Posted by Bill - FL on October 01, 2002 at 07:31:25:
Kristine,
You brought up a good point about many investors not being able to see a clear exit strategy when dealing with preforeclosures. That just points out the need for some education. The exit strategies are there for the doing. It is up to the saavy investor to educate themselves and put those strategies to work. Once you learn all the ways to help folks in that situation you will realize preforeclosures are the BEST way to make money in REI with or without credit or money. That is why I specialize in them.
Posted by Lou(TN) on September 30, 2002 at 14:26:29:
Can anyone give me some good suggestions on finding good deals? I have mailed agressive letters to pre-foreclosures offering cash fast. I have taken the easy aproach offering to help with their situation also. I have mailed to codes violations. I have driven neighborhoods and mailed abandoned house owners when I can find em. I have mailed pre tax sale owners also. I have received 3 calls and all were mortgaged with not much equity and not enough profit for investors to bite on. How can I do this and get better results? I am working Nashville which is 50 miles from me and dont have a lot of time to drive around and look at places.
Any suggestions on getting my phone to ring off the hook? I know its a numbers game but I am getting no where. I have a couple hundred dollars for advertising.
Posted by Bill Twyford on October 01, 2002 at 23:30:28:
Guys quit being so passive in your marketing GET ON THE PHONE AND CALL THEM!!! All you people like to is mail and not really work at this, Its call duplicating your business! Example; every person in foreclosure nationwide gets 200 pieces of junk mail from Investors, lawyers, realtors,lenders, when only 13 people call them and only 3 people door knock them. Question? Why! be one of 200, its like picking you name out of a hat, this is a business Start Active Marketing Call me to talk 303-838-5488 Bill Twyford. Remember make your phone ring, quit waiting for it ring!
it seems to me you are concentrating on the mailer game. mailers have their place but they are one of the least effective means of advertisnig.
start doing newspaper ads and bandit signs. these will more than likely be your biggest bang for the buck. billboards and radio (other than the almighty TV, of course) would be the most effective probably, but that takes cash. move from mailers to bandit signs and youll see a MAJOR increase in calls, im sure of it. at the least though, use newspaper ads.
Posted by Bill - FL on September 30, 2002 at 17:31:17:
Lou,
That’s all the notice I get on the sales. There is plenty of time to work out a deal. In that situation I look to get the property sub2 and reinstate the loan to stop the sale, then resell to an end user. There has to be equity to do that. And I go right to the door the same day. You might consider moving closer. The money will justify it.
Posted by Bill - FL on September 30, 2002 at 15:15:49:
Lou,
Do you live out in the sticks? Or could you work an area closer to home? I’ve found the direct approach to work the best when dealing with pre-foreclosures. Phone and in person. Oh that’s scary!!! right? wrong!
Get over your fear and start making money. Your approach about helping is right on. Continue with the mailings. Why? Because when you call or see them you tell them you have been sending letters trying to get ahold of them. If a letter comes back that means either the name or address is wrong or they don’t live there anymore. Vacant houses make good deals. If you get someone calling you with no equity then it’s time to do a short pay with the lender. You’re on the right track but get more aggressive. Believe in yourself. They do need your help. How about finding a partner who lives in the city to do the door knocking? Start thinking of ways to accomplish your goals and don’t look for excuses.
Re: Wholesaling suggestions - Posted by Kristine-CA
Posted by Kristine-CA on October 01, 2002 at 01:50:26:
Bill has a great point here. The sellers often need the investor’s help. I can’t work with most pre-foreclosures because often I don’t see a clear way to exit and come out ahead. But when I watch those same properties go to foreclosure, I find it hard to believe that something better couldn’t have been done. So many sellers really have their head in the sand about this. It really is the investor’s challenge to make the seller aware enough of their situation to act and to be there when they are ready to act.
Thanks Bill for the reminder about helping sellers.
your on the right track. try that one and see what happens. if the results arent as good as youd like, change it up occasionally and see if things get better.