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How To Find Deals Using Hubzu (Real Estate Auctions Online) - YouTube
Channel: Derosa Group
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what's happening bigger pockets Matt
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Faircloth so we are here in a middle of
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the middle of the process
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fixing slept with my friend whom on and
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he bought this property on hubzu which
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is one of the own land auction sites it
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isn't to be hubzu it could be like it
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works similar to like zone and
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foreclosure calm and stuff like that but
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easy because ooh guy does a lot of work
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with hubs you see today we're gonna talk
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about how to get phenomenal fix and flip
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and rental deals just get great deals in
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general using the online online option
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sites and how to choose the one that
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you're most experienced since we're
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gonna talk about plug 0 okay so amongst
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a hi everybody hey guys everyone alright
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so tell us what we got we got a how many
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day tell me that's what you pay for
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yeah so this is a 50 unexpected
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properties new bedrooms
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cubot they are locked here little garage
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yep that includes the 5% home Sookie's
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okay and this was an occupied property
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yeah so we'll get to that in a second
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161 this place is worth what next up the
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comics John so this is like a RV is like
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225 in 235 and we did another tour
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through here you told me it gonna cost
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about $18,000 to Renault so he bought up
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a 161 he's gonna put eighteen thousand
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and run out into it factor and maybe a
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couple grand in carrying cost and he's
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gonna sell for two which is 75 35 so -
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realtor he's looking at a profit of
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around 40 can you got it through an
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online auction okay cool so let me ask a
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few questions you said something about
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the hug zoo fees what is that yeah so
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for most of the bids they charge five
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percent commission organic a bio needs
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to be so is it as buyers you may be used
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to buying a property and the seller has
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to pay the Commission because that's
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just you know you never see it this
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hubzu and the other online auction sites
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I believe are also their buyer paid
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commissions so you have to factor that
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in when you've run your mouth for these
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auctions it's not just one hundred sixty
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ones that wasn't the final big your bid
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was probably
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it was 153 153 factor that in guys he
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bought the property under the under the
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auction site your your final click win
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was 153 but your actual closing price
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was 161 a lot of closing cost guys for
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these online options so make sure that
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when you know that you know what your
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put your buy price is you have a factor
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in to read the fine print
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okay cool so the fees for closing tell
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us how the auctions work is you you're
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telling me offline that there's a
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certain equation that you use to kind of
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work these auctions they get great deals
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so I hadn't do it so as you mentioned
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earlier that you know a be on hubzu for
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a while yes this is my fifth property
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order and what I learned slowly with the
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experience is you know you decide for
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property who your sales forms and all
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that and you decide your own price that
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you pay for that in nobody and don't get
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emotional yeah just stick to that price
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so this particular property this was on
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option for close to like four months and
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what would happen is like I'm sure the
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folks know about this but they were a
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reserve price so every property for
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example say this property just making up
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a number year they had a resume price
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for say 180 K 180 wizard so when they
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first now they state the reserve did
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they say the reserves 180 know
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everything I said they don't know the
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reserve on other news oh so that said
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that's uh that's so for those who are
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watching a reserve is if you're on an
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auction the reserve means that's how
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much the bank is willing to take for the
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property and they will take no less than
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that unfortunately it may make life a
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little easy if they just tell you how
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much that reserve is but they like to
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play names like me to keep it
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interesting so they're not gonna tell
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you sir you know you just keep bidding
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and the same screw mercy preserved on
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that and then you have to just yeah so I
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guess I'm honored
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or whatever but once the reserve gets
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met then you know that you've got a real
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auction and the bank reserves the right
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to reject the entire auction if the
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reserve doesn't get met but once you get
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above that they have to accept whatever
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price comes across the table right okay
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so this was on the auction for four
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months with the reserve not being met it
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just it would go out so yeah okay folks
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in basically the option remains them
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from online therapy yeah if they don't
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meet the result then they restart option
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and okay kept on happening around over
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again right then and I I could see that
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the folks were initially reading they
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kept on dropping they took the stock
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email that are sure about yes and then
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then I bought this property after life
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you know four months for the from 153
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but with were people bidding higher than
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that in the beginning they might have
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but no one meant that is oh right did
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these like they just they kept just
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dropping their reserve dropping or never
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dropping or sort of finally until it
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came down to a point but you're saying
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the bigger pool fell off you know that's
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an interesting guy so a lot of people
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that I've even talked to even myself you
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know turning myself in I've gotten
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frustrated with the online auctions it
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man you can ever get a good deal on
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these things the banks that we're gonna
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take the number I'm out of here I'm
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gonna go find something else you wanting
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stick around and stating the auction bid
