All Forum Posts by: David B.

Eric Dea when you think you're ready to be more active in these auctions let's connect and see if we can help each other.

For each deal bank reps indicate what they will bid up to at start of auction on behalf of bank. At times this is less than judgement amount. Certainly there are instances where judgement is in excess of market value.

Jessica Zolotorofe actually I've seen it occur in a fair bit of the sales made to non-bank buyers. So I'll repeat, one should just do their due diligence, go with a number in mind and bid accordingly. Thx

Eric Dea the upset amount that Jessica is referring to is the judgement amount that is listed on the foreclosure property list. However, at the auction the bank identifies what they will bid up to (which is what I believe you are referring to and is effectively the starting bid for anyone but the bank). This is not necessarily, and often is not, the judgement amount. I wouldn't worry about the rhyme or reason behind those "starting bid" amounts. Do your due diligence and go in with a number you would be happy to pay. Then bid accordingly....best, Dave

@Jessica Zolotorofe thanks for the reply.  Certainly title matters are significant issue and I appreciate all of your thoughts! best, Dave

Recently I've spent time learning the process of acquiring property via these auctions. I will start to pull some properties down as I intent to start bidding next week. And I wish to consistently purchase properties in this manner. 

I'm finding the challenge is accumulating / managing information about properties (title / liens / ARV / neighborhood / description / condition /etc, etc, etc) coupled with the high rate of adjournments shortly before the auctions. In short, I can see that the process can be very inefficient if one is attempting to continually source profitable properties this way.

Purpose of this post is to reach out to others who are dealing with similar challenges and attend either Monmouth or Ocean County Auctions. I specifically envision an informal banding together where we leverage each others knowledge / information. There are plenty of deals out there and if you are like me you have some capital but its not unlimited - lets help each other be efficient! 

Reach out if this resonates with you....best to all!

Jody, thanks for the post. I don't know FB at all but I do know that many folks need to take a serious reflective pause and think before being a cash paying CONSUMER of "training" / "opportunities". There are many ways of entering REI biz without a cash outlay and there are an equal number posts on BP that give great ideas on how to do that. If one intends to be in the REI biz then they need to do the hard work of educating themselves so they can ultimately assess where their unique talents best fit into this industry. In short, I don't think you can buy your way into this game unless you want to passively invest. Thanks again for the detail on what you experienced its helpful! Wishing you much success!

@Dwayne Johnson, thanks for the note - always interested in seeing wholesale deals in NJ!

@Robert S., appreciate the reply, will keep you in mind!

@w. alex benitez, @Mark Scarola, I do plan on attending the events from here on out and look forward to connecting with both of you! thanks for reaching out!

Dave

I've been a long-time member of BP but have recently retired from a long career in the Financial Services industry. Demands of that job kept me from being more active in REI than I desired (within the past couple years I have done a couple buy/holds and one flip). I am doing REI full time beginning this week and naturally there is quite a bit to do to get up and running.

I will be flipping (maybe a little BRRR) in Monmouth / Ocean County and buy/hold of multis out of state.

Please feel free to reach out.  I am keenly interested in establishing mutually beneficial relationships with other investors, wholesalers, lenders, contractors (obviously anyone who thinks we could benefit from know each other).

all the best,

Dave

PS: I will be searching the Events and Happenings posts for networking events but I get the feeling that some are not posted there.  If anyone belongs to a good group in NJ I'd also appreciate knowing about it.  thx again!

Appreciate the info Eric!