We could tell you, but then we’d have…sorry, couldn’t resist.
We are very, very open about how we get our deals and we believe that not only can you get out there and find one yourself in this current market, but we ENCOURAGE it! When anyone buys vacant foreclosed, or distressed property of any kind it is HELPING the economy by putting cash back into the system!
90%-95% of our deals are bank foreclosures. What makes the REOs (bank foreclosures) we find special is that we do NOTHING but scour the foreclosure listings day and night for that one property that the banks are especially sick of or don’t want (i.e. boarded up so you can’t even see the inside or in trouble with the city). Since foreclosures pretty much make the market, obviously it has to be “sub-forelcosure” prices to be a deal.
Sometimes banks just price it way too low (imagine trying to find an accurate selling price for thousands of properties across the entire country!) Sometimes they just screw up on price, and, well, who better to grab that property than you or me? I have to tell you, it is like finding a needle in a haystack, but they are in every neighborhood- and you CAN find them, especially when you know your values.
(BTW, buying directly from the bank with no bank broker is a myth, we’ve yet to hear of one single case of that.)
We also have other methods of marketing from “We Buy Houses” signs to direct mail. We send postcards to owners that have property here but live out of state…often they want to dump their property but just haven’t done it because it is such a pain in the rear to come here, sometimes evict tenants, fix up the property, find a Realtor, show the house to strangers, , wait months for it to sell, risk vandalism, risk finding a flaky buyer that doesn’t close, ….you get the point, and all of this during a declining market)…To them, any cash in hand is a huge bargain.
Last but not least, our friends and associates sometimes refer a motivated seller to us simply because they know what we do, and they know that the seller will be treated with respect and fairness.
Common to popular belief, we (or 99% investor buyers out there) almost never buy from a family in foreclosure in the current market. A very important point here is that I did not say there is anything wrong with that as long as it is win-win and there was no possible way the family was going to keep the property anyway. Almost 0% of the homeowners in foreclosure have any equity, so it is extremely difficult to find them unless you are good at skiptracing; and It just makes so much more sense to put resources on the rotting non-performing assets and breathing new life into them anyway. The economy needs investors right now.
We’re having a free one hour webinar with detailed info on how we deal with banks, how to talk to brokers, how to know it’s a deal or not, and how to wholesale them to another investor for instant cash if you choose. It will be Tuesday, July 29th, 7PM Pacific and 10PM Eastern.
Just register here (don’t wait, I think there are about 32 spots left).
https://www1.gotomeeting.com/register/694796523
http://www.FlipForeclosuresForProfit.com