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every week got in there put is the
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a weekly basis it's free put in a bit of
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day here right so you put it a bit every
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week which is free to do and then
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finally after four months you got a
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phenomenal deal so the second thing
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about the online auctions that I want
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you guys to take home is patience is
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what's going to get you the deal and
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patience and consistency right that you
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probably never adjusted your number is
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just this is my number of this is my
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number this is I was shown what I wanted
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right so I think I was stuck to 150 yeah
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okay okay those are some great tips
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anything else I had had a really win it
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and it really went great deals on hubzu
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any ever had a search or how to use
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those sites yeah so I think on how to do
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that one criteria that I made sure that
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as always you know stick to condos yeah
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because there that's what you know you
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know and it was really well seize now
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there's less risky more in them and also
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one more important thing is on pub so
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you'll see some properties which are not
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occupied meaning you can just like not
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model sell you can going and look at the
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property wrong but this property that
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that that I thought was occupied yeah so
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this that I was thinking that's why
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probably not we just dropped out they
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discover satellite this was occupied
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it's only are they say occupied I
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evaluate this event interesting that
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means you're somebody live in there is
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either whether it was a tenant it was a
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rental or whether it was a private
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homeowner who's lost their home to the
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bank but are still a holdover understand
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in the property do you think they don't
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want to Pete then you go after occupied
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properties because a lot of bitters stay
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away from them right except they don't
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want to deal with them you know what the
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heck and you have excited okay there's
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some heretics in warning them but you
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you get slightly better view yeah that's
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cool
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okay so you want occupy property so now
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that you good now that you bought it
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what what happens you have to go in to
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go sugar people over there or do they
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move out whatever yeah so what happens
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is this this is like my fifth property
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as I said before all of them would
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occupy and
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hubzu basically things that die somebody
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living yeah not very sure but they know
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verify their they don't they call
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initially verified when they put it on
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the on market but then I don't think
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they're worth there are combined so all
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the properties that I got I basically
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get a lockbox keep saying that okay if
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you own this property evaluate the
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scheme they melted like alyona label
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given key or anything they just view the
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log box oh oh
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and it's like Christmas morning because
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you don't go buy the property before
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closing before you get that key you
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don't know I like the property look at
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the me would put it on there but you're
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not I don't know
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I'm not allowed right okay so I miss it
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after I have my my ownership I come here
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knock at the door yeah and four out of
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five properties that they already better
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so he got was living there yes I
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basically brought a handyman go to Bob
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in Italian one property it was occupied
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somebody was still living there the
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owner cell phone is moving there and
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then I had to be single work with her
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just prior you're the owner
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she's proud yes yes I have to work with
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yeah and it's it's called cash for keys
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you know gave her a few dollars to get
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coverage for moving expenses it's not
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extortion it's just maybe she didn't
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have the money to move I mean I can
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understand these people may be found on
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them to fell on hard circumstances or
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whatever it caused them to lose their
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home it's a hard circumstance anywhere
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they gotta move so I have a little bit
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of compassion
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so give them something to move their
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stuff out so it's not an opportunity to
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make a profit in this opportunity for
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them to to move out now yeah and I think
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just Little Neck students it'd just be
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nice yeah as for they talked with them
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politely you know I'm sure there's a
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win-win situation there sure I have
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heard of people that have bought
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properties at auction and had a prior
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owner hold over and it's a matter of a
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fairly quick court filing for eviction
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which is a couple of it's it's hundreds
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not thousands to file a court filing to
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get them out they can't stay there it's
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not their home anymore they can't stay
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in a property being need to get out so
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it's not something to be too afraid of
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you know the rules and if you can
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approach it with compassion and just
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said you know so cool guys great stuff
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here is summary mind the fees on the
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online auctions okay
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be patient like Ramon did four months
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and he got a great deal is going to make
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$40,000 in the profit on I would wait
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for months for forty grand I think a lot
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of you guys would too and then the last
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one was with the occupy properties
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there's another one in there too right
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yeah cool so for occupied properties are
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good with that have people in them
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people don't want to deal with that so
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consider dealing with occupied
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properties because the competition will
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be less you probably get a great deal so
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come on thank you thank you so cool
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thank you for watching everybody's leave
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comments down below I'll give them on
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you jump in here so you can leave some
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comments to answer some questions you
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guys may have thank you for watching and
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have a great drop of the week
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