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

I have been in dean's program for about 2.5 months and have been focusing on building capital through the wholesaling strategies taught (market focus: in San Diego, CA). We have a reasonably sized buyers list, but are struggling to get offers accepted in the San Diego market. There is a lot of cash here and many cash buyers are paying list price for homes even ones that require many $$$ of repairs. That being said, we are seeing deals being under ARV.

My question: In addition to bandit signs, Craigs List, etc that we were taught in boots on the ground/seminars, what other techniques are San Diego inivestors using to find these deals and lock them up in such a competitive space?

Thanks,
Shawn

It seems that a lot of students are intrigued by the Real Estate auction at Maricopa Count Arizona. Yes, there is a reality show there that has been very successful. They have a different way of doing things there, so I thought I would publish a few facts for you.

This is a 2 bed/2 bath/ 2 car garage home built in 1979 with 1666 sq. ft. under air(2440 sq.ft.under roof).It was a probate, we paid the estate 40K; new roof for 6K; new kitchen cabinets/counters, stainless appliances; new vanities, toilets; new paint inside & out; new light fixtures/ceiling fans; new carpet; costing about 7.5 K, total spent was about 13.5 on materials & roof installation. Have about 53.5K into it, Sold it for 72.5 to a Cash Buyer ... 19K gross profit, after closing costs, taxes, insurance & utilities should clear about 15K!
I am going into the hospital on the 13th for gallbladder surgery, will be searching for another property in the next couple of weeks so we have something to work on we I'm recovered.
Thanks, Gary

Has anyone heard anything about Wall street investment firms buying up foreclosures and trading them on the floor?

my wife and i drove around the neighborhood and saw this property with papers inside the door. the property is listed by an agent, and has a bank bandit sign on the yard. "Customized Financing" it reads. In my head i was thinking YES. does this mean i can be creative on how i think the bank can finance this property and get it off their books.
This case is alot like how the Jurks locked up an reo property where he sent in a email of how to finance the property.
so i am running comps and setting up my buyers list to match this property to. but to get the property from the bank, are there any suggestions anyone on how to customize the finance.
Thank You

1. Go to www.craigslist.org and pick the area where you want to invest.
2. Click on the HOUSING tab directly under your city name.
3. Switch the in ALL HOUSING to FOR SALE – BY OWNER to the right and individually type in the following words: EQUITY, FIXER, HANDY, TURNKEY, RENTED, CASH FLOW, INVESTMENT or CASH in the search engine to the left.
4. Call anyone that looks like it might be a good deal for your buyers that have been posted in the past 1-3 days.

Hi DG family,

My mother suffered a stroke in June of last year that she is still in recovery from and though she is slowly getting improvements she is not able to come home yet. She has a house that is not finished being paid for and with her not being here but in a rehabilitation center all her funds go there.

I have no help with her home and a am not able to pay her mortgage and trying to do loan modifications is not a for sure thing. I must be realistic and say there us a chance we may have to sell the home before it becomes foreclosed upon.

I ran across a possible deal today and wanted to vet it here to get some responses. We found a 2 bedroom 1000 sq ft home sitting on 38 acres of woodland with a private pond 30 miles south of Indianapolis, Indiana that is in probate court. The current owner through pretty much laziness is about to lose it. Here are the stats

Current mortgage balance $87,000 approx.
Fair Market Value $185,000.00 per current owner.

The judge has ordered the current owner to get the financing under foot and the resident has failed to initiate anything. He has bad credit and is hoping someone will magically fix things for him.

I am thinking about securing a Hard money loan and sending a un-solicited offer to the Court with a Certified Check to make the deal.

Hey Everybody,

I'm sitting here going through the book and was wondering, is it possible to lock up a property owned by the bank on contract then assign it to a motivated buyer? Has anyone had experience in doing this? Any info would be greatly appreciated as there are lots and lots of foreclosures and REOs in my area. I do not have any money and horrible credit but would like to try and cash in on these opportunities. Once again, thank you for your help and support.

Is Rania and Anita still active on this site? I'd like to hear about their recent REIs.