My firm is looking to work with some one in the bay area that is currently working the auction steps now . We are in Sacramento and do not have the time to due all of the due diligence that is required. So if you are that company or firm please do not hestitate to contact me . You must have a proven track record of previous deals
Dave Simmons 916 996 4621
A proven track record is a great idea. The only problem with that is that most folks that have a proven track record at the steps likely don’t need you unless you are willing to take a very reasonable return.
I went into this business thinking I would turn my auction buying efforts into a big business buying all over the place. Early on a friend and mentor told me to forget it. In his words “you can’t trust anyone to spend your money as carefully as you will”. I didn’t listen but it did turn out to be sage advice. Hiring folks was occasionally a disaster, and even when it “worked” it wasn’t at nearly the same returns I could generate myself.
Lots of money circling trustee sales right now trying to figure out how to play. I expect that only those that dive in and get their own hands dirty will do well.
Just my humble opinion - and to be fair I should say I do know that there are at least a couple large auction buyers out there that have managed to delegate and do well.
I heard that the established bidders will out bid the new comer, to the point that there is not much profit left. Any advice on how to overcome that and what steps to take to bid directly for oneself?
I noticed the same thing. Big money bidders are bidding anything and everything. They even approach you if you are new to work with them as such they will let you bid for a fee or a cut. I am so surprised that such schemes exist? is there a state or county watch dog that supervises this process ?
The established players in any market will always try to protect their turf. My advice is to keep your head down, stick to your strategy and don’t worry about it. They can’t stop you from bidding, it is a public auction.
Just a FYI - There is a real estate company in Milpitas, Ca that does work with investors in helping them finding good deals in the Santa Clara County trustee sales. They do have a track record with investors in finding deals over 25%. They provide detail information on properties that are scheduled to go to the auction block, including prelims. The investors do have to decide, if they want to go forward. They also have contractors, if the investors does not have one. Their goal is to get repeat business by giving what the investor wants - Excellent profits. The company is EstateMind Realty in Milpitas. They are the only company I know that can fill your request as a bidder. You would have to meet them and see if the service they offer you is what you want.
There are a couple in Alameda County that do this that have been around since before the crash. (There are also some newbies who have appeared since the crash.)
Many properties are bringing top dollar at sales because there is too much money chasing to few deals. Many people seem to be happy earning just 10% on their money because they feel that’s better than .4/10 of a % at the bank. They aren’t knowledgeable enough to know the risks they are taking, so they bid high.
I won’t give out names. My suggestion is to go to sales a few times in Okld. and meet the people directly. Ask the auctioneers who the “regulars” are. There are some of us (maybe 7-10) who are there virtually every day.
[I no longer buy, much. Mainly just make loans, on the spot, to other buyers.
Dave send me an email I might be able to help you out, CodyFornari@gmail.com