REO and REDC Auction Tour in San Diego

Saturday, January 24 we spent a full day looking at houses listed on the REDC auction and other REO’s in Escondido. Rich Hake and I showed 10 students the ins and outs of looking for foreclosed houses in San Diego. We toured the smallest of 600 sq ft and the largest of almost 4000 sq ft, all offered on the auction on Wed Jan 28. Students learned which houses would make good rentals and which houses not to buy. When would you wholesale the house to a rehab or handyman investor. We also taught how to get a good price from the bank, how to make the offer and when to walk away. Students learned how to use hard money and private money to make the purchase. We toured the full spectrum of houses from those that needed little work (those sell fast and go for marked up prices) to a full “back to the studs” rehab of a Craftsman era house to a Luxury new construction to a Luxury unfinished short sale. Along the way we discussed how to hire contractors, taxes, trusts, assignments, options. They learned why to avoid “cobbled together layouts”, how to spot drainage problems, roof problems, foundation problems. Furnaces, cabinets, flooring, painting, they asked, we answered.

We tracked the house prices, the MLS comps, what we would offer and compared those prices to REO’s not on the REDC Auction. We then went to the REDC auction to compare final prices with comps. Come back to the next posting for the final prices and news from the Auction.

Here is what Deb S. said about the REO tour:

We really enjoyed the tour. Very informative and everyone was engaged. Thank you for all your effort. I debated whether to go or not, if it was going to be informative, or just a long drive with a lot of stops. We were
really surprised with the amount of casual exchange of information, ie, how to get around evictions, smaller counties for tax liens, installing sweep clean flooring, etc. My son Chris was very impressed too.

REO TOUR**********REO TOUR***********REO TOUR

Be on the next tour and learn 10X more practical information than you did on your last bootcamp

email us at:

info@energywiseproperties.com

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