I am a real estate investor. I have been watching the foreclosure market closely with no luck. Somehow all the good deals are gone before they listed on MLS or right away when they are listed. I have an agent, however she has no better information than MLS. I heard about bird dogs (I don’t have one). Anybody knows, how to get earlier foreclosure listing or should I go with bird dog. Any suggestions are highly appreciated, thanks.
It might not just be bad luck on your part. Are you only looking in the Baltimore area? If so, WHY?
Rember, Location, Location, Location
I am trying to limit my commute. Every remodeling takes at least 3 months. When you consider this period it is important to limit the traveling as well.
Over the past 20 years, I have had no shortage of deals. I do not like competing with the big investor pools with deep pockets who buy up most of the foreclosures. Being a contrarian, when I see most people buying one way, I choose another or the opposite way to go.
Regarding foreclosures, I just don’t buy them! I either wait until nobody buys them and they become REO’s and then negotiate with the banks or I find pre-foreclosures by ‘beating the bushes’ and making lots of calls as well as advertising.
The REO’s are plentiful and the banks do not want these unperforming notes sitting on their shelves. This drives their stockholders crazy! If the banks are willing to negotiate, then buy. If not find other deals to do and wait for their stockholders to motivate the banks to get rid of the properties.
The pre-foreclosures are plentiful as well. Taking title ‘subject to’ is a winning formula. All you need a little money to cure the default, put the house in a trust, clean it up, give the former owners enough money to rent a U Haul Truck, and get a new buyer moved in with a nice down payment and profit for years to come.
I’ve used bird dogs in the past, but for a few hours of calling and researching, you can find the deals easily yourself if you are motivated.
Hope this helps.
Is4680, are you from Baltimore?