All Forum Posts by: Don Montgomery

Thanks for weighing in everyone. I think you guys all shared something that I will start implementing. 

These sites just have to be worth my time. I have a good marketing budget that kicks out decent return of properties every month. 

I will just need someone to continually bid on these auction sites. I also may want to look at areas not to far from me. 

I placed 2 offers on houses (both over $400k in value) and owner occupants bid me out. The thing is that neither had kitchens so I am sure they will come back on the market. 

Just want to get 1-2 a month from this avenue so I will make it happen. 

@Clay Smith it mentions those keywords on the auction sites? I looked on there and I see where you can search by bank owned, short sales, redemption's. I dont anything with the keywords that you mention. Can you attach a screen shot where you can search by those keywords on the auction sites? 
Thanks

@Rich Baer I think our markets maybe a little different. Currently we have an insanely hot market for which I am not complaining. But it does make it challenging to find good deals. 
I have noticed that any of these auction prices get bid up high and these people close on them. 

Appreciate you sharing your experiences that you are having with these sites. 

I see most of the properties on these auction sites have reserves which I understand. Has anyone seen a steady LTV that they consistently want? From my brief research I am seeing 80% is what some of these properties are being sold for.

@Clay Smith thanks for your input. Thats great that you have found a  good niche. I have some good ones as well that work for my area, just want to see if I can add these auction sites to my acquisition methods.

@Joshua Malik I am not so concerned about the condition as I can pay cash for them but the analysis that I see is that they sell high. 

I was bidding on one particular property and I got beat out by a owner occupant bidder that was getting conventional financing. The property was missing a kitchen so someone (their Realtor) needs to tell the they cant bid on that property. 

Trying to find out if I can get good deals on these sites and if so how would you recommend locating the properties that will work? 

I was going through the above mentioned websites looking at the properties coming up for sale. Has anyone found good deals on these sites before? If so what kind of LTV have you been able to get?

Thats great to hear @Lisa Brousseau! I look forward to hearing from you and seeing the properties that you are going to be kicking up and sending my way.

Great info @Todd Hutcheson. 

Hey @Trina @Trina C. that is a great question. I just have breezed over some of the other responses and saw some of the confusion between Private Lenders and Hard Money Lenders. 

If you do more than 1 deal at a time in my opinion then you will need private lenders. 

Hard $$ wants 30-35% down usually (some may want a little less). 3-4 pts and 10-12% plus the new thing with them is they now want you to escrow the rehab $$.  Here is the best part - if you default you lose your down payment and rehab $$ which could be over $30K! I would do that loan all day long because they are going to make so much money. 

I only use private lenders and have some lenders right now that are 100% LTV plus cover closing costs ($0 out of my pocket a closing). 1pt, 11%. Definitely seek out private lenders and its benefits them because where are they going to go and earn decent return on their money? 

I use Facebook to find my private lenders. Right now I have more backing than I can spend because my market is so hot that its a lot of work to find the deals right now.  Good luck. 

@Tyler Wicks glad to hear that you are happy with their system. Have you done any deals yet where you have actually implemented the information? 

What was it about the course that you enjoyed?