Fastest way to build a busniess in foreclosures

Comments(19)

• 
  4th December, 2002

  Oh golly, I always HATED those "pop quizes" in High School!
  
  hmm, Lets see...Since I really do need to make about that much in about that time, I would say, 1.) Go after REO's that can be flipped for a $3-5,000 profit each to another investor. 2.) Call/Mail people who have just gotten served their NOD and try to get house FAIRLY and then flip also for as much as possible.
  and 3.) Drive the city looking for cr*ppy houses that the sellers might sell. Looking up owners and sending them a nice little letter explaining how I can purchase or Lease option their home for a profit to both of us.. which of course i would try to fill ASAP after basic rehab work.
  
  Hopefully I am close - cause this is what I am trying to do!!
  
  So, Do I pass?? Please.. no standards if I am wrong!!
  
  Wendy

• 
  drifter4th December, 2002

  I tried this the last 3 months.
  
  First the lotto commission drew the wrong numbers...
  
  Then all my ginsing died...
  
  And last month I got paper cuts on all my fingers stuffing envelopes....
  
  I need help

• 
  InActive_Account4th December, 2002

  OK, help me out here guys, what are REO's and NOD's (I'm thinking Notice Of.....) and where do you get this information?
  
  Thanks!

• 
  JohnMichael4th December, 2002

  Bill,
  
  I think I would use a little NLP, make a few option deals and just flip.
  [addsig]

• 
  BillTwyford4th December, 2002

  You've got it, find the people in your area that's in foreclosure, DOOR KNOCK them or CALL them, partner with them and flip.
  
  you should be doing this every month!
  
  Start everyday at 0. You have no leads, no pendings, no money, and in debt!!!
  
  That's motivation
  
  Bill Twyford

• 
  4th December, 2002

  YEA!!!
  
  
  
  Wendy

• 
  4th December, 2002

  BTW
  REO= Real Estate Owned.. homes bought back by the bank due to foreclosures.
  
  NOD = Notice of Default. That is what homeowners FIRSt get when they don't pay their mortgage!!
  
  
  
  Wendy

• 
  alight174th December, 2002

  What do you mean by partner with them? You do all the work and split the profits? Wouldn't that make you an agent. I mean u can have a purchase contract on the property, but why partner with them?
  
  Andy

• 
  4th December, 2002

  Good Question. And what about just huntin down a bunch of low cost REO's and making as many offers as you can then flipping them once accepted?

• 
  BillTwyford4th December, 2002

  guys and gals , what i mean is if you have a motivated seller to lock down the deal you take a 10% fee and do a 50/50 with the homeowner with the profit.
  
  Read my article on do you want to eliminate flips and double closings.
  
  Bill Twyford

• 
  staceymathis4th December, 2002

  Hello!
  
  Any suggestions of where could I find REO's and NOD's?
  
  Thanks,
  Stacey

• 
  5th December, 2002

  Stacey,
  
  NOD's - County Recorders office. Ask for help and they will show you.
  
  REO's - any realtor, sometimes a BIG local bank, www.firstpreston.com and others.
  
  hope that helps

• 
  robertmichon9th December, 2002

  Quote:
  On 2002-12-04 22:28, BillTwyford wrote:
  guys and gals , what i mean is if you have a motivated seller to lock down the deal you take a 10% fee and do a 50/50 with the homeowner with the profit.
  
  Read my article on do you want to eliminate flips and double closings.
  
  Bill Twyford
  
  
  Bill:
  
  *Where* is that article?
  
  I can't find it.
  
  Throw me a bone and let me know which month you posted it.
  
  thanks.

• 
  Tonyy10th December, 2002

  robertmichon,
  
  Bill ment post check it out here
  
  http://www.thecreativeinvestor.com/ViewTopic786-7-21.html
  
  (second page on the beginner forum)
  -Tony-[ Edited by Tonyy on Date 12/10/2002 ]

• 
  Tonyy10th December, 2002

  robertmichon,
  
  Bill ment post check it out here
  
  http://www.thecreativeinvestor.com/ViewTopic786-7-21.html
  
  (second page on the beginner forum)
  -Tony-
  
  Joel help, my post keep on showing up twice. it has to be the computer! ! ! ! ! ![ Edited by Tonyy on Date 12/10/2002 ]

• 
  tanya121510th December, 2002

  Here is my solution: Assignment of Contract
  
  Here's how...
  1. Pick up a newspaper and call all the classified ads under "Homes for Sale" that do not have a realtor ad. I'm specifically looking for FSBOs.
  
  2. Find a motivated seller and give them an offer that gives them exactly what they NEED.
  
  3. Get the seller to sign the contract for sale or purchase, addendum (which is "Subject to my partner's approval.", and the assignment of contract.
  
  4. Call the newspaper and place an ad stating something close to:
  "My loss is your gain. Must sell my home this weekend. Price reduced $20,000!
  Call 123-456-7890"
  
  5. That weekend tell all interested buyers to meet on Saturday at 2pm to view the home. Then one by one ask each buyer if they're interested in the property and ready to buy because it won't last long. Put some pressure on them.
  
  6. Have a buyer sign the contract and assignment of contract.
  
  7. Give all the info. to my closing agent, who is handling it all, and wait for my check in the mail!
  
  My situation did change slightly for the worst and I am in that position right now. I am in debt, have very little money and need to make money now! I just started this process yesterday, when I found out that a deal I was working on fell through. So wish me luck!
  
  Tanya

• 
  Askasalesrep10th December, 2002

  Bill,
  What would you recommend as a fee for finding Foreclosure opportunities and flipping them to other investors?

• 
  robertmichon11th December, 2002

  Thanks, Tony!

• 
  kjjackson11th December, 2002

  Good info, Bill! Looking forward to your upcoming material!!