I Have A List Of Notices Of Defaults
Hi
I went to my local recorders office and they have a little paper that list all the NODs
I have about thirty a few in affluent areas more in not so affluent areas
Each listing has an amount in arrears and a principle
(What is the "principle"
I am guessing that is the money owed on the loan but not sure.)
some have a small amount in arrears 5-10,000.00 and some have more 22-25,000.00
Some have alot still owed 600,000.00 some have less 200,000.00
How do I know which is the best to approach? Am I right that the ones with the most in arrears are going to be the most motivated ? Or is it the most owed?
Thanks thanks (double thanks because you guys really help)
NG
NiceGuy,
I say you contact all of them, which you think you can make profitable deal out of.
The way you structure your deal might make some of them not doable. (cash requirements, margin, etc...)
Hope this helps.
Thanks
I still have the same questions how do I know from the numbers I have (which I have shared with you guys)do I decide which ones to chase ?
The idea is you chase them all as most of the folks will not be willing to work with you.
For those that you can take over subject-to you do the deal and find someone else to cover the cash flow.
For those that are basically upside down you see if the seller/owner will work with you on a short sale pitch to the lender.
For those that you can buy really cheap you buy or wholesale.
The point is that you look at each one and see what you can do and what the seller and the lender are willing to do. Hence each deal could be worth your time but you do not know yet. This is why you pursue them all to get more info. Many will end up being dead ends but you can not tell this based on what you have said so far.
BTW - Even the deal ends will teach you something at this stage.
John
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