All Forum Posts by: Bill Delo

I agree with the notes that the Hubzu process is challenging and frustrating, but it is possible to get good deals and get through the process. I close in 2 days on an SFR in San Antonio purchased through their site. It was 10th property we had bid on and the first to have a reserve price that was reasonable given repairs needed and the likely ARV. Patience is key I think, work the process, identify a property you like and do not overpay. General rules that will work for all purchases. On a side note have found their closing process to be quicker than Auction.com. Went under contract on an Auction.com property one day after Hubzu. Closing date has been postponed 3 times already and given that the current extension is for this Thursday and I have heard nothing it will be extended again. Hubzu property is financed (with HM) and is closing 1 week early. So be patient and follow their process and it is possible.

@David Rutledge - Lots of not so positive reaction to your idea. I would say it can be done. Is it potentially more difficult than investing locally? yes. Is it more difficult to visit your properties? yes. Can these things be overcome? Yes! As a fellow Irvine resident I know that prices here are outrageous, particularly for a new investor. I have gone the out of state investment route, buying a property in Colorado in 2010. It was an REO and yeah there were unexpected things. The bank had painted and replaced the carpet, which was nice. But every pipe under the sinks leaked, the windows were covered in dirt and bugs, the garage door opener did not work, and the outside A/C compressor unit had been stolen (meaning replacement of the heating and a/c system). These things do cost $ of course, but the key is doing the right amount of analysis/research on the property and factoring in a "safety" amount to your offers. I bought a place that was worth $68k for $40k at the time (it was a 1bd, 1ba condo, I figured that the $28k different in price vs value could help offset any needed repairs.) I ended up spending about $8k to get it ready to rent. Then it has been cash flowing ever since.

If you are going to invest out of state, I would recommend the following:

Focus in on one or two metro areas

Get to know those areas well - where are the good neighborhoods, good schools, low crime areas, employment centers, etc

Make a trip out to these areas to drive around and confirm your online research

Start creating a team.  Work with a real estate agent that can go view properties for you. Ask them for referrals to contractors or property managers.  Many times a property manager will have contractors they work with.

Analyze your potential deals. And I would always include an extra cushion for unknown repairs with REO's.

Do your homework.  Nothing can replace that, but there is no reason why you can become just as knowledgeable about an out-of-state location as you could about a remote area of So Cal.

Personally, I would find a metro area in the South East with a stable job base more appealing to invest in than Hemet or the High Desert.

My two cents.  Good Luck!

It has been several years, but I used ERA Mortgage for a $32,000 mortgage in 2010. https://www.eramortgage.com/80750

Thanks everyone!

I am looking for investment properties in the Charleston area and looking to see if the BP community can recommend an agent in the area that has experience working with investors. Focusing on Goose Creek and Summerville areas. Thanks!

Thanks Polar Prutaseranee great to meet another Irvine based investor on BP.

Thank you Joe Homs ! I will check out the meet up details.

This is my new member post. I own one investment property in Aurora, CO. Bought in 2010 through an Auction.com online auction. I am looking to start expanding my real estate portfolio now. Looking to meet people and network on BP. I am looking to invest in Western US in SFR or MFR in places cheaper than So Cal!