Have An Investor With Deep Pockets, Where Do I Look For Deals?
I have an investor with a substantial amount of liquid cash. Basically I guess you could say I'm playing bird dog. I find the deals, he backs them financially. Mainly his company focuses on new construction, but he wants to start flipping houses on the side to keep income coming in between completed construction.
I have looked on the foreclosure websites. Are these reliable? It seems to me these homes listed are pre-foreclosure homes because many of them are listed at fmv. Does anyone have any insight on these websites, good or bad?
what are other ways to find people who are in preforeclosure?
[ Edited by bvenker on Date 04/29/2004 ][ Edited by bvenker on Date 04/29/2004 ]
you are the bird dog AND the investor
It depends on your geographic focus on which areas you are looking for foreclosures.
The best data available will depend on the services available in that county.
I would either join a local investment club to find out what people are using or go down to the county recorders office & find out how to get notice of default data or who they sell their data to.
Go knocking door to door! It's a little scary at first but its works, and people in preforeclosure are just as scared as you are!
[ Edited by crackers on Date 04/29/2004 ]
so does everyone use the lis pendens to find forclosures? i have looked at the foreclosure sites and they seem to have alot of leads, but they also seem to be people who are represented by "agents."
Not that I'm an expert or anything, but from reading your post I think you need to spend more time reading through the forum. There are tons of ways to find leads, and they've all be written here many times. You can use bandit signs, mail to foreclosure lists, use ads, pass out flyers, etc.
I don't really think that finding the leads is the complicated part. It's what you do with each individual situation that matters...and that's where experience or knowledge comes to play.
Do you have your ducks in a row? When you find a lead, do you have a good contract to sign them up with? What is your agreement with your investor exactly? You just send him leads for quick cash?? Are you going to assign him contracts?
Do you have any interest in low equity deals to take the mortgage subject to?
Network/Network/Network --------Tell everyone you know what you are looking for and you may get some help that way.