Where do I begin?
The friendliest county in the nation has pared down its delinquent foreclosure list from dozens of thousands to 3,300 properties they foreclose on and auction off this fall. Yep, you guessed it. I’m talking about Wayne County.
Basically, they’ve given us 3,300 houses to sort through for auction purposes. It’s smaller than any year in recent history, but it’s still an astronomically huge number.
That’s a lot of houses. How do we determine which ones are worth bidding on?
We look for targets. And that begins with selecting a type of house first – vacant land, commercial property, single-family, multi-family, apartment buildings, you get it.
We look at type of house first. Vacant land? Commercial property? Single family, multi-family, Apartments? That’s the first question to ask.
The next question is, ‘What about the area?’
We break the list down into zip codes and parts of zip codes. What areas are we interested in?
Once we identify the areas we’re interested in populating, turning around, and otherwise getting involved in, we review the conditions of properties we want.
That ranges from in really good shape, move-in ready, to needing a lot of work, looking a little beat-up, or diamonds in the rough that need a good polishing.
Hopefully by the time we apply these filters, we’ve whittled down the list to a manageable number on which we can do proper due diligence and research before bidding.
We bid on properties that make sense. Of the initial 3,300, we will realistically strongly target less than 100. And we’ll buy as many as we win.