hitting the courthouse steps?

[SD Realtor]

Yes these sound like spec guys purchasing properties at trustee sale.

One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?

[bearishgurl]

[quote=SD Realtor] . . . One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?[/quote]

[quote=kelly]Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. Kb[/quote]Excerpts from Kelly’s article, below:

“. . . But it’s lucrative. Home prices are rising in the county, especially in some lower-priced pockets like Lemon Grove or parts of Chula Vista. Prices there are going up, making them especially attractive on the courthouse steps. Many investors are buying with the intent to rehab and sell the homes on the regular retail market as soon as possible. And to reap a profit. . . A lot of them are buying with OPM, Gafner said — other people’s money.”

[quote=bearishgurl]You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates :)[/quote]

Yes, SDR, I do believe the majority of “regulars” at the trustees sales are the general contractors or managers of REIT’s. I am acquainted with several lawyers who formed them and signed up their colleagues as investors in mostly commercial and multifamily projects, primarily to fund their retirements. However, well located one-story SFR’s with views and large, usable lots are EXTREMELY DESIRABLE as flippers if they can be had for a song. I’ve seen a few in “beater” shape as you call it recently go for $275K to $425K. It’s shocking, really, even given the poor condition of the properties. But no small investor really has the cash, equipment, material discounts, clout with the permit desks or the manpower to rehab them in a cost efficient and professional manner. I noticed one foreclosed property on a half-acre “park-like” lot where the corner of the garage was hit by a tractor (long story). It was jacked up and fixed right after purchase and was sold to a policeman late last year – absolutely gorgeous now with stamped concrete front and back. Another 20,000 SF lot with a cosmetic fixer flipped for $200K more in 3 months, selling in March.

[bearishgurl]

[quote=SD Realtor] . . . One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?[/quote]

[quote=kelly]Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. Kb[/quote]Excerpts from Kelly’s article, below:

“. . . But it’s lucrative. Home prices are rising in the county, especially in some lower-priced pockets like Lemon Grove or parts of Chula Vista. Prices there are going up, making them especially attractive on the courthouse steps. Many investors are buying with the intent to rehab and sell the homes on the regular retail market as soon as possible. And to reap a profit. . . A lot of them are buying with OPM, Gafner said — other people’s money.”

[quote=bearishgurl]You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates :)[/quote]

Yes, SDR, I do believe the majority of “regulars” at the trustees sales are the general contractors or managers of REIT’s. I am acquainted with several lawyers who formed them and signed up their colleagues as investors in mostly commercial and multifamily projects, primarily to fund their retirements. However, well located one-story SFR’s with views and large, usable lots are EXTREMELY DESIRABLE as flippers if they can be had for a song. I’ve seen a few in “beater” shape as you call it recently go for $275K to $425K. It’s shocking, really, even given the poor condition of the properties. But no small investor really has the cash, equipment, material discounts, clout with the permit desks or the manpower to rehab them in a cost efficient and professional manner. I noticed one foreclosed property on a half-acre “park-like” lot where the corner of the garage was hit by a tractor (long story). It was jacked up and fixed right after purchase and was sold to a policeman late last year – absolutely gorgeous now with stamped concrete front and back. Another 20,000 SF lot with a cosmetic fixer flipped for $200K more in 3 months, selling in March.

[bearishgurl]

[quote=SD Realtor] . . . One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?[/quote]

[quote=kelly]Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. Kb[/quote]Excerpts from Kelly’s article, below:

“. . . But it’s lucrative. Home prices are rising in the county, especially in some lower-priced pockets like Lemon Grove or parts of Chula Vista. Prices there are going up, making them especially attractive on the courthouse steps. Many investors are buying with the intent to rehab and sell the homes on the regular retail market as soon as possible. And to reap a profit. . . A lot of them are buying with OPM, Gafner said — other people’s money.”

