Posted by Ronald Starr on March 19, 2001 at 01:26:30:
Opps, I missed this message before. I had another with the same heading.
John Beck has not been doing seminars much. He told me he is having good success with investing at Texas Tax Sales. He was even talking about moving there. As far as I know he is still in Alameda now.
If you look, you’ll see another post about my buying in OK and TX. I went there once a year for a couple of years and expect at least two trips this year.
I also buy properties in Sacramento, three during the past 9 months.
As far as contracts go, I use a one-page one customized to the particular deal when I can. I use the Professional Publishing one if I need a long one. One property I used the CAR form because it was listed with an agent. One deal I sent the seller a short one and he complained it was too short. So I sent him a CAR long one. When the deal closed he had never signed either of them! But I’m now the owner, since he signed the title company’s escrow instructions. A little peculiar, but then when you pay $110K for a $160K property, I guess you’ve good to expect the sellers to be a little out of the ordinary.
I sometimes go to the Bay Area Investors Educational Services seminars, first Tuesday evenings at the Marine’s Memorial Hotel on Bush Street, S. Fran. I don’t go all the time because of travels and repetition of speakers.
I do not buy personally at trustee sales in CA or any other state. I occassionally buy there for a professional foreclosure investor. The sales in the immediate S. F. Bay Area typically get 15 and more bidders, making it hard to get a good deal. Recently the IRS had a U.S. Marshall’s sale in Oakland of a house in a good part of town. There were about 100 of us registed to bid. Of course, got bid up.
From the posting of others here at CREONLINE and INVESTORNET.COM/TAXLIENS, it sounds like other states are better even for taxsale buying. CA taxsales seem to have lots of bidders and high prices for good improved properties. There may still be some bargains for land or lot sales. Two decent houses sold in the Sacramento sale this year for $46K and $47K, both in Oak Park, a poor part of City of Sacto. The $46K one I estimated was worth $75K to $85K, the $47K one about $50K. This month in Stanislaus County a very nice house in a good part of Modesto sold for $330K, more than we wanted to pay. A local broker estimated it to be worth about $425K-$450K, although the comparable sales I looked at suggested more like $500K. In CA taxsales, good improved properties seem to usually go for 60 - 75% of market value these days. Not like the good old days, sigh.
Well, Good Investing, Ron *