Do you have any success stories with Foreclosures? - Posted by Todd

Real Estate Investing
#1

Posted by hg(nyc) on November 30, 2000 at 13:41:47:

The only idea that occurs to me is more techically oriented.

The limitation of the “name only” search is because of design of the interface for the public computers at whichever tax office. But the systems analyst for the department may should be able to write/run a report that will give you what you want.

There will probably be charge for running this type of report. And the report may only be in paper green-bar output. Unless they have a more up to date system then they may be able to give it to you in ascii delimited format. Which ofcourse would be ideal then you could pop it into a database like Access and zip letters all day long.

Let me know if you want to try something like this maybe we could do a joint purchase and split the list. Or I could handle the database part of it.

howard

#2

Do you have any success stories with Foreclosures? - Posted by Todd

Posted by Todd on November 30, 2000 at 02:40:25:

Has anyone purchased a foreclosure or distressed property and actually make a profit?

#3

Ive done 8 since July. - Posted by Herb

Posted by Herb on December 01, 2000 at 13:15:14:

I mostly deal with bank REOs but it is very easy if you are willing to bust your butt and find them. Its not that hard. Good luck…

Herb McCandless

#4

Sure do! - Posted by Mark-NC

Posted by Mark-NC on November 30, 2000 at 07:06:13:

Closing on 2 this month. Have them both sold wholesale.
Making 9K on one and 7k on the other.

Mark

#5

Yes… - Posted by Ben (NJ)

Posted by Ben (NJ) on November 30, 2000 at 03:00:04:

I bought a tax lien on the secondary market, foreclosed on it, one year later I took title to a property at less than 30% of market value and sold it within a month at full market value. I also received a rent payment for that month. Not a bad deal. I foresee this happening a few more times in 2001. Lather, rinse, repeat.

#6

Re: Sure do! - Posted by hg(nyc)

Posted by hg(nyc) on November 30, 2000 at 09:36:40:

You said you are wholesaling these out.

Why don’t you just retail them yourself? Does this mean it is actually a flip and you are NOT taking title?

#7

Re: Yes… - Posted by dewCO

Posted by dewCO on December 01, 2000 at 10:45:47:

Ban, What do you mean by “on the secondary market” in terms of buying your tax lien?

#8

Re: Yes… - Posted by hg(nyc)

Posted by hg(nyc) on November 30, 2000 at 09:39:17:

Ben,

What would you say is the best way/method to find the lien holders that want to sell their unredeemed liens after the two year hold?

#9

Re: Sure do! - Posted by Mark-NC

Posted by Mark-NC on November 30, 2000 at 10:13:23:

HG,
Yes, most are flips or assignments . When ever I find a property I prefer to wholesale it because they usually need some work. If I can’t wholsale flip it, I will buy it fix it and try to retail it, sell it on a wrap or lease option it. Unless it’s a killer deal and it makes sense I prefer not to rehab them.I like to move them fast and go on to the next one. Less headaches for me.

Mark

#10

If you find a way, let me know - Posted by Ben (NJ)

Posted by Ben (NJ) on November 30, 2000 at 13:02:05:

A while ago I looked into the idea of soliciting lienholders whose certificates were two years old. I spoke to some title searchers as to how to create a list of all the lienholders in a certain county so I could write them a letter. I could not find one title searcher who could search like this.They all needed a name of the property owner which I did not have.

#11

Re: Sure do! - Posted by Garrison

Posted by Garrison on December 01, 2000 at 12:07:18:

Mark,

You have the same philosophy or market thrust that I am starting Dec 4 here in East Texas. I am going REI full-time after studying CS for two months, but want to concentrate on quick-flips. The two questions I have of you is: What is the simple difference, in your mind, between a flip and an assignment? What hypothetical situations would you use one or the other?

~Garrison

#12

Re: Sure do! - Posted by hg(nyc)

Posted by hg(nyc) on November 30, 2000 at 11:29:04:

Thanks for the clarification.