[quote=bearishgurl]You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates :)[/quote]

Yes, SDR, I do believe the majority of “regulars” at the trustees sales are the general contractors or managers of REIT’s. I am acquainted with several lawyers who formed them and signed up their colleagues as investors in mostly commercial and multifamily projects, primarily to fund their retirements. However, well located one-story SFR’s with views and large, usable lots are EXTREMELY DESIRABLE as flippers if they can be had for a song. I’ve seen a few in “beater” shape as you call it recently go for $275K to $425K. It’s shocking, really, even given the poor condition of the properties. But no small investor really has the cash, equipment, material discounts, clout with the permit desks or the manpower to rehab them in a cost efficient and professional manner. I noticed one foreclosed property on a half-acre “park-like” lot where the corner of the garage was hit by a tractor (long story). It was jacked up and fixed right after purchase and was sold to a policeman late last year – absolutely gorgeous now with stamped concrete front and back. Another 20,000 SF lot with a cosmetic fixer flipped for $200K more in 3 months, selling in March.

[bearishgurl]

[quote=SD Realtor] . . . One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?[/quote]

[quote=kelly]Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. Kb[/quote]Excerpts from Kelly’s article, below:

“. . . But it’s lucrative. Home prices are rising in the county, especially in some lower-priced pockets like Lemon Grove or parts of Chula Vista. Prices there are going up, making them especially attractive on the courthouse steps. Many investors are buying with the intent to rehab and sell the homes on the regular retail market as soon as possible. And to reap a profit. . . A lot of them are buying with OPM, Gafner said — other people’s money.”

[quote=bearishgurl]You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates :)[/quote]

Yes, SDR, I do believe the majority of “regulars” at the trustees sales are the general contractors or managers of REIT’s. I am acquainted with several lawyers who formed them and signed up their colleagues as investors in mostly commercial and multifamily projects, primarily to fund their retirements. However, well located one-story SFR’s with views and large, usable lots are EXTREMELY DESIRABLE as flippers if they can be had for a song. I’ve seen a few in “beater” shape as you call it recently go for $275K to $425K. It’s shocking, really, even given the poor condition of the properties. But no small investor really has the cash, equipment, material discounts, clout with the permit desks or the manpower to rehab them in a cost efficient and professional manner. I noticed one foreclosed property on a half-acre “park-like” lot where the corner of the garage was hit by a tractor (long story). It was jacked up and fixed right after purchase and was sold to a policeman late last year – absolutely gorgeous now with stamped concrete front and back. Another 20,000 SF lot with a cosmetic fixer flipped for $200K more in 3 months, selling in March.

[bearishgurl]

[quote=SD Realtor] . . . One thing though, we may be actually talking about the same thing. You mentioned in your posts contractors and spec guys. I am talking about large organizations who flip homes. In the end though there is very little difference if no difference at all is there? The people I am talking about work for syndications that have many investors and they look to flip homes. Some homes they have to perform alot of rehab and some homes they do not. You are implying that a majority of the regulars are licensed contractors or work for licensed contractors. I do not believe that at all, the regulars we see there work for the larger organizations who do the same thing the contractors do, but on a larger scale. I am sure there are some contractors there though. Why wouldn’t there be?[/quote]

[quote=kelly]Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. Kb[/quote]Excerpts from Kelly’s article, below:

“. . . But it’s lucrative. Home prices are rising in the county, especially in some lower-priced pockets like Lemon Grove or parts of Chula Vista. Prices there are going up, making them especially attractive on the courthouse steps. Many investors are buying with the intent to rehab and sell the homes on the regular retail market as soon as possible. And to reap a profit. . . A lot of them are buying with OPM, Gafner said — other people’s money.”

