Foreclosure investing

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  • Hi Jackie,
    This Wally from L.A. I ‘ve not been active in the forum for a time. I’m really interested in buying a first home for my family. Which of the materials should I be reading for the California market ?

    HI Wally

    Welcome back!

    What are you looking for? A house you can move in to? seller financing?

    Foreclosure investing is not the best way to go usually because the back payments are so high – sometimes 2 years of back payments plus penalties and interest.

    If you want to buy a house subject-to the mortgage, you need to get to people when they are only 1 or 2 payments behind, not already posted for foreclosure. I’ve had great luck finding these people by doing two things:

    1. Get with a foreclosure listing service in your area and find out which zip codes have the highest foreclosure postings, what the average mortgage balance is, what kind of loan, and what year the house was bought. They can supply that information.

    2. Armed with this knowledge, you can either (or all of these things:

    a) post signs all over the place in those zip codes – that say Sell Your House In 7 Days
    b) start knocking on doors in these zip codes. Tell people that you’d really like to buy a house in the neighborhood and ask if they know anyone
    who needs to sell quickly.
    c) using ListSource, get a list of the owners of people who match the profile of the info you got from the foreclosure listing service, then do a direct
    mail campaign to the zip codes.

    Of course, you can also go driving for $$. Drive the neighborhoods where you’d like to live, look for houses that might need a little fix up, then knock on the door or jot down the address then send them a postcard.

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