California & Nationwide Wholesale and Bargain Real Estate

Tag: "bank owned"

Foreclosure Profit System – Review

Jeff Adams’s Foreclosure Profit System

A review of Jeff Adams’s Foreclosure Profit System has to start with a little background on Jeff. He is an ex-firefighter, turned big time real estate investor and seminar speaker. It’s hard to say how many deals he still does personally, but then again, who could blame a gifted teacher for making himself “obsolete” in his buying-and-selling business to leverage his promotional skills?

To kick off his Foreclosure Profit System Launch, Jeff released a free training video that reveals his top three buying strategies in the 2009 market. They have to do with REO’s – bank owned properties, which is clearly one of the single largest type of sales that are currently happening, and banks are extremely motivated sellers.

The great thing about the new fashion of promoting real estate courses and other kind of information and training materials is that these “launches” often give you plenty of information for free that you can apply immediately and see if it works for you. Before you even get to any kind of “sales pitch”, you can achieve results that can quickly pay for the information if you choose to buy.

Foreclosures are definitely an area of deals that you should not ignore, and Jeff Adam’s Foreclosure Profit System is a professional, proven method to learn the latest information you need in the 2009 real estate depression.

You can get Jeff’s Foreclosure Profit System here <== LINK to FREE Video!

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March 4, 2009 | 4 comments | View Post

Bank Owned Multiunit in Los Angeles

Raw Footage from Walk-Through

Watch these 4 videos (total about 10 minutes) for detailed walk-through information on condition and layout of the property. It is located on W 88th St in Los Angeles, CA 90044, off Figueroa.

Video 1: Exterior full walk-around.

December 2, 2008 | 2 comments | View Post

Outhouse Inclusive – Bank Wants Out NOW!

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Nice Compton Home – Fix-And-Flip Or Hold…

The bank’s had enough of the credit crunch…

Watch this short movie to walk you through this great first-time buyer or investment home in Compton. It needs minor cosmetics, and there are several creative additions. One of the bathrooms seems to have been added (probably unpermitted), and there is an extra “bedroom” with private access that was created from a covered porch. Don’t miss the “outhouse”!

Watch the Walk-Through Video here:

E El Segundo Blvd
Compton, CA 90222
3 bedrooms, 1 bath, 956 Square feet (Actual: 3 bed, 2 bath – plus the “outhouse”)

ARV: $237,000
Sold comps in the area are almost exclusively “foreclosure resale” transactions. By and large these are bank owned properties in bad shape. The key to prosperous investing in this market is to rehab a good product and sell it at an affordable price that allows for a reasonable profit. – Or hold on to it and rent it out for the big payday and wealth building strategy.

Our cash price: Only $109,900 (includes assignments)
Repairs: $16,500 (paint, carpet, minor repairs, cleanup, appliances)

Call now to lock in this great property: 626-921-5881

September 4, 2008 | 0 comments | View Post

Banks Control Foreclosure Market

Banks are more and more controlling the foreclosure real estate market by slashing prices to move their inventory. According to Dataquick (http://dsnews.com), over 43% of all Southern California home sales were “foreclosure resale” transactions:

“Foreclosure resales continue to be a dominant factor in today’s Southern California market, accounting for 43.6 percent of all resales. That was up from a revised 41.8 percent in June, and up from 7.9 percent in July 2007. Foreclosure resales — where a foreclosure had occurred at some point in the prior 12 months — ranged from 22.2 percent of all resales in Orange County last month to 64.4 percent in Riverside County.”

These “foreclosure resale” transactions are considered distressed sales, and if you see an over-proportionate amount of them in a certain area, it drags down the “median home price” and the “comps” below “fair market value”. If you can purchase a bargain property AT or even BELOW these price levels, you’re getting an excellent deal!

We’ve seen deals from our bank-owned sources that you could get for 30-50% BELOW “foreclosure resale” comps (click here for a sample)! Some of these properties are still available, even in the San Fernando Valley.

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August 25, 2008 | 0 comments | View Post

Established Neighborhood – Great Value Buy…

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More, Better Deals From the Banks

Here is yet another deal that could be a perfect addition to your rental portfolio, or fix it and flip it to a first-time or move-up buyer.

This 3 bedroom, 2 bath home of 1,444 sf is in a good and established neighborhood in Whittier, CA. When you check the sold comps, you will notice that most of them are NOT “foreclosure resales”!

What does that mean? I’m so glad you asked! It means that this area is more stable and not dominated by banks slashing prices on foreclosures.

Let me add to that argument. What about the foreclosure pipeline? How many homes are going into foreclosure in this neighborhood? – You may be surprised: Over the past months new filings of NOD are up to about 4 times the level of 2006.

BUT – in 2006 there were only about 2 new NOD filings per month in the 90606 zip code. So, 4 times that is only 6 to 8 per month right now. Not really a big deal – that’s why it’s called an “established neighborhood” that looks like it will hold on to its value a bit better.

BTW: If you want to take a look at all active foreclosures in the area for yourself, just scroll down to the bottom of this article, and click the link to Free Foreclosure Search…

OK, here is a picture:

Halray Ave, Whittier, CA 90606
3 bedrooms, 2 baths, 1,444 sf 5,600 sf lot

I will post more pictures and a repair estimate later today.

Let’s run some numbers:

ARV (sold comps): $389,000
Assessed value: $581,000
Last sale: $500,000 (8/05)

Our price: $249,000 (64% of ARV, $75,000 below listing)

Act now, this one will be gone very quickly!

Email: tom.b@CaWholesaleDeals.com

Free Foreclosure Search – Click here!

August 15, 2008 | 0 comments | View Post