning bid percentage you stated is the norm. From what I hear most properties go back to the lender. This strategy definitely requires patience.

* win the auction (sorry for the typo)

Sam W. I'm not familiar with the show. I am however intrigued by this new information (new to me anyway) and might consider getting familiar with the Ohio market. This is something I would love to do but can't afford to (at the moment) here in CA.

Jon Holdman I guess it's possible to have the lender there but that's going to take some very strong incentives or some great salesmanship. I've never heard of a lender going to an auction with a "potential" buyer to maybe loan them some money "if" they with the auction. Add to that that they would have to carry cashiers checks...tough sale if you ask me. Just my opinion though.

Does anyone know what the requirements are for leveraged loans? Maybe someone could provide some insight and educate me about them.

It is my understanding that if I have say $100k, I can use it as collateral to secure say a $300k loan (leverage percentages are just examples and could vary vastly). How accurate is this and could this be done under a two member LLC with only one member securing the loan? If both member have to secure it what would be the minimum fico required for each member?

What is the average turn around time? Is this an active practice or a thing of the past?

If I am missing anything please feel free to add. Thanks in advance.

Sam W. Wow! I wish that was the case here in CA, I would be all over that!

Yes like Justin S. points out the deposit may vary from state to state but the bottom line is you have 24hrs to pay the full amount therefore you can not use any type of financing. Even hard money which is the quickest.

What you could do is get private money have it deposited into an escrow account with instructions to release it for the intended purpose within the required timeframe. And have it wired to the trustee.

Foreclosure auctions require cash. You can't even use hard money because you have about 24 hours to pay up. One strategy I've heard people are starting to implement is that they buy cash for a second buyer who already has hard money lined up. Making a nice profit flipping the property in 10-15 days.

By definition a foreclosure is a property that a bank took back or foreclosed on. You could invest on pre-foreclosures or wait until after the auction and buy directly from the bank. These are referred to as REO (real estate owned).

I'm sure you could make a few searches and find tons of information here on BP about how to invest in pre-foreclosures and REO's.

Thanks Hector but I 29 Palms is a little too far for me. Especially for it being a fixer. If you come across anything closer please PM me.

Yea what Ibrahim S said. lol. That's a cool little list.