How competitive is it to obtain a forclosure?
what does this question mean?
i presume you mean buy or acquire or do you mean obtain information on foreclosures?
both are difficult, but obtaining info on actual foreclosures is not that difficult - see legal notices. you can try and go to banks to gete foreclosure lists, but you will not have much success without a name for yourself in the business, or a large bank account with your own bank.
buying foreclosures is very competitive. if you’re just starting out, go to some auctions and talk to some people. they’re usually more than willing to talk to you, it’s like a club - everyone knows each other - but with foreclosures, you need a banker or a bankroll BEFORE even thinking about getting into foreclosures seriously.
now preforeclosures and the like are also very competitive - once an owner misses a few payments - they get 100’s of calls from prospective buyers or people who want to “help” them with their financial struggles.
your public access in your county clerk offers alot of information on lis pendens, foreclosures, liens etc. but you need to become familiar with the various offices and computer software systems that are used to navigate through such information. lots of college looking kids and other various types are there everyday. i presume that they are
a. bird dogs
b. pre law
c. working for rei’s
d. fellow rei’s
e. i have no clue
basically on a scale of 1 to 10, with 1 being extremely easy and 10 being almost impossible…if you’re just beginning - figure an 11…
but with time, increased knowledge-base and perserverance, in about 6 months - you’ll be at a…10…
All the above is basically true. However, there are, in most places and becoming more true daily, more than enough pre and post foreclosures to go around. If you are in a major metro area count yourself fortunate as there may very well be an REI club you can join and plenty of houses you can get. My area sees about 50 foreclsures a month with maybe 10% with any equity. But, even so, you find a niche and find deals if you are creative and work your butt off. REI is not pie in the sky or a fast, easy way to riches. There are lean times, work without immediate reward and times of self-doubt. But, as I understand it, the eventual reward makes it worthwhile.
Thanks alot! That was the answer I was looking for. Very informative!