Or snap up the home from another investor who bid successfully on the property at the auction — an on-the-spot flip. This scenario offers the luxury of an escrow period, De Meire said, and a chance to get financing and title insurance, which can’t be done before bidding at the auction.
But, De Meire says: “Don’t ever limit yourself to bidding at these sales. There’s much more to this business.”
Virgil Thompson of Los Angeles, who performs energy audits on buildings for a national company, came to Pomona to learn how to buy properties at the foreclosure auction. But after listening to De Meire, he left with another idea.
“I like his smart strategy of buying the note,” Thompson says.
De Meire, 57, became an investor when he was in his 20s. At that time, he said, he heard, “ ‘People my age would never be able to afford real estate.’ ‘Values are too high.’ ‘The opportunities are behind you.’”