[quote=bearishgurl]You just confirmed my suspicion that a lot of these trust deeds were being purchased by licensed general contractors or their affiliates :)[/quote]

Yes, SDR, I do believe the majority of “regulars” at the trustees sales are the general contractors or managers of REIT’s. I am acquainted with several lawyers who formed them and signed up their colleagues as investors in mostly commercial and multifamily projects, primarily to fund their retirements. However, well located one-story SFR’s with views and large, usable lots are EXTREMELY DESIRABLE as flippers if they can be had for a song. I’ve seen a few in “beater” shape as you call it recently go for $275K to $425K. It’s shocking, really, even given the poor condition of the properties. But no small investor really has the cash, equipment, material discounts, clout with the permit desks or the manpower to rehab them in a cost efficient and professional manner. I noticed one foreclosed property on a half-acre “park-like” lot where the corner of the garage was hit by a tractor (long story). It was jacked up and fixed right after purchase and was sold to a policeman late last year – absolutely gorgeous now with stamped concrete front and back. Another 20,000 SF lot with a cosmetic fixer flipped for $200K more in 3 months, selling in March.

[kelly]

Thanks, bearish, and SDR, for chiming in here. It was a pretty interesting day at the steps!

I definitely agree that there are a number of teams that are out there flipping that might not have the licenses themselves to do rehabs. I’ve heard from several groups like that, and their goal is to find a flippable home that just needs a few small fixes so they can capitalize on whatever bizarrely hot pocket or neighborhood they’ve found.

It is pretty crazy to watch the runners talk on their bluetooths and iphone headphones right until the last minute.

kb

[kelly]

Thanks, bearish, and SDR, for chiming in here. It was a pretty interesting day at the steps!

I definitely agree that there are a number of teams that are out there flipping that might not have the licenses themselves to do rehabs. I’ve heard from several groups like that, and their goal is to find a flippable home that just needs a few small fixes so they can capitalize on whatever bizarrely hot pocket or neighborhood they’ve found.

It is pretty crazy to watch the runners talk on their bluetooths and iphone headphones right until the last minute.

kb

[kelly]

Thanks, bearish, and SDR, for chiming in here. It was a pretty interesting day at the steps!

I definitely agree that there are a number of teams that are out there flipping that might not have the licenses themselves to do rehabs. I’ve heard from several groups like that, and their goal is to find a flippable home that just needs a few small fixes so they can capitalize on whatever bizarrely hot pocket or neighborhood they’ve found.

It is pretty crazy to watch the runners talk on their bluetooths and iphone headphones right until the last minute.

kb

[kelly]

Thanks, bearish, and SDR, for chiming in here. It was a pretty interesting day at the steps!

I definitely agree that there are a number of teams that are out there flipping that might not have the licenses themselves to do rehabs. I’ve heard from several groups like that, and their goal is to find a flippable home that just needs a few small fixes so they can capitalize on whatever bizarrely hot pocket or neighborhood they’ve found.

It is pretty crazy to watch the runners talk on their bluetooths and iphone headphones right until the last minute.

kb

[kelly]

Thanks, bearish, and SDR, for chiming in here. It was a pretty interesting day at the steps!

I definitely agree that there are a number of teams that are out there flipping that might not have the licenses themselves to do rehabs. I’ve heard from several groups like that, and their goal is to find a flippable home that just needs a few small fixes so they can capitalize on whatever bizarrely hot pocket or neighborhood they’ve found.

It is pretty crazy to watch the runners talk on their bluetooths and iphone headphones right until the last minute.

kb

[CA renter]

[quote=kelly]Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. kb[/quote]

Great story, Kelly. Thanks for reporting on the auctions.

It’s interesting to hear that some of them don’t think prices will continue to rise.

[CA renter]

[quote=kelly]Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. kb[/quote]

Great story, Kelly. Thanks for reporting on the auctions.

It’s interesting to hear that some of them don’t think prices will continue to rise.

[CA renter]

[quote=kelly]Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. kb[/quote]

Great story, Kelly. Thanks for reporting on the auctions.

It’s interesting to hear that some of them don’t think prices will continue to rise.

[CA renter]

[quote=kelly]Thanks for the thoughts, you guys. Here’s my story: http://bit.ly/aHvxZj. kb[/quote]

Great story, Kelly. Thanks for reporting on the auctions.

It’s interesting to hear that some of them don’t think prices will continue to rise.

[Author]

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