All Forum Posts by: Ramon Allones

most of those people are not agents, but employees hired just to bid. Here in los angeles you need about a 4-5 man team minimum to do forelcosure sales. 2 bidders, 2 office people and a couple drivers ( you can outsorce this to agents). and this is just the acquisition portion. not the rehab and retail selling part of it. some of my larger competitors have "war rooms" of significantly more. gone are the days where it can be a one man show. this to me is a significant barrier to entry for new people.

after trustees sale here in CA, I do rarely if they are a holdover tenant(not ooc) and entitled to a 90 day notice. the battle on collecting market rent, or any rent during that period factors into the decision. My criteria is a good source of income, and a cosigner with a good credit.

If they seem to be lawyered up and want to play eviction delay games also factors into my decision. if they are going to seem to be able to delay an eviction for 4-5 months then its worth a gamble under the right circumstances. but only do it about 5% of the time.

whatever you do, don't ever use fastevictions, that operate in that general area.

one of the anomolies you may find too is if the amount is significantly higher than the NOD amount (in CA), sometimes it a second lienholder that had to reinstate the first, and they are allowed to add that total to their loan balance. That way they don't get wiped out.

i think it varies from bank to bank. here in los angeles, wells fargo definately rehabs all their properties, where a bank like chase will not.

On the iPad u can use dropbox to store docs. And I use docusign or sign my pad, to sign docs. Sign my pad is only 5 bucks

Good points but all are a long shot. The property is yours now subject to the first.

1. like Vikram said, I've seen them cancel sales because of bidder error, but very rare. And I only know about this happening at the actual sale location right then and there. And in some cases it was cause the bidders never handed over the checks.

2. newspaper is a longshot-but might be worth a shot.

3. definately check to see when and if the first is foreclosing to see what your timeline is. short sale is difficult unless you got the cooperation of the former owner, remember even though you own the property the former owners name is on that first loan.

who is the trustee on this one? which county, just curious? I do have some contacts at the trustees companies from the fact that we have been doing trustees sales in los angeles county for 6 years now. shoot me a pm and i'll see if I can help.

just curious if anyone is going to either conference. Booked hotel and tickets.

I agree with the small lender comment. I've bought right after the sale subject to a holdover tenant which was a standard cash for keys.

but I imagine the only reason i was able to get it was their bpo was low. we only bought 15% below their planned listing price, and we sold it for 25% above their planned listing price.

when working with a pm company, remember, "the squeaky wheel gets the grease".

let them know you are on top of things and reviewing the financial reports. question them on expenses etc, etc.

Alot depends on the individual property manager, even if the company is good and has a good reputation.

If you are looking for cost savings, this is not the way to go. But if you don't know what how to do it, or don't want to spend the time to learn, then you got to pay the cost.