I went to foreclosure.com and I noticed there are alot of properties there. Now…before getting excited (I figured finding forclosed props is the hardest part of REI) I thought to myself…
Why are they still there if there are so many investors? Is there money to be made using that website? (9/10’s the properties are ALSO listed on realtor websites and MLS). These are the properties other investors don’t want…can anyone have success in REI if they don’t “know someone” at a bank? My goal is to own 100 properties bringing in 100-150/month in cash flow. I am not the good ole boy type and don’t know ANYONE at a bank and I am worried that this will limit my ability to reach my goal in a drastic way.
Hello, I’m thinking that your talking about REO’s. If so, establish a relationship with your local banks. But, if your first concern is financing, then you need to consider a traditional lender or possibly a Hard Money Lender. If your credit is good, then go with the traditional lender. If your credit is questionable, then you may want to use a HML. Now, the rates are higher for a HML but, they base their lending on the project, not your credit. HML is a last resort if you want to make your projects happen. I hope this helps.
I have capital, great income and excellent credit. Getting loans is not a concern for me; my biggest concern is finding properties and as a newbie this seems to be the biggest challenge. Finding a home that will provide decent cash flow. My biggest worry is that as a newbie I don’t have access to the best properties the day they hit the market; I am usually stuck with foreclosure.com, HUD realtors and MLS. Yeah I can knock on doors but at the rate I want to move its going to be tough.
I just want to know if it is possible to find income producing deals via foreclosure websites and MLS.
Hello, I understand. I have used local realtors that specialized in foreclosures. They kept me up to date every week on new homes available. Knowing that you have the funds to move quickly, they will be more than happy to help you since they will know that you are a serious, motivated investor. I hope that this helps.
I think what they are trying to say in a round about way is NO, foreclosure.com and other such sites are not the way to go. Most of thier data is old. I think you will find that many properties are already sold or about to be sold by the time they list them, and those that are not are generally still there for a reason.
There are always exceptions to the rule, but you best bet is to try looking for atleast one quallified Agent in your area who can provide much more updated information. Either that or start networking at you local banks and courthouses. Or perhaps all three in due time.
THE BEST PLACE TO GET FORECLOSURE LISTINGS IS FROM TITLE COMPANIES. THE INFORMATION IS MORE CURRENT, MORE ACCURATE, AND IT IS FREE. LOOKING AT MLS PROPERTIES ISN’T THE BEST THING, BECAUSE THOSE PROPERTIES ARE LISTING AT RETAIL COST MOST OF THE TIME. IF YOU WANT TO BUY SOMETHING AT WHOLESALE, THE ONLY WAY TO DO THAT IS TO LOCATE MOTIVATED SELLERS, FOR SALE BY OWNERS, FORCLOSURES, AND REO PROPERTIES. ANY TIME A REALTOR IS INVOLVED YOUR CHANCES OF GETTING THE PROPERTY AT A LOWER PRICE DECREASES.
I am pretty new to this as well, so indulge me for a moment. How would a title company have the latest info on forclosures? Who you normally approach at the titile company and why would they automatically release that info to anyone. Thanks for any info.