I thought about buying Carlton Sheets course. I’m new to this and want to know how to locate properties (foreclosure, motivated sellers etc) Should I buy a course or is there another route?
Depends on a lot of things, most importantly what it is YOU want to do. For example …
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What are your (short-, mid-, long-term) goals?
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What type of property are you looking for (SFR, MH, Multi-family, Commercial)?
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What are the characteristics you have for the property (age, location, condition)?
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What is your financial position, and how do you expect to buy/hold properties, or do you strictly want to assign them?
etc …
For example, you may only want to buy 2-4 properties, don’t have a lot of free time, have cash reserves, etc., you can bid on local HUD/government/REO foreclosures. Just submit a bid to a qualified agent that meets your criteria until you get one.
Or, you may want to be more aggresive and do direct mail and/or other type of marketing towards preforeclosures, and would like to buy or assign 10+/year.
Or, …
Just a whole host of possibilities.
I’m closing on a HUD f/c this afternoon (Actually, in about 3 hrs). It’s new (2003), I got it for <80%FMV, it needs <$2k work, and I’ll sell to people who cannot qualify for 100% financing. Therefore, I’ll get cash back at closing (probably $15k), plus make about $250/mo cash flow from the 2nd note I create. I’ll use the cash back to partially finance the next deal, etc.
off topic - where does the 250/month come from. i would assume the second note?
So you are paying cash? Then the new buyer gets 80% financing and you loan them the other 20%?
The best place to locate motivated seller is the situation when he is looking for you because he needs to solve his problem.