Several Questions on Real Estate Investing

[Pedro Salcedo]

Hi all,

I'm new to real estate, I just graduated from college a month ago but started a well-paying job right away. I want to invest in real estate but want to cut as many costs as possible and do the work myself.

I was wondering if anyone had the answers to the following questions:

1. What bank or lender provides the best interest rate in California?

2. What's the best app or website to find tax deed sales and foreclosures?

3. How do I buy a home found on, for example, Redfin without a real estate agent?

I hope I can find sincere answers here, I greatly appreciate your help. 

Warmest regards, 

Pedro Salcedo

[Brian Sparr]

Hi @Pedro Salcedo - congrats on the graduation!

1) Short Answer: I've found Bank of America to always be one of the most competitive - when they're not the lowest, they'll often match the lowest if you have it in writing.  Long Answer: when buying in a competitive market, there's more to it than just a low interest rate!  My experience with BofA (and a number of other large national lenders) is that they tell you they can close the purchase loan in 30 days, but, in reality, it's going to be closer to 45+.  If you're going up against cash buyers or other lenders that are closing in 10-14 days, your 30+ day offer is immediately at a disadvantage.  Also, understand that not all loan officers are created equal - BofA might offer you the best rate, but you can have vastly different experiences depending on which BofA rep you're working with.  For me personally, I'd rather work with a local lender who's capable of closing in 14 days or less and that has a reputation for closing on time (or early) even if it costs me a fractionally higher rate.  If the listing agent you're submitting your offer to is any good, your lender's reputation is being factored in alongside your price and other terms.  The BofA and Quickens of the world are not making your offer look more attractive.

2) Foreclosures have been pretty much non-existent for the last few years in the markets that I work in, so it's been awhile since I've done much research on this ... however, when I did, RealtyTrac and ForeclosureRadar were the main players.

3) Full disclosure - I'm an agent, so my response to this will be biased ... I'll let somebody else handle this part :)