auction home process @ the courthouse stairs(How) - Posted by jason

import · July 29, 2003, 2:53pm

Posted by Jason on August 08, 2003 at 01:38:16:

Thanks again Ron for the advise and I will take it slow but I will always remember if I not sure about a deal,I’ll let it go. Their will always be another. Thanks again and I’ll post my adventures

import · July 29, 2003, 2:53pm

Posted by jason on July 29, 2003 at 14:53:06:

Is there any good books,materials that would tell about the auctions on the court house stairs. Which lets you know how to see if the properties have any liens and what the liens are about. Also the best way to see if the home has clean title. Also any useful info that would help

import · July 30, 2003, 6:17am

Answered 2nd Post at thread. - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 30, 2003 at 06:17:22:

Jason–(NV)-------------

I answered your second post at the orginal thread.

Good InvestingRon Starr****

import · July 29, 2003, 8:08pm

an answer - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 29, 2003 at 20:08:38:

Jason---------------

The best book I know on foreclosures is by Joe Kaiser “How to Completely Dominate your Foreclosure Marketplace” which costs a lot of money, from my perspesctive.

However, it does not have what you are looking for. Probably no book does.

I’d recommend that you head into the county law library and start reading the laws on foreclosure in your state. Also books on mortgage or trust deed practice in your state. There might be a book on foreclosures tailored to your state that you could find also.

Note, however, that I recommend that beginners stear clear of foreclosure buying. It is very risky. If you go that route, I encourage you to plan to spend about six months studying up on the topic before you ever take any money to an auction. This is not games and fun, this is serious business where you can easily lose your whole investment if you don’t know what you are doing. And, depending upon the other players, you may lose your whole investment even if you know what you are doing, should people pull a fast one on you.

I recommend you read my article on the topic “Is foreclosure investing for you?” in the money-making forum of this CREONLINE.COM website.

Good InvestingRon Starr*

import · July 30, 2003, 6:15am

Jason: more comments - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on July 30, 2003 at 06:15:33:

This is on e-mail. I see no problem with privacy so post as continuing the discussion so others can read and perhaps comment.

----THE E-MAIL–------*

Thanks for the response. I’ve been doing VA and Hud for about a year and half and we are doing good. My partner and I have successfully flipped 3 properties for an total profit of 40K. We have also purchased 4 rental properties. However it makes sense to proceed into the auction forclosures because your only competing against a fewer amount of people. VA and
Hud you are against the general public and every realtor. We have some experience in looking up liens and trust deeds but I would love to get more educated about the subjects. So if you have anymore recommadations, please email back
Thanks again, Jason (Las Vegas)

-----RESPONSE-----
Jason–(NV)----------------

Are you sure that there is not much competition for sales? Have you been to the auctions, following sales of properties with a lot of equity?

There is a book on “All about Escrows” published by Leigh Robinson’s Express Publishing. There might be some help to you from reading that. Also, I still think if you are going to attempt to do foreclosures that you should read the law books.

Then go in and start practicing doing title searches. First do a few on yourself and on properties that you are familiar with. Then start researching some of the foreclosure sales and go to the auctions and see what happens. After that, start being prepared to bid at the auctions.

If you are after bargain-priced properties, there are a lot of different strategies you could employ. I highly recommend Jack Reed’s “How to Buy Real Estate for at Least 20% Below Market Value,” available at www.johntreed.com website. It is a survey book with enough information on each approach to help you pick some approaches that might appeal to you.

Good InvestingRon Starr****

import · August 6, 2003, 6:36pm

Re: Jason: more comments - Posted by Jason

Posted by Jason on August 06, 2003 at 18:36:15:

Again Thanks for the response. I’ve been down to the auctions about 6 times and we are starting to conduct title searches on some of the new foreclosures. I will take your advise and read some of the books and I’ve already done some research on nevada real estate law. So I will come on that path. However, I was wanting to know why you believe that auctions have more competition that the VA or HUD. I understand that in general the auctions you need to be more experienced in your research but what I’ve seen the potential profit is larger. Sorry took so long on the response(Vacation)

import · August 6, 2003, 8:30pm

Re: Jason: more comments - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on August 06, 2003 at 20:30:34:

Jason–(NV)------------

I’m just guessing, but I would expect a lot of investors to show up at the auctions of the properties with a lot of equity. I’ve attended a couple of Clark County tax sales and the room was pretty much packed with eager investors.

You may be right, the competition may not be very great there for foreclosures. If so, go for it. What I was recommending is that you familiarize yourself with what is happening at the trustee sales, so you can see how competitive it is. I feel that some markets get so competitive that it is a waste of time trying to compete in them. The foreclosure market in the San Fran Bay Area is like that, and, I feel, Los Angeles and Orange Counties.

Good InvestingRon Starr********