All Forum Posts by: Jason Mak

David...I came across the same on auction.com. Here are stuff that I learned through reading other bigger pockets forums and browsing through the terms and conditions on auction.com

1. The seller sets an reserve price which is not published on auction.com. So even if you win the property, if it doesn't reach the reserve price you may not win the property
2. If you win the auction, auction.com drafts a purchase agreement which is submitted to the seller. This is when the contract is formed...not when you are actually bidding for it. If the price is too low, the seller may reject the contract.
3. 5% buyers premium - the buyer pays a 5% commission to auction.com as well as any closing cost (escrow, title, etc...)

Those are some of the key things that I had to dig a little deeper and read in the fine print. If anyone can add anymore or correct my mistakes that would be greatly appreciated.

Rob - that is good advice. At this point, I should be looking for a mentor or someone who can guide me through the process. I will look on this site for more ideas and guidance. I'd love to hear about your system sometime too. thanks for your response.

Jason

I'd like to form a team around me. I figure an experienced bidder would be able to help me navigate this tricky process (courthouse bidding), and hopefully help me avoid the pitfalls. Lastly, sometimes, I simply physically can't be at the courthouse to bid.

Hi there,

Has anyone had luck looking for and hiring a bidder who will represent them at a county auction? I've been to these auctions before and I've seen bidders bidding on behalf of clients. Are these guys simply real estate agents dressed in shorts?

Would like someone to help me sniff out good deals, walk me through the process at first, and help me physically bid for the properties.

Is that too much to ask?

Jason

John, glad to see someone actually vouch for Sidoti's course. I was wondering how long did it take for you to market to the special agencies? And do you know if there is a lot of competition for the agency's business from other house owners?

Hi Sonja,

Thanks for your response. It sounds like you are doing what Nick Sidoti teaches. I'm looking to buy his course too and it seems like you were able to do a lot of this without splurging for his course.

It also sounds like these organizations are looking for rentals that are in low-income areas? Is that true? Nick Sidoti preaches that this is literally a "waterfall" of "quality tenants" coming your way. Do you find this to be the case? Or do you find that you the non profits you have relationships with have a steady supply of housing providers to choose from?

Thanks again for posting, much appreciated

Jason

I too saw Nick Sidoti speak recently at a local real estate show. After his presentation, a bunch of people ran up to stage to pay up for his course.

I have experience in student housing and senior housing so I do believe that there is a market for such niches. However, I was wondering if anyone could speak on the easy of implementation of Nick Sidoti's principles and comment whether they have had success with his system.

I'm sorry but I'm usually a skeptic of these quick sells.