At the auction today - Posted by Brian_wa
Posted by Brian_wa on April 13, 2007 at 20:56:34:
As some of you may recall, I bought 2 notes from a lender a few weeks ago. Well I went to the court house today to protect the position of my two notes.
I bought the 2 of them for 231k altogether. The combined face value for these 2 notes was about 300k. With private money fees and everything else, it came to about 247k. House is worth about 290k to 300k in as-is condition. If one spends about 15k to fix it up, one may be able to sell it for around 325k.
With wishful thinking, I was hoping that someone would bib to 270k. This way, I’d get cashed out immediately and make about 23k with little or not effort. To my surprise, the bidding went all the way to 280k.
Where do these investors get the money? Why would they bid so high? I just don’t get it. Should I find some ways to try and market my wholesale properties to these people?