All Forum Posts by: Shelby Washington

I heard that Suntrust will go as low as 25% of the remaining balance. But that is their limit they will not go below 25% of the remaining balance owed!!!

Another one in WA is REAPS (Real Estate Association of Puget Sound). It's one of the biggest one's in the King county area!!!

One Idea: Since you want to stay within Westchester county print out a list of all the banks in the whole county. Contact all of them either by e-mail or phone, and ask them for a list of their REO's because you're serious investor who is looking to purchase REO's. If they don't give you a list they should be able to direct you on where to get it either from another person or a certain part of their website. When you receive that list then start making offers to every single property for every single list you have from every single bank. Which should be at least hundreds. You'd have to find a deal that way!!!

MASS MARKETING AT ITS FINEST!!!

You need to ask a more detailed question so I know exactly what you're talking about. Are there any resources in Chicago pertaining to what? Specific to what market? The market as a whole?

1. Pick a county you want to focus on (try to pick the one that has the highest property values as possible if at all possible).
2. Print out a list of all the properties for that specific sale.
3. Figure out which properties have houses on them. In the beginning focus on sfr's (single family residences) because they're the easiest to liquidate.
4. Find out what is going to be the minimum bid on each property that you find appealing (sfr's). Find out what the fmv (fair market value) is for those homes so you know how much you stand to make on each deal.
5. Figure out how much you have to spend and set a maximum price for each property that you're willing to pay before you go to the auction and stick w/it. So you don't get caught up in the auction fever.
6. You need to create a buyer's list. There are many posts on this forum of how to do that. Also you could find someone on this forum that has been in real estate for many years and offer them a finder's fee for hooking you up with a buyer as well if you don't want to create you're own buyer's list.
7. After you purchase the property from the auction your goal should be to make as much as you can on the property, while selling it in the shortest amount of time. So you need to sell the property to another investor preferably @ 70% or below ARV (After Repair Value).
8. Enjoy the fruits of your labors!!!
Your Questions:
I know I'd have to do a title search...what else? The title search handles a lot of due diligence for you. But you can also compare the property description from the county to the county assessor's map to make sure the match because if they don't you have a problem.
What make a property favorable to you?
I like properties with the biggest profit potential personally. But I would definitely focus on sfr's because like I said earlier they are easiest to liquidate. It doesn't really matter the condition of the property as long as you know you can sell it for a lot more than you paid for it. Also like I said earlier try to purchase in neighborhoods that still have some type of value. For example some homes in Detroit are only worth $4,000. Probably not the area you want to focus on!!!!
What makes a property say heck no?
A property that doesn't have a good profit potential. Properties that are polluted with hazardous materials on them. Believe or not they're out there and costs a lot of $$$ to get them cleaned up.

If you have anymore questions don't hesitate to ask me. My list of steps are just as you said a quick step by step list that should definitely help you get started and point you in the right direction. But it is in no way all the steps in the process and is just my opinion. Sorry, just had to add my little DISCLAIMER!!!

Tax Lien Sales- You purchase at the auction, and the previous owner has a redemption period (set amount of time they have to redeem the property) if they pay the back taxes. If the owner pays the tax lien you acquired you'll receive a certain interest rate on the money you paid for the tax lien depending on what state you're in. Because all states offer different interest rates. If the owner doesn't pay after the given redemption period you then can acquire the deed to the property.

Tax Deed Sales- You purchase at the auction, but instead of having a redemption period you own the property right away as soon as the county gives you the deed. Depending on what county you purchase in some offer their properties free and clear of any liens whatsoever except for federal liens such as IRS. Then some counties don't guarantee anything. So one of the most important things you can do to protect yourself from big surprises to order a title report on the property to find out what liens are on the property.

Mike Shigley what type of investing are you going to concentrate on?

Tyler are you new to investing?

Hello Eric I'm in Renton, WA where exactly are you? Have you ever bought any tax deed sale properties?

In my opinion Tax Deed Sales is one of the most profitable ways to invest in Real Estate. My problem is I have no funds as of yet to invest. Are there any Hard Money Lenders, Equity Partners etc... that lend $$$ for Tax Deed Sale properties? I have educated myself quite well on the subject of Tax Deed Sales, and now I'm tired of standing by and seeing these amazing deals slip right between my fingers because I didn't have the cash to purchase the property myself. I eagerly await a response!!!