Comments on: Adam Rappoport 3

By: SD Realtor

SD Realtor — Sun, 29 Nov 2009 18:51:51 +0000

Hi Gerry

I think El Cajon uses priority posting. Also the sheets you see the big guys use is probably county tax recrods research. I think that may be the url. I think the service is like 90 bucks a month. In El Cajon I have seen two guys auctioning at once like you mentioned. Downtown they don’t do that. The NDEX guy starts at 10 and then Jay takes over.

By: Skeet

Skeet — Sun, 29 Nov 2009 17:49:53 +0000

Awesome series. Thanks for letting us into the deal, Adam and Jim. Very educational!

By: tj & the bear

tj & the bear — Sat, 28 Nov 2009 21:48:36 +0000

Thanks for the response, Adam!

By: Gerryf

Gerryf — Sat, 28 Nov 2009 17:35:44 +0000

SD Realtor
I noticed that starting schedule but did not know it was standard. Thank you for that!
I havn’t been to El Cajon in a while maybe 6 months. When I was there last, one sale was going on out and away from the table you mentioned. Maybe that is the NDEX guy.
The fellows around the table did not start until the other caller was finished..a nice touch. Same downtown.

Any idea which one in El Cajon does CR Services?

BTW I use Foreclosure Radar. It works for me. I see some of the big guys with different data sheets so they seem to use a different service.

By: writejesse

writejesse — Sat, 28 Nov 2009 11:30:59 +0000

This is great reporting, great information. Thank you Jim and Adam for sharing this with us.

By: Genius

Genius — Sat, 28 Nov 2009 10:47:56 +0000

Leithreas – google Calculated Risk Blog

By: SD Realtor

SD Realtor — Sat, 28 Nov 2009 09:07:37 +0000

Gerry good luck. Depending on the trustee you may be able to call them but most of the time they will refer you to a website. One trick you can play is to try to talk to an operator and tell them the website is down. Then they may actually give you the opening bid. Maybe do this Monday morning at 10 or so to save you some time. If the trustee is NDEX get there at 10 because they start then. If not then get there at 11:30 or 12:00 because of the postponements.

By: Gerryf

Gerryf — Sat, 28 Nov 2009 01:55:26 +0000

Adam and Jim,

Thanks for this insight. Great blog.
I’ll be bidding on Monday. 1295 going to auction, the most I have seen recently. One I have been tracking is going to sale and I just know that it is going to be sold on Monday! Adam knows how that feels, I am sure!

By: Leithreas

Leithreas — Sat, 28 Nov 2009 01:05:36 +0000

Adam,

Good luck to you and your team. I hear mention of CR, is that a blog or a forum site? Can somebody link me to it? I think it’s never any harm to read all you can about a subject

By: SD Realtor

SD Realtor — Fri, 27 Nov 2009 23:39:13 +0000

bubblenerd I was cracking up. As I said I am with two others and one of them goes to the El Cajon auction alot. I have been there with him a few times. There are like 5 or 6 guys, I am sure a few of them are realtors and they sit around this table with there dollars and they literally bet on each bidder. It sounds funny but they are well… pricks… there I said it… anyways I think we have only been successful once at El Cajon. Bad juju there for us. So don’t bet on us at any of the auctions unless you are betting on us to bail out.

3series we don’t use realtytrac or any of those sites. There are trustee sites that we go to like fidelityasap.com that give the sale dates. Yes we use a title company to help us out but they don’t run a full title report. If we did that for every property we would be broke. We do alot of the legwork ourselves and in some cases one of our investors goes to the county courthouse and looks up the information right there. Yes that is a pain in the ass but this stuff is all a pain in the ass. That is why those who think it is easy money are wrong.

tj yes your point is essentially true. However not all big guys stay through the entire day. It is a long day at the auctions and sometimes they get all the homes they want and leave before your desired home comes up. The main point of your post is true though, we have in some cases had to settle for a lower target margin. We got one the other day that I believe we overpayed on and will suffer a lower return because of it. There were like 9 bidders and the investor that went was not to be denied. She did not go full tilt but went over our “max” by a few thousand bucks. She is smart and each of us agree to trust the other 2. In some cases we have been a bit to pessimistic in our anticipated resale price on the open market so that is a pleasant surprise. By the same token like Corte Selva we have had to cut and sacrifice so the events balanced out.

I haven’t gotten the “good feel” that you refer to. However it depends more on the target market being acquired. For instance there is a certain complex in Rancho Bernardo that I know the demand is really really strong for. So I do know we can overpay for a condo at that particular complex and do okay. Same is true for a few other neighborhoods. However that is only true for a few very specific areas. Honestly I sweat every time we get a place and sweat until the check comes from escrow.

Gerryf you pegged it…. If we were only looking at one or two properties we would never get anywhere. Initially when we started we were absolutely confined to a few areas. As we learned through experience, exactly what you said was true and we had to expand our circle in order to make revenue quicker. So yeah we try to have at least 3 or 4 identified per trip. It is not always like that but I think the times we only went with 1 property on the list, we were never successful.