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I’m here to introduce myself. I subscribed a week or so ago and since then I’ve been listening non-stop to the audio provided. I find all of this stuff really facinating.
At the moment, I’m sending out letters to distressed properties with the hope of finding a good wholesale deal. I’ve already gotten a few calls and I’ve been to see a couple of houses so far, but no deals yet.
I’m using Jackie’s book as my bible.
Any suggestions for the new guy?
Welcome to the group!
Glad to hear that you hit the ground running.
Where are you getting this list of distressed properties? How much equity do they have?
For a wholesale deal to work, they must have a lot of equity.
So, it sounds like you need to stop sending letters to the list you have — it may be a waste of money.
Before you do a mailing, do your research to make sure their is plenty of equity.
I’m sending letters to pre-forclosure houses (from forclosure.com). But I’m only looking at properties whose original mortgage amount is less than the estimated value or similar. And I’m making sure that the purchase date was 10+ years ago to ensure some amount of equity.
Does this sound reasonable?
Welcome to CFD. Also, a phone call always beats mailing letters. I only mail letters/postcards when the owners are not reached by a phone a call.
In the tax records there you’ll find where owner name and mailing address. With that name and address, I use a people finder search to get a phone number. There have been a time or two when the neighbors gave a phone number. Honestly…I would stay away from foreclosures the chances are there is no wiggle room and dealing with the banks on those REOs can be head-aches. Best of luck to you.Welcome Kyle
So glad you made the choice to join our group! It sounds as though you have not been disappointed in the amount or quality of information here as I described to you. See you at the next meeting!panamapreacher……would you share you favorite source of people finder? Do you use a free or paid site?
Thanks
Wes JohnsonI use…
http://www.peoplesearch.com
http://www.infousa.com
http://www.pipl.com
http://www.spokeo.com
and http://www.intelus.comThe only free one is YP.com. Other than that I general pay .95 or 1.90 per search.
You can always become a member of those sites for a yearly fee but I chose not to do that and just pay by search.
The only problem is sometimes some of those sites have out dated information however, each WILL have an accurate mailing address.
Intelus is one I use the most and they give credits if the search is invalid. Hope that helps.Best,
ArcinioPreforeclosures are NOT a good maiiling list.
Even if they bought the house 10 years ago, they probably don’t have any equity. Plus, it’s been my experience that preforeclosure people today want to stay in the house until the bank kicks them out. Many stay for 2-3 years with no payment. So there is NO INCENTIVE for them to leave or sell. There was in the old days ( 4-5 years ago) but not now.
For wholesale deals, you’ll have much better results marketing to code violations and OLD RUN DOWN VACANT houses in the less expensive neighborhoods.
Keep in mind that the VERY BEST deals… the ones that will make you the most money… are the properties which are not on a list, not listed on MLS and no one else knows about it except you. There won’t be a for sale sign out front. They are not advertised on the internet.
You find these kind of deals by driving around looking for run down, vacant looking houses ( or get others to drive around for you)
You see, if it is on a list, the seller already has a price in their mind on what they will get for the property. If you offer anything less, its an insult and you will get a lot of NO’s. Mentally, they already have the proceeds spent on something. If you don’t pay them enough to buy that something, they will be disappointed in not getting it – and reject your offer because they can’t get what they want.
But, if the house is NOT on a list, they don’t have a preconcieved idea of what they will get. Anything you offer them is more than they were thinking about because they have not been brainwashed by real estate agents or other data.
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