Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

I found an interesting article that discussed the foreclosure state this time of year. Foreclosures are going down. Hmmm, interesting. What do you think that means for the investor market? I’d love to hear your ideas on this as I have ideas of my own. Enjoy the read!
By Amber Nelson December 12, 2013 12:00 AM
Total U.S. foreclosures fell last month to the lowest point in seven years, according to foreclosure data market RealtyTrac, a sign that a slowly healing economy is also resolving the foreclosure crisis.

Hey guys my name is Jeff, I join dg elite last week and have been learning a ton. I am contacting agents (most are flaky it seems) and purchased my business cards.

Something I was thinking about is that my dad is a home appraiser, I typed up reports for a few years so I understand the MLS system pretty well. My question is if you had this kind of connection what would you do with it? Is there something I can do to give me an advantage when it comes to wholesaling? Thank you

So I've been working with agents and have found one that's been really good at searching for properties. But homes that I see on craigslist or while I'm driving for dollars sometimes have agents that won't work with me unless I sign a buyers agent agreement with them.

Is there something wrong with this picture and how do I go around not having to sign the agreement? Should I just let the agent know I only want to work with them on the one property listed?

Anybody know of a good website to find comps on?
I've been using Zillow a lot but just want a recommendation as well.

Thank you everyone!

Deal Timeline
1. Locate property: (agent, craigslist, zillow, FSBO, etc)
2. Research property:
a. FIX & FLIP - Determine ARV ensuring there is nothing cheaper nearby without a good reason and the sold comparables support the ARV. Determine approximate rehab costs based on pictures and general assessment of the property. Determine Max offer price by:
ARV - investor profit – rehab costs – your profit = MAX OFFER PRICE

b. CASH FLOW - Determine Gross rents, and expenses (taxes, ins, management). Determine the NET CAP Rate by:
Gross Rents – taxes, mgt – ins. = NET Operating Income/Purchase Price = NET CAP RATE

I have a goal for the month of December. I want to flip my first property. I am searching for wholesalers who can provide a house to me at 65% discount. I know is possible. I will work hard this month to accomplish this goal !

I have a prospect who has a tax lien foreclosure against them in progress (estd to be about $20K in total). In NJ, where this deal is, that means two years of tax arrears plus close to another year for the foreclosure process to run its course, and they are in arrears currently. Clearly, they don't have the cash flow to pay and they are looking for a way out. Also, there is no mortgage on the property.

I am looking for a strategy to purchase the property. I have comps, so I know what the property is worth today (estd at about $200K). I need to know how to approach them with a deal. I have previously done flips and land contracts, but this is the first time I am working on a deal like this. Anyone with experience in this type of transaction? Pls advise.

Here’s the full list of cities from most to least expensive. The amount represents the minimum yearly salary required to buy a home.

25. San Francisco: $125,071.78
24. San Diego: $85,842.74
23. Los Angeles: $79,176.55
22. New York City: $71,254.65
21. Boston: $68,956.41
20. Washington, D.C.: $68,345.39
19. Seattle: $63,145.41
18. Denver: $50,662.05
17. Portland, Ore.: $49,170.46
16. Baltimore: $46,622.88
15. Sacramento: $45,345.74
14. Miami: $44,534.57
13. Philadelphia: $40,517.29
12. Minneapolis: $37,114.99
11. Chicago: $37,078.02
10. Phoenix: $33,497.81
9. Houston: $32,682.92
8. Dallas: $32,051.99
7. San Antonio: $31,154.35
6. Orlando: $29,630.85
5. Tampa: $26,930.35
4. Atlanta: $26,862.53
3. St. Louis: $25,227.82
2. Cincinnati: $25,151.04

Here's what happen, I have a friend who is a RE-agent, He was the one whom i approach first.
He was not so interested because he works with an Insurance company already, I started contacting to several RE-agents. At first, they are very quick to response when i ask the about the list of cash sale for the past 3 months on a particular place. After my briefing with them w/ regards to my requirement as an Investor, specially when i start discussing the criteria of the house that i'm looking for, Like for sale by owners, Price drop with in the week or two, Those that are vacant, and for rent, so i can find a good deal or a good price, from there, I can feel that they lack of interest working with me anymore.

Greetings fellow investors: I am foreclosing on an empty property in Syracuse NY. It is a duplex or maybe a triplex. I need a referral for a reputable broker, as well as other professionals that can help me assess the condition of the house and therefore help me determine its potential value. I need that in order to determine whether to go ahead with the process, and the expenses associated with foreclosing.

Could anyone give me a referral in Syracuse, Please.

Francisco

After I watched a Dean's new video wisdom #263, I decided to start all over again. His plan is very easy to use. I really like it. I am going to follow this new plan . I tried to make money before for months.
I will try again.