Posted by Garry S(sdca) on November 19, 1998 at 17:08:08:
Hey, I know how you feel. I was going through the same thing only a couple of years ago. I have realized that the most important thing is patience. The properties are out there but don’t expect to find positive cash flows with no money down in the favorite neighborhoods. Look for stuff that needs minor repair/clean up, look for low rents for the location.
California - Posted by Fabricio A.
Posted by Fabricio A. on November 19, 1998 at 14:13:27:
Well my question is if anybody has done deals in california (southern part), cause i had tried, but was very difficult because of high prices. I would appreciate if somebody could give me any advice and how to start investing specially in los angeles area!!
Fabricio
Re: California - Posted by Gordon
Posted by Gordon on November 25, 1998 at 23:28:18:
Have you tried VA foreclosures? There is a gold mine hidden in these gems.
I don’t live in L.A., but, not far from there. The VA (Veteran’s Administration) sells foreclosed homes to anyone, and even finances the properties to investors with 10% down @ a low interest rate.
One of the best things about these homes is that they usually sell them well under market value. Most of them do need some sort of fixing up, but, usually not too much.
In fact I just won a bid on a VA foreclosure yesterday, for $30,000 to $35,000 below market value. It will require approximately $4,000 to repair, if I perform most of the work.
If you are interested here is the web site address:
You will need to find a real estate agent in your area who can help you. There are certain agents who deal with this type of property.
Good Luck, Gordon