All Forum Posts by: Alan Yu

Jon. sorry, "bank cost" does appear to be miss leading. I mean the bank foreclosured amount.

Kurt. you are right and I agree at some point the bank will have to cut down the lost even let go below foreclosured amount.

What I'm finding in my local maket is that the REOs on MLS most of time are all at 15~17% above foreclosured amount (base on BPO?). Some are at the price point fairly attractive to first time buyer and I notice few did got sold at 6~10% above foreclsoured amount.

I guess I just need to be patient for best deal.

Thanks for the advice Dick. Sorry, no go by going directly with the bank. They only work with their preferable listing agent broker house. My experience is the "broker" will counter back with price around 6% mark up. I "guess" the bank is willing to let go just to brake even + 6% to listing agent. In this case, interesting question come up. Does the listing agent really get 6% for REO type of property? Maybe I should try to ask if the agent willing to share some of commission to compensate buyer purchase price.

I was able to track down few properties purchased by bank at wholesale. From my experience few weeks later these properties will pop up on the MLS with around 17% mark up from the bank purchase price. I guess the 17% is to cover the 6% listing agent commission, misc cost and of course profit for the bank. Is it possible to offer the bank at cost (purchase price)? Any ways to get around this to get better deal? I was thinking to track down the listing agent then deal with the broker directly before the property hit the MLS.

Any advice welcome, thanks.

Ned,

Thanks, great blog you have and very informative. I know $30K is not a lot but I think in the current economy it might be better to invest into real estate than put the money in the bank or stock market.

market here depend on area. Lower income area does have some good deals. However, I'm more interested at the mid income area but a lot of first time buyer are hunting amount the same pool as well. So deal not as great but fair. Rent to property value ratio is still little below avg I think and house price is declining but slow for the area I'm looking at.

Hi Josh,

I'm think to start off with small condon then move onto bigger project like multiplex unit.

Did a lot of reading here and I plan to start off small to slowly get some real day to day experience as landlord.

Thanks for the kind reply and the resource here is just great, for sure I will ask help when time comes.

Hi Everyone,

Surfing around on the web and found this site.

I am in the Bay Area CA and interested on residential type of property as rental. Just starting out so the plan is to attend some of local club meet to gain extra social channel in this filed.

I believe the current market does hold some risk but carry high level of opportunity.

See you on the forums

Good day everyone,

I'm interested at real estate biz and looking to start on getting small condon as rental then slowly move on. I did some research and plan to spend some time attending meetings at my local real estate investment club (Bay Area, CA). I have small amout cash $30K and hope that is sufficient. Will be working as part time since I still hold a full time 9-5 job. Any advice would be welcome and many thanks in advance.