I’ve got so much information in my head I’m afraid to do anything and I could definitly use some guidence. I’m taking my Real Estate exam on Feb 14, I’m reading Finkel and Conti’s book "Making big $ Investing in Foreclosures"and I devoured Carlton Sheets program. I also “bought/lease” a foreclosure leads website to a few counties in Northern California. I’m getting 4 to 5 buyers forwarded to my e-mail looking for forclosures a day, plus a list of hundreds of properties in northern ca. in various stages of foreclosure. I don’t know what to do!! Right now I’m passing off the names to a real estate agent friend of mine who, if he sells any properties, will give me a finders fee. With the foreclosure leads I figure once I get up the nerve I will contact some of these people and see if they want to sell their property with the hopes of maybe flipping it or keeping it as a rental. I’m just frozen though. Any confidence booster would help. Am I going in the right direction? I really want to make this happen and am not afraid to work hard. Thanks for your feed back folks. kt
That sucks that you have to take your boards on Valentines Day, good luck though. Well, My word of advice to you is to just get out there and start making deals. It doesn’t matter how educated, wealthy or intelligent you are. The bottom line is: if you don’t go and make the deals happen, they’re not going to happen. I had a lot of people tell me that if it was really as easy as I thought it was, more people would be doing it. But now I know that’s not true. Most people don’t do it because they can never get past they’re fear of failure. Suck it up, drink if you have to and go make some money. Good luck…
Good luck and I was on the same boat until I started with my first deal this week. (not a foreclosure however!)
This is my experience with Realty Trac. about 80% of these leads are not accurate. Either the bank info are incorrect. Or the owner is working out a solution to catch up with their debts. I have been sending letters to those leads. And the result is 0. (I just started!) May be I am looking at the wrong neigborhood. Where the house is worth alot more than what they owe and the owner knows it. I have neigociated with a few of these properties… but they want top dollars for their houses and leave no Equity for me to do anything with.
May be your approach is different. Can you tell me how successful you have been with Realty Trac?
I also tried Auction … but unless you really know what you are doing, it can be risky and you are in a room with many people who do know what they are doing and with Deep pockets. (ie banks)
Please let me know if Realty Trac is a worth while investiment, I cancelled my membership after the 1 week trial.
I think it’s funny that you quit your subscription after one week. I did the same thing because I was having the exact same problems with inaccurate info. I found what I thought were excellent deals, but when I went to make offers on the properties they had been sold for a couple months. So I figured why pay $30/month. I buy REO properties and rehab them. I am able to get people to bring me properties of interest because I pay them a referral fee. Check out Reonetwork.com. Email all of the agents in your area and tell them you’ll pay them a finders fee if they give you listings you go on to purchase. Some agents will say they can’t accept the money, some will.
Also, make some business cards that say “I buy houses” Pass them out to everyone you know and tell them you’ll pay them $500 if they give you a lead that you purchase. You’d be surprised at how many people will be your friend all of the sudden…Good luck.