I am interested in learning about buying single family homes at Trustee auctions before investing any money. Can anyone give me some information about what I need to be aware of and some due diligence advice? Also what specific liens will I, as a buyer be responsible for? I understand that I need to make sure I am not bidding and buying a second but what liens do I need to worry about. Any help would be greatly appreciated.
All of the answers to your questions are here. . you just need to explore a bit more.
Go learn the hard way like the rest of us
2 ways to learn
- Go and start buying. You will lose money for a while until you learn the ropes
- Partner with someone who has experience and learn as you go along.
Which ever way you go, you will always learn something new.
It is a good ol’ boys club and there is a lot of resistance to any newcomers or wannabes. I learned the basics by going to the auction for several weeks and watching. I learned who the big dogs were and then went to the recorder’s office to learn what I could from their history. I found an escrow officer with title savy who would answer questions for me. I tracked properties as though I would buy them and then showed up without any money to test my process. Once I found Foreclosure Radar, I got a subscription and tracked even more properties. I purchased the 1st property and asked questions on the FR forum and then learned by doing. It is ironic that after 2 years I now know some of the more active pros and they have helped me. One thing to be very clear about, it is risky and very complicated. There is always more to learn. I think it is a bit like flying an airplane, most private pilots accidents are within the 1st 100 hours. Complacency set in and costly mistakes are made.