Has anyone bought / read any useful books on buying foreclosures / pre-foreclosures / buying at auction etc. in the U.S. – particularly Texas? There seems to be plenty of information around, but with laws seemingly different in every state of the U.S., who knows what information will be relevant to Texas?
I’d just like to get as much information as possible about the processes and pitfalls etc before getting on the plane! So if anyone can recommend any resources that would be great.
Thanks,
Phil.Hi Phil
I am now working in Texas. I arrived yesterday and tomorrow I will be conducting my first sales meeting at a real estate company that I will be running. I will also be setting up a property investment company. The people I have been working with are already buying these homes. As I do more reseach I will let you know. They are normally held on the first Tuesday of the month. When you buy a forcloser at Auction you have to pay cash for the property. You normally cannot inspect it before and it is important to check that there is not debt on the house because if there is it becomes your debt. Let me know what you are after.
Nigel Kibel
http://www.propertyknowhow.com.au
check out my new web siteAustralian and New Zealand The United States Property Researcher and education
Nigel Kibel | Property Know How
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Hi Nigel,
Thanks for your reply. This is the Phil who met you a couple of weeks ago, with Rick, for coffee. I hope you’ve settled in okay in San Antonio and things are going well. What I was after was just some reading material outlining the processes of foreclosures and auctions in Texas, just to have as much info as possible before getting there. I think I’ll just buy a couple of books on the internet and see how I go. Have you been making progress over there with the things you had in mind?
Phil.Hi Phil
Good to here from you.
Yes I have only been in the office for three days however I have restructured the company put an advertising plan in place and have ads for more staff going in. The company web site is being rewritten. So yes I am happy with the initial progress however that is always history, today is another day. A met a guy on the plan travelling here andf he gave me some great advice. He said that he like most people worried about the future rather than taking care of today. His greatest belief was that the next thing you say shapes your future.I will post regarding my experiences with forclosures, it is still a few weeks away.
Nigel Kibel
http://www.propertyknowhow.com.au
check out my new web siteAustralian and New Zealand The United States Property Researcher and education
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
As I continue to research the market here, one thing that keeps coming up is that many people are over paying at the forclourer sales. Some people that I have begun to work with now approach people before there homes are forclosed. There are a number of advantages in this, firstly there is no competition, secondly you are helping someone. What you are after here is a small profit. If the person goes to forclosure there credit rating is ruined.
Nigel Kibel
http://www.propertyknowhow.com.au
check out my new web siteAustralian and New Zealand The United States Property Researcher and education
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Dear Phil
A book which is about foreclosures because people haven’t paid their taxes, is the 16% Solution by Joel S. Moskowitz. I found it a really interesting book with info. from selecting an area; what to look for in ppty’s; bidding at local auctions; to getting people on the ground to help you. My reservations with buying foreclosures was that they were sold at auction and you couldn’t inspect the ppty. before hand, so therefore you bought the ppty. before completing any due dilligence.Teach
Just about to get into P/I in a large way with an aim to early retirement and having fun along the way.
G’day
I’m in the US doing it right now. If you want to learn all about it, look up a guy by the name of Gene Burns. He made his money on pre-foreclosures, and has a book and cds all about it.
More info on me at http://www.pdpic.com.
Happy investing.
Phil D.Thanks for your replies guys.
Nigel,
are you suggesting that foreclosure auctions in San Antonio are no longer a good place to buy? Is there too much competition?
How is the real estate agency going and are you coming across any really good buys just on the general market? Rick and myself are coming over on November 1st.Phil D,
I read Gene Burns and Dolf DeRoos book “52 Homes in 52 weeks”, which was really interesting. I’ll have a look for anything else he’s done on the internet. I had a quick look at your website, which was good. I’ve a similar story to yours – I came over from England in 1988, but didn’t get into property until a few years later. Like yourself I’ve had a marriage break-up, but still waiting to find my “life partner”! I live in Melbourne. Are you still finding good opportunities in Darwin? I’m going to San Antonio in a few weeks to see what we can find. Where are you investing in the U.S? How is it going over there?Phil.
Hi Guys,
Lisa here from Tennessee. I am not really sure about San Antonio pre -foreclosures but I know that there is a great site for Tennessee called http://www.myfir.com . There might be something like that for San Antonio.I spent months learning about the process of buying pre- foreclosures and I have a name of a person who once you find pre-foreclosures will negotiate with the bank,he has done this for 20 yrs , is an expert who is based in New York and negotiates in all states. This is a “short sale “,thats where you can pick up the properties for up to 40% off and my contact can also fund the deal.
The whole process is not easy and you need to be careful that you follow the correct process but I have been involved with a few of these deals and all went well.The hardest part is finding the homes and then talking the owner into letting you buy these homes,these people can be very bitter .
The site http://www.myfir.com is great because it lists hundreds of these addresses , what the people owe and the date of foreclosure. Once they are listed you have 3 weeks go to work to stop foreclosure . There is a lot of door knocking involved .
Feel free to ask anymore questions .
Thanks
Lisa
http://www.realestateinvestmentfinder.com[email protected] [biggrin]
Lisa Lammers
Hi Lisa,
I’ve just had a look at your website and it’s great – it looks like things are going really well for you and that you’ve achieved heaps in a such a short time. It would be great to set up something similar in San Antonio, which I think is pretty much what Nigel has in mind.
How many of these rehab deals are you currently finding, per week / month? How many doors do you knock on / drop letters for each deal you find? Do you have much competition for the houses and if so, how do you make sure you get the deal – what’s your strategy? How do your rehab and final value estimates work out – are they pretty accurate? Have you had any deals that just didn’t work out, for whatever reason? Do you only buy through pre-foreclosures, or are you finding good deals through other avenues? Do you always re-sell, or are you keeping hold of some properties? What’s happening in Nashville – lots of positive cash-flow properties, good capital growth prospects? Why do you need someone to negotiate with the banks for you, and what does he get out of it?So many questions (and I think I could go on and on). Sorry if I’m asking too much, but you did say “feel free to ask anymore questions”!! [smiling]
Phil.
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