Where's the golden egg - Posted by Garth


#1

Posted by Rob Gross on January 05, 1999 at 09:04:30:

If it was easy, everyone would persue this type of venture. Stay positive and stay focused !!!

Robert


#2

Where’s the golden egg - Posted by Garth

Posted by Garth on January 05, 1999 at 06:23:01:

I don’t want to sound like a whiner, and I’m not giving up because I know its out there, but I can’t seem to find that first good break. I’ve been to numerous courthouse foreclosures only to be outbid by the representing attorney/banks, and every house in the market is retailed out -and the sellers/or brokers are not interested in my ‘creative’ offerings (FL real estate is HOT now)…Any tips for a hard-working comrade?


#3

Get more baskets - Posted by John Katitus

Posted by John Katitus on January 08, 1999 at 01:34:09:

My RE life is a constant rush of ups and downs. Having many things going at a time increases the odds that you won’t have to wait too long for a positive. And when something doesn’t work, there’s the hope that something else will.

Maybe try an additional, different avenue than you have been pursuing. My personal opinion is that all techniques work, it’s just that some work better at different times for different people.

I gave up chasing foreclosures when I could no longer get a seat at the auction. Everybody had jumped on the bandwagon.

I would check the Lonnie market in Florida. High real estate demand and prices should increase the need for alternate housing. And do it before that wagon is full.


#4

Re: Where’s the golden egg - Posted by Jim IL

Posted by Jim IL on January 05, 1999 at 17:12:32:

I too am a newbie, and experiencing some of this same frustration. but, everytime I look at my ten year old daughter, I find the drive again. I know that it is her future at stake here, as well as mine. Therfore, the effort of overcoming these obstacles is worth it. Isn’t anything worth while, gonna take a while, and a lot of effort?
Here is one idea, that may or may not work. I am new, but frankly, my brain works most days, so here is what I’d try to do.
In my area, the lender at the Foreclosure auction always gets to Bid the amount of the money owed against the price. Often times due to new couples and families buying with FHA, and other programs, they only have a few dollars in equity, so this bid is always near retail, especially when you ad the amount owed to the costs of Foreclosure (Attorney fees, etc.)
What I would do is to document who these lenders are on properties, and approach them after the sale.(not that day, wait a little while) They are not happy to have these homes, and may sell at a discount. Sometimes even 50% or less.
I have nver done it, but have seen it done.
In fact, while typing this, I decided I’ll try it.
any input from those experienced REI’s out there?
Just my .02
Jim


#5

what have you done for you lately? - Posted by karp

Posted by karp on January 05, 1999 at 09:43:50:

You sound like you are experiencing newbie frustration. Lemme give you some feedback…

You’ve been to a couple of foreclosure auctions and EVERYTHING else is retailed out…Sorry I just don’t agree. What is happening is you are doing everything the average real estate investor would be doing-it’s just that average effort produces (you got it) average results.

I would argue that you are missing the foreclosures because you are putting yourself into a “too competitive” arena. Do you really want to be bidding against people who have been doing this for years and years? Or even worse, the people who are willing to pay 95% of retail as they plan to live there and are just looking for a small discount.

As far as every house being listed and selling reatil, no way dude. What is happening is that by the time you find a house it is being “retailed out”. However, even if I was in Florida I know I would be finding houses not only before they are getting reatiled out but before the OWNER even knew how he was going to sell!

So, I have constructively criticized your methods and told you I could do better so what do I offer as a suggestion? Nothing. (just kidding). I want you to be VERY descriptive on where you live, how you are finding your foreclosures, how you search for houses, what area of real estate you enjoy, how much time you are spending, how you are using thaht time, etc. THEN I will be happy to help you revamp a “niche play” that gives you an edge…

Thanks,

karp
aka Karl Hartley

ps: Either that or consider that the average age of Charlotte County is 72. If I were there I would become best friends with all of the funeral directors.


#6

Re: Where’s the golden egg - Posted by lezlie

Posted by lezlie on January 05, 1999 at 08:07:00:

Garth,
I too become disharted sometimes. As a matter of fact right now I am working on a deal which may fall through. However this morning, I thought to myself, If I give up what is the alternative. Keep working for someone else and make them rich, and continue to just get by. I choose to keep hanging in there and at least make an attempt to control my own financial future. I truly believe that one day I will look back on all this and realize that it was all obstacles that I had to pass to recieve the reward. I guess no one said it was easy, but I was hoping it wouldn’t be this hard. The question is whether you are willing to pay the price. I am!. Hang in there and keep on trying. Hope this helps.