InnoVest Resource Management's Foreclosure Forum

Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Best way to go... Posted by Ward-CA- on June 09, 2002 at 2:52 PM In Reply to: In CA best place to find foreclosures--tax liens--money?? posted by Kim on June 08, 2002 at 11:08 AM : Hi, : I am in Los Angeles, CA and have read several books on buying real estate and reviewed Carlton Sheets and McCorkle. : The problem is that I have a lot of general information and not enough specifics : Is the best way to find foreclosures in California through ordering a paper like Daily Commerce that gives you listings of defaults and REOs? Or is it better to subscribe to an on-line service that provides you with auction sale information and then go to Norwalk to the county public records place and do research on the owner's judgments or liens? Or is it better to get foreclosures through a realtor (I was thinking this wasn't good because they get 3%)? What about getting a list of REOs from the bank? : Also, I am a new attorney so I don't have money to invest in property because of school loans. Plus I recently purchased a home with 100% financing and then sold it in 8 months. Now my credit is even worse because of the high debt I incurred when I used credit to fix up the home. Is it better to buy property as an individual or a corporation? Also, does anyone know how I can get money whether as an individual or a corporation to buy property? Looking in a newspaper for "creative deals" just doesn't seem to work. Does anyone know of any specific mortgage companies or banks that would finance me or a newly formed corporation to do property investments?...keep in mind my credit is bad because of high debt. : Also, what about tax liens in California? I read that California doesn't sale tax certificates, only the property, and that the owner has an indefinate amount of time to dispute the tax lien..but that after a year, a title insurance company will insure the property for sale. Does this mean that buying at a tax lien auction is not a good investment? : Sorry for all of the questions..it's just that I have a lot of general information and know what my specific questions are and am in need of specific answers.. : Also, if there is any experienced real estate investor in Los Angeles who wouldn't mind being a mentor to an inexperienced investor, I would really appreciate it..plus I may be able to help you with attorney services. my email is kimivette@aol.com : Thanks =•=•=•=•=•=•=•=•=•=•= Kim, I feel it’s better to subscribe to a local, foreclosure notice service like County Records Research in Huntington Beach, CA. They will provide you with exactly the type of service you want, be it by mail, by private bulletin board or from their website. You’d then research the title of the property being foreclosed upon by going to your local county recorder’s office. In L.A. County it’s located in Norwalk. Usually it’s better to buy a foreclosure via a title holding trust rather than directly in your name or in a corporation. The trust gives you privacy and annonymity of ownership without the $800.00 annual fee that’s charged to corporations, limited partnerships and LLC’’s in California. California is one of those states that does not sell tax certificates on delinquent property taxes. Properties with delinquent taxes are auctioned off after 5 years of delinquent taxes have accrued. The trouble is that so many bidders show up it’s nigh near impossible to get a decent deal. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, : : I am in Los Angeles, CA and have read several books on buying real estate and reviewed Carlton Sheets and McCorkle. : : The problem is that I have a lot of general information and not enough specifics : : Is the best way to find foreclosures in California through ordering a paper like Daily Commerce that gives you listings of defaults and REOs? Or is it better to subscribe to an on-line service that provides you with auction sale information and then go to Norwalk to the county public records place and do research on the owner's judgments or liens? Or is it better to get foreclosures through a realtor (I was thinking this wasn't good because they get 3%)? What about getting a list of REOs from the bank? : : Also, I am a new attorney so I don't have money to invest in property because of school loans. Plus I recently purchased a home with 100% financing and then sold it in 8 months. Now my credit is even worse because of the high debt I incurred when I used credit to fix up the home. Is it better to buy property as an individual or a corporation? Also, does anyone know how I can get money whether as an individual or a corporation to buy property? Looking in a newspaper for "creative deals" just doesn't seem to work. Does anyone know of any specific mortgage companies or banks that would finance me or a newly formed corporation to do property investments?...keep in mind my credit is bad because of high debt. : : Also, what about tax liens in California? I read that California doesn't sale tax certificates, only the property, and that the owner has an indefinate amount of time to dispute the tax lien..but that after a year, a title insurance company will insure the property for sale. Does this mean that buying at a tax lien auction is not a good investment? : : Sorry for all of the questions..it's just that I have a lot of general information and know what my specific questions are and am in need of specific answers.. : : Also, if there is any experienced real estate investor in Los Angeles who wouldn't mind being a mentor to an inexperienced investor, I would really appreciate it..plus I may be able to help you with attorney services. my email is kimivette@aol.com : : Thanks : =•=•=•=•=•=•=•=•=•=•= : Kim, : I feel it’s better to subscribe to a local, foreclosure notice service like County Records Research in Huntington Beach, CA. They will provide you with exactly the type of service you want, be it by mail, by private bulletin board or from their website. : You’d then research the title of the property being foreclosed upon by going to your local county recorder’s office. In L.A. County it’s located in Norwalk. : Usually it’s better to buy a foreclosure via a title holding trust rather than directly in your name or in a corporation. The trust gives you privacy and annonymity of ownership without the $800.00 annual fee that’s charged to corporations, limited partnerships and LLC’’s in California. : California is one of those states that does not sell tax certificates on delinquent property taxes. Properties with delinquent taxes are auctioned off after 5 years of delinquent taxes have accrued. The trouble is that so many bidders show up it’s nigh near impossible to get a decent deal. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2002, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455