Posted by Ronald * Starr(in No CA) on October 21, 2002 at 24:21:07:
Robb–(CA)--------------
I hope you have read my article “Is Foreclosure Investing for You?” in the “money-making ideas” forum of this CREONLINE.COM website.
I suggest you abandon any thoughts of investing in foreclosures in the San Fran Bay Area. There are way too many very experienced investors who work the market vigorously. They have lots of money and I doubt if you will get a good deal if you worked for two years at it.
The last times I went to foreclosure sales in Alameda County–where I live–and Contra Costa County, about 2 years ago, I suppose, there were always about 15 investors ready to buy anything good. One sale 9 of us qualified to bid while the other 17 attendees hung around ready to jump in an bid should the bidding have faltered at a low level. It didn’t, so nobody else qualified.
It is not much better in most of the other counties in Norther California. And it is probably worse in Southern California.
I say this not to discourage you but to give you the reality. You can go to any sales you want and see what is going on.
Good InvestingRon Starr*****