CRR Blog

1.  Before the Trustee's Sale, make offers to defaulting owners.

2.  At Trustee's Sales Bid with Cashiers' Checks.

3.  After Trustee's Sales buy REO's from lenders by making offers.

4.  After Trustee's Sales buy from 3rd party Bidders.

5.  Purchase non-performing notes from lenders at any stage prior to auction, and hold your own Trustee's Sale.

4BR/3BA Home on Covina Pl in Rancho Cucamonga opens at $218,810! Estimated Value: $616,354.00 Almost $400,000 in equity!  This will be a nail-biter if it is not postponed.

4-Plex Income Property on Calle Campana in San Clemente opens at $416,870! Estimated Value: $806,625!!!  I can imagine some very serious bidders thinking about 4 Rent checks each month.

2BR/2BA Home on Moonstone Lane in Palm Desert opens at $162,276! Estimated Value: $305,956!!!  Newer Home, Newer Development, Awesome Starting Price!  How will it end?

The Drama in these stories plays out each week day.  It is time to play Your Part!

A 3 Bedroom, 2.5 Bath Home on Conifer Ave in Chino will go to auction this Friday.  The property is worth an estimated $411,915.00. The lender foreclosing is owed $89,344.00.  It looks like this is a foreclosing first TD.  This could be a great deal, if you do your homework and are ready to bid.  Call if you have questions.  Always research before you bid.

A 4 Bedroom, 4.5 Bath 7400 plus sq ft Estate Home with a rental unit and custom hardscape and a swimming pool on Deer Creek Ln in Rancho Cucamonga will go to auction this Friday.  The property is worth an estimated $1,331,757.00!!! The lender is foreclosing on a loan owed $863,403.00 It looks like a foreclosing first TD.  If you can play at this level, this a beauty.  Research before you bid.

A 5 Bedroom, 3 Bath Home on Vai Brothers Dr in Rancho Cucamonga will go to auction this Friday.  The property is worth an estimated $698,457.00 The lender foreclosing is owed $267,811.00 on what looks like a first TD. This looks like half off to me..... 

All 3 of these houses could be great deals, at different levels of investment.  Which one is in your range?

It is easy to get caught up in a specific situation and let that situation take your life over and run you.  Just ask any borrower who has wound up in a foreclosure situation.  They can't name one thing that happened and caused them to go into a spiral of bad choices.  That is because it was the spiral of bad choices that IS THE ONE THING.

As investors, we face similar challenges.  We want to accomplish great things.  But we can find ourselves trapped if we begin by making bad choices.  Our first recommendation is to make a plan based upon what you have to work with. If you have $300,000.00 to spend, don't focus on the $1,000,000.00 houses.  Work with what you have.  Target properties worth $500,000.00 or less.  If you can get one for $300,000.00 you are golden.  Whereas you can chase the $1,000,000.00 Bluebird deal all day long.  If it is out of reach, no amount of chasing it will get you a bird in the hand.

Choose your battles and have a plan.  Ask yourself, "What am I willing to pay for that property in order to make a profit?"

Then ask yourself, "How can I get there?"

Then look over Kurt's 5 Ways to Buy in a Seller's Market.  Choose the method that fits TODAY.  Apply it. Then do it again.  And again. And again.  That's how you do it.

Here are two examples of successful deals bought at auction yesterday:

3BR/2BA Home on 165th St in Lawndale sold for $373,700.00 at auction. Est Value is $559,552.00!!!  The buyer knew what they wanted, knew what they were willing to spend.  They may have tried other ways, but they landed the deal.  That's success in practice, and the result is almost $200k in raw equity. Awesome!!!

2BR/1BA Home on Alta Mesa Dr in Studio City sold for $559,100.00 at auction. Est Value is $819,547.00!!!  Again, the buyer knew what they wanted.  They picked a battle they felt they could win. This is not the result of one fateful decision, but many planned efforts at research, driving by properties, and deciding what to do next.  The result is that this person saved over $200,000.00 and got the discount they wanted on a property that their resources could buy them.

It is said a journey of a thousand miles begins with a single step.  It is each step we take that matters. They are the Journey to Success.

Just Yesterday....

A 3BR/2BA Home that is a short and gentle walk to Monarch Beach in Dana Point in OC went to auction.

This house has been in default for years. The HOA had already wrested ownership from the borrowers at a previous foreclosure sale.  This time it was the lender holding the first td that foreclosed and took the property to auction.  This fact means that you can foresee a calm transition of ownership, as the HOA will want to see a due-paying homeowner take possession as soon as possible.

The auction happened this Monday.  The lender was owed over $1,300,000.00.  The bidding started at $817,450.60.

There were multiple bidders.  We know this because the bidding continued to $871,000.00 before it stopped.

Market Value lies somewhere between $990,000.00 and $1,140,000.00!!!

So the buyer in this case has saved at least $120,000.00 on their purchase, and can easily return this property to market.

We are often asked... "Is a deal like this possible today?"

Some folks think that these days of sweetheart deals are somehow in the past....

Well... if you mean in the past 24 hours...  yes. 

If mean never again... the answer is no.  These deals can potentially happen every week day. And they do.