Getting Started (courthouse And Title Companies)
Good day all.
With your excellent advice I am now a proud member of my local real estate investing club (AZPIG) and I cannot wait to get started.
I've already have my hands on a few decent leads. However, before I birddog them to someone else, I'd like to take the opportunity to learn the next step from an investor point of view.
I have the addresses so I guess now I need to find the owner. This brings me to my first question.
1. People talk about finding a title company. Apparently a subscription to a title company can be expensive, but most say it is worth it as it prevents them from having to do a boatload of research.
A. Can anyone recommend a good title company? What is the cost? (I'm in AZ if that matters).
B. I'd also like to learn how to find the owner the slow/unsexy way. How do I go about doing this? I was told it had something to do with going to a government building downtown and shifting through red tape. Would it be possible to do this online?
2. While I'm happy with my leads, I could always use more. I hear people talk about finding foreclosures at the courthouse.
A. How do I go about doing this? Obviously it involves going downtown and going inside the courthouse, but what do I say and who do I ask for assistance? Again, is it possible to do this online?
B. I've seen some investors here disagree on using www.foreclosure.com. Some say it saves them a trip to the courthouse. Others seem to think it is not worth the money. Are the leads www.foreclosure.com provides fresh?
So far my education is telling me the steps for a successful deal are as follows:
1. Find property (though random travels, advertising, word of mouth, birddogs, or foreclosure)
2. Find owner (through title company)
3. Find local mortgage broker who understand REI to get you the loan.
4. Hire RE agent or wholesale property. Instruct buyer to use your broker so there are no problems about the quick flip
5. Close the deal and walk away with cash.
Is there anything my timeline is missing? Feel free to add more detail.
Thanks
-Eric
(I want an 03 BMW M3cic SMG) 8-)
BTW: I had a few people PM me a few months ago from the Phoenix area, but these PM's were deleted at the end of the month by the forum much to my displeasure. Is there anyway to store your PM's?
Hi Eric,
AZpig is an excellent organization, and I would recommend that you consult with either Gerald or Paula Romine (founders of AZpig), go the the luncheons and meetings. They bend over backwards to help people. Good networking there too. If your interest is in foreclosures (you mentioned courthouse steps) there are a lot of great books and classes you can take (try AZREIA)....some of these organizations have libraries that you can borrow this info from if you are a member.
There are a lot of free sites to utilize (Maricopa www.county.gov) to get all kinds of public info about properties.
Good luck! and Successful Investing!