All Forum Posts by: Diana Barlet

HI Gentlemen,

First of all let me say auctions are not for the beginner. BE CAREFUL! If you are not %100 sure of what you are bidding on it could be very dangerous. You must do your due diligence before bidding. You need to be absolutely sure the property has a clear title, and you have established the correct ARV. (Paying too much is a very common mistake for beginners.) Getting either one of these wrong can spell disaster. Also depending on what auction you are attending, you made need to pay cash and then refinance back out of it with a Hard Money lender to free up your capital. If the auction allows you to provide funding within 30 days, then you definitely need a POF letter and deposit to tie up the property.

As for the hard money loan, I can't speak for other company's but here at the Norris Group our process is a very simple one page application. Once you submit an application and a bank statement we can start the process. It is not a bad idea to get a proof of funds letter from a lender before you start making offers, because it will serve as a guideline to price ranges you can handle. Also having a POF letter will give you more bargaining power, as it can be presented with your offer as proof that you can make the deal happen. This is important no matter where you are finding property, auctions, direct from the seller or an agent. They want to know you are not wasting their time.

If I can help, please feel free to contact me directly.  

Good Luck!!

D

Check out the local REI and FIBI clubs, they are a great source of information. There are a number of great one in So Cal.

If you are in a position to do owner financing, or it you are doing wraps on "subject too" properties you could advertise NO Qualifying.  That will certainly get the phone to ring.

There are a number of great Real Estate Clubs in the San Diego area.  Check out 

• North San Diego Real Estate Investors Association(NSDREI)
  Vista, CA
• San Diego Creative Investors Association(SDCIA)
  San Diego, CA

There are also several FIBI's in the area.  All of these clubs are run by pro's that are active in the market.  I suggest you attend as many clubs as you can until you find one that fits your needs.  They are a great source of information and networking, with some of the best in the business.

I would also recommend getting involved with some of the local real estate investment clubs in the area.  There are several really great ones in the SD area,  They are also a great source of information.  You will have the opportunity to talk to active investors and get a lot of your questions answered.  They are also a great source of referrals to help you build your team.  I know that SDCIA, meets the first Tues of the month at the Scottish Rite.  They give  complementary membership to all active duty.  What ever club you attend make sure it is not a pitch fest!  I don't think there are any like that in the area, but beware.  Good luck with your pursuits, and thank you and your wife for your service and helping to keep our great country safe!