I have just found a bunch of preforclosures in my area this weekend…one is actually on the next street over with at least 70K in equity. I actually was overwhelmed with more potential deals than I can handle. I will be contacting some owners starting tomorrow…probably send a letter first and follow up with a phone call. I am kind of nervous, but excited. I have been networking with some investors, and I plan to try and negotiate a contract on as many as these leads as I can. Of course I cant offer a property until I have a contract, but can I send some info about the properties while I am working on contacting the owners so I can possibly have a buyer lined up? Any suggestions from here? I also did check the mortgage amounts due and comps…did I miss anything?
yes, where are you located?
I am in the Tampa area…You?
Arizona
Hi, I’m pretty new to wholesaling, how did you find your pre-foreclosures If I may ask? Did you buy a list, or manually go to the courthouse? I am in Northern California. Thank you, Timo
Timo,
I have a contact in the title business, so I was able to get access to a few sites… Foreclosures and also comps which helps research potential deals. I also find alot of info on the county sites.
I see, I don’t have a contact in the Title business as yet. Is there another way to compile quality info without spending an arm and a leg? Out here in Cali it seems everything is expensive including your network. Any advice would be much appreciated, thanks. -Timo
Hi Timo,
I’m in Virginia near Wash. DC and I usually find info in the local newspapers. Other than that, other investors that may not have the funds for the deal or just may not want the deal. Either way…networking is the greatest assest for me.
I’m in Montgomery County Maryland where in the papers do you find preforclosures, and is this the best way to find properties to wholesale?
In any local paper in the classified section under forclosures and trustee sales. This is NOT the best way to find them. This is just a way, but when you find them at this point know and understand so does everyone else in the same geographical area as you so there will be lots of competition to deal with. I don’t think there is a “best” way to find the…you do whatever you have to do to find them…i.e. buy a list or sign up for a site that provides a list.
I recently signed up for a site and they give great leads because they come from other investors or motivated sellers…so it’s straight from the horses mouth. You just have to do your own research and find what you’re looking for. Another source I use to find contacts and re sites is craigslist. I’ll do a search for re jobs, or property and I’ll usually come across something interesting. Good luck.