Las Vegas Trustee Sales – April 2011 UpdateHello. Welcome to Todd Miller TV. I wanted to give another update to the trustee sale. I have the current numbers for April of 2011 and it is a really interesting. There is something really interesting here that I think you are going to like if you are interested in buying properties in trustee sale or just finding a better return in what you are currently getting on your money.So I went and had one of the local title companies pull all the information for me. So I just want to go through the numbers and grab my cheat sheet and go through it okay so in Las Vegas this Park County area we have a trustee sale it is where the houses are auctioned off. It is basically an option and every month we have or at least in April we had 12,069 properties that went to the trusty sale that potentially somebody could have bought, okay.Now of those, of that number of this number here 67% of that number was cancelled or postponed. What that means is that the trustee decided not to foreclose for whatever reason. There is a lot of reasons sometimes they are working a short sale or they are just trying to get loan mod or you know they are selling the note to somebody and you know moving the liability on somebody else so right.Hey so that is 2/3. Now the next highest one is to the bank and this number is 25%. Now what this means is that it wasn’t cancelled or postponed, it actually went to where someone could bid on it and either the opening bid was too high and nobody wanted a house it goes back to the bank, okay.So it is a quarter and so when you see these things called their foreclosure that is what they are. The last number here is the opportunity to maybe you have which is 8%, okay. 8%. Now in a way that is good, in a way that is not good. I’m going to get to the bottom online here in a second. The reason why that number is scary as this let’s say this one and 12 properties so let’s say you decide you want to buy one of these properties, you go find out all the properties you drive around and you find this one.You spend a ton of effort figuring how much it cost and then you go down to bid on it. There is a 92% chance you won’t even have a shot of this because they will go back to the bank, we will go get councilor postponed and you are going to be like well, I just did all that work and I didn’t get anything out of it, okay so you only have a shot on 8% of property additionally on these 8% of the properties, remember there is like 30 people that have their bidding so you know the odds aren’t super great.So but what I want is sort of point out was this is the opportunity. This is 8% of this number in a month so what that means is in a given day 46 properties are sold to a 30 to a third party what that means is a person goes down and either an investor or individual or whatever or an occupant, they bid on the property and get it so that is 46 opportunities at the trustee sale a day to make some money.Point out a couple of things here. These don’t. These are not always deals. Sometimes they just get bid up and people get emotional you know if I think it is where 70 and 7 else takes this with 80. They are going to bid the property on more than 8 because they think there is margin there I don’t think it is there so that is something you have to be careful of, okay. The other thing I would be careful of is some people pass an emotional connection to the property.I will give you an example. We had a person who came to us at I want to buy the trustee sale, I need your help. I live in a unit, it is a high rise. I live in a high rise. I want you to represent I mean buying the unit so it gave us a couple of hundred thousand dollars in cashiers checks, we went down there and bought it for them. He would have paid more than an investor who is in the flip because he actually lived and wanted to keep the property.Okay that is because you have to watch out for people like that. If you are thinking about getting involved in doing something like this it can respond to this video some of the things that we do throughout this process we will do everything from finding property bid on it, get it acquired, do the eviction, do repairs to property, put it back on the market and sell it and we will do individual pieces of that.If you just say like I have got this one property all I want you to do is bid on this one property, yeah we can do that for you. If you acquire property trustee sales say I need help with the eviction and the repairs, we can do that. If we say I have done all that I just need help listing and selling the property we can take care of that as well so I want to update you on the numbers. I wanted to let you know about this 46 number because if that is a decent number you know there is some opportunity there.If you look at the total number of dollars, if you say the average acquisition is 100 grand okay then that is 4.6 million dollars a day down there being spent to buy houses and so you do the math it is like 25 million a week. That is about you know 100 million a month so somebody down there can have a shot. The best opportunities are in the higher price ranges.Everybody is like 50 grand, everyone has got 100 grand, not everyone has got a 300 grand so when a big property pops up sometimes people don’t want to bid on those despite that is a nuance but I really just wanted to hit the numbers with you sort of give you an idea of what we do and show you what the you know what is going on in our trustee sale here in Las Vegas.That is my update for today and I hope it was informative. Thanks a lot.