what is the most efficient way to find potential sub2 sellers? Are these sellers usi\ually in pre-foreclosure?
FSBO sellers
(For Sell by owner)
no doesnt have to be in forclosure, they could be moving cause of job transfer, divorced and cant pay by them selfs…etc
GBC,
While I must admit, the vast majority of deals I do are subject to the existing financing deals, I don’t really market for them.
In fact, I don’t market for any particular type of deal.
Instead, I market for sellers, those that need the service I provide, which is a clean, fast, hassle free sale.
Sometimes those are cash deals, others on terms, including subject to.
We do get a large number of calls from ‘preforeclosures’, but not all calling are behind on payments. At least, that’s how I define preforeclosure for the most part…admittedly though, most who sell to me, if they did not sell or payoff soon, would have eventually wound up in foreclosure.
Also, to answer your question here, but change it a bit;
“how do I get deals?”
I market like a mad man.
My message, (what I do and how to get ahold of me) is plastered all over the place, consistently and with great reptition.
same message, over and over, in VERY visible places.
Makes the phone ring, and from there, we look at the ones that interest us, and refer the rest if they are willing, to services better suited to their needs.
Catch the tip in there? Referals to other services…this works both ways, and better when you are sending over business to others where they make a profit.
Hope this helps,
Jim FL
Thanks Jim, that really helps a lot. What part of Florida are you in?
Geoff
once you do find the sub2 deals, what is normally the exit strategy for the person who purchases the property?
Deb
Geoff,
I am in central Florida, between Tampa and Orlando, basically a far out Tampa suburb.
Deb,
The exit depends on the property. Some we wholesale, some we rehab and resell, some we rehab and keep, most we don’t rehab as they don’t need it. I don’t really decide on the exit strategy based on the method used to acquire the property.
Some we hold as rentals, some we sell and carry paper, some are sold with lease options, while others are sold right away retail, or wholesale.
I have one neighborhood where we own 8 houses at the moment, all rentals. I am working on another 2 houses there and want to hold those as well. It’s kinda nice having a bunch of SFH’s as rentals in the same close knit area.
Makes management easy, and many of my tenants were referred by other tenants in the same neighborhood.
HTH,
Jim FL
Jim,
Wow, small world. I am in Clearwater and just starting to get into sub to deals with leas options as an exit.