It seems quite a few were interestedin knowing more about ForeclosureS.com, so let me see if I can answer some of the questions for you all:
As I mentioned before, the system is a great system if you don’t mind making cold calls. Cold calling is the basis for the whole system and so if you like cold calls and door knocking, then this system is top-notch. If you’ve read most of the articles on the Foreclosure.com site, then you’ve read Alexis’ opening line for calls and door knocks. My suggestion is to read every Brian Tracy, Jeffrey Gitomer, Zig Ziglar book you can find and take Alexis’ opening line and start making calls. Make 500 calls and if you are still interested in foreclosures then by all means take the lab. The lab is a hands on experience of the cd’s. You are simply implementing each step of the cd’s, with Alexis’ help by your side. So, the more experience you have prior, the more/better questions you’ll have.
As part of the lab, you tour a home that would be very much like a foreclosure property you would buy and then tour comps to see what rehab the purchased property needs. I personally got a lot out of the tour because Alexis showed us the bare minimum that needed repair/rehab to obtain top dollar. I had been spending too much money on my previous projects. Alexis has a handy spread sheet that she passes out to lab grads that calculates purchase, money, holding and rehab costs for each deal. If you have any knowledge of Excel, you can make this yourself, it will just take some time to get all the fields in there. I have a mortgage broker who had a very similar sheet that calculated all the purhcase, holding and money costs, but not the rehab. For the rehab estimates, you can get a cd from Home Depot that does the same thing.
I expected more of a community to be formed after graduation. I don’t talk to any of my fellow lab members and don’t know how their investing is going. Alexis doesn’t seem to be much for the community side of investing, not sure why as it could be a nice source of additional income for her if done properly.
My experience has led me to one deal, with about $40K in profit and no rehab work. I don’t like making phone calls, so I gave that up and have since started mailing letters. I personally believe her system needs a bit of tweaking. Also, be aware that the calls need to be made in the evening, the same time your family is home and most folks are looking to relax for the evening. For instance, she claims whether over the phone or in person, it doesn’t matter so long as you are making contact. I disagree. The more face-time you can get with a client, the better. So, don’t sell over the phone, sell in person.
Foreclosure investing is a sales job. For all you re-habbers who are handy with tools, let me be the one to break the news to you. This is 80%-90% sales and 20%-10% investing.
Like all “systems”, the system wont work without an input of some sort. this system requires the input of phone calls (and the time to make the calls). Other systems require the input of money; this one has very little over-head for a beginner. But, unless you are a trained salesperson, your success rate will be fairly low in the beginning. I fear the low success rate causes discouragement among many and they abandon this system for another or nothing at all. Out of the 13-14 lab graduates, I would expect less than half have continued with this approach.
I hope this helps get a more clear idea as to what the system is and how it works.