Last year I wrote about REO bus tours that brokers in Stockton were hosting. Larry Reid, council member for Oakland's District 7, has taken a page from these brokers' playbook and has brought the REO bus tour to Oakland.
On May 16th from 10am to 4pm, Mr. Reid plans to send 200 approved buyers on a tour of the foreclosed properties that are on the market in his District. I'm not sure from the e-mail that I received where this bus tour is leaving from or whether new "riders" are still being accepted. However, if you are interesting in going on the tour, you can get more information by sending an e-mail to this address: vregencycr@comcast.net
District 7 is extremely diverse. This East Oakland area encompasses some of Oakland's least expensive neighborhoods, which might be most appealing to investors, and some very nice areas of the east Oakland hills, foothills and the San Leandro border. My guess is that investors will get more out of this tour than people looking to buy a home to live in, because the most desireable homes come and go so fast in Oakland that few are available at any given time. They are requesting that agents submit properties for the tour right now. The best homes available now will probably be off the market by the date of the tour.
However, there are some VERY inexpensive homes in the flat parts of District 7. I'm talking less than $100,000, rock bottom cheap! If you feel comfortable enough living in or investing in that area, there are definitely deals to be found.
In case you are curious, here is a list of all of the active listings in District 7 - http://MAXEBRDI.fnismls.com/publink/default.aspx?GUID=053abf55-56d5-4416-b054-b0fc288ac9e5&Report=Yes
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