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David's Macro Blog

Analysis and commentary on business, economics, real estate, financial markets, and other fun topics

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Tag: San Diego real estate

Purchasing homes at the trustee sale auction has become increasingly popular throughout 2009 as the real estate markets have firmed. 

When there is a big enough discount in the purchase price of a home at the auction vs. its full retail price on MLS, real estate investors will buy the home to either flip (resale) or hold for greater appreciation down the road.

Jim Klinge (aka “Jim the Realtor”) of San Diego interviews Adam Rappoport (aka “SD Realtor”), a realtor and active flipper of trustee sale homes.  This is a very frank and honest discussion about the risks and process of investing in trustee sale homes.

Adam Rappoport Interview – Part 1 of 3

Adam Rappoport Interview – Part 2 of 3

Adam Rappoport Interview – Part 3 of 3

There is a lot of mystery and uncertainty about buying a home at the trustee sale: there’s no inspection period, deep pocketed buyers pay all cash to buy the property “as is” and “where is”.

The interview really gets into some insightful and insider details in parts 2 and 3 so make sure to watch all of the videos.

What surprised me the most was how the margins have shrunk this year. Notice Adam mentioned that his target margin was 20% per deal but now it’s down to 15% and the current deal was at 9%.

Another interesting thing is that every property he’s resold this year has had multiple offers because his group priced the home right.

What do you think about this interview? Please comment below.

Every wonder what happens when a tenant occupied house is foreclosed?

Listen in as a fly-on-the-wall as my favorite real estate agent (Jim the Realtor) approaches the tenant of a house just foreclosed 2 days prior.

How would you handle this situation as the bank’s realtor who needs to have the place vacated, cleaned, and prepared to be sold as a bank REO?

Watch the video below as Jim Klinge records his initial conversation with the current (and soon to be former) resident.

Please comment below with your thoughts.

One of my favorite blog authors, Jim Klinge (Jim the Realtor), was featured in this LA Times Story.

Jim really pioneered the use of blogs and videos in the RE industry. I read his blog regularly. I’m glad to see a good RE agent recognized for his honesty and backbone to stand up for his principles. He’s a true professional.

This is a must-read before you list your house for sale in this market, especially if your area has lots of REOs:

http://www.bubbleinfo.com/2009/03/sellers-get-it-done/

Global Financial Crisis

Peter Schiff’s “Crash Proof”
http://www.youtube.com/watch?v=6NvjrfC6i0I

(This was recorded before the main crash to give you perspective)

The Inevitable Collapse of the Dollar

Interviews credit agency insiders (who had quit the firm) about how the credit agencies were part of the problem
http://www.pbs.org/now/shows/446/

San Diego Real Estate

Carlsbad beach drive in January!!! (time to move)
http://www.youtube.com/watch?v=_nfPuA3QUiE

JtR in Carlsbad on Aviara (hear what he says just inside the front door; also about the kid’s room)
http://www.youtube.com/watch?v=cZU2fjkt2kk

Misc.

TSO Christmas Canon Rock (my favorite version on YouTube)

Video Captures US Airways Landing on Hudson
http://www.youtube.com/watch?v=PSv16PFKCJE