WHAT TO DO? - Posted by Michael N.

Posted by Michael N. on June 24, 2001 at 19:27:18:

Thanks, Ron. I’ll keep calling away!
Take care,

WHAT TO DO? - Posted by Michael N.

Posted by Michael N. on June 24, 2001 at 15:07:29:

How do I approach mortgage companies who own houses that have been abandoned? There are several in my area that would be great to get a hold of, but after looking up the title holders they all appear to be owned by mortgage companies who appear to be just sitting on them (most of the house have been sitting untouched for at least one year).
What’s the best way to handle this or am I wasting my time, & how “motivated” are mortgage companies in unloading there abandoned properties?
Any advice, guidance, help, etc. is greatly appreciated.

Re: WHAT TO DO? - Posted by Ronald * Starr

Posted by Ronald * Starr on June 24, 2001 at 15:24:31:

Michael H---------------

You’ll only find out one way. ASK.

Call up those mortgage companies and ask what they will do. Many may be uninterested in talking to you. OK, so what? Just talk to other ones.

The secret of success is persistence. If you call two or three companies and then give up, you will lose. If you call every mortgage company that owns any property in your county, you are almost certain to have some success. That is all you need for making money. If you only bought one out of a hundred lender-owned properties, you would do great. The secret is to be efficient at contacting them and eliminating the unpromising ones.

Jack Reed has a chapter on this topic in his great book “How to Buy Real Estate for at Least 20% Below Market Value.” (website: johntreed.com )

Good InvestingRon Starr******