Who Am I Looking For? (this Is Long!!)
I am almost ready to start my motivated sellers campaign. I am just confused who I should focus on and where to find some these deals. Also in wholesaling, which is the best market to target to keep a consistant inventory of properties to wholesale?
Absentee owners, my local tax collector website, I can look through one record at a time. This is a possibility but at that rate if I wanted to mail out 400 post cards, I could be on the computer for a good couple days 6 hours a day. I have asked before, and maybe someone missed it who may know. Is there a website that perhaps I could buy absentee owner leads from?
Burn-out homes, not sure the best way to find these, but I am going to give the fire dept. a call tomorrow and see if they can help or at least point me in a direction.
Abandoned homes, not sure how to find these other than drive around and find them...even then ya never know if it's truly abandoned.
Preforeclosure...I have heard bad and good about these sellers. Mostly bad (from an investor point of view) because it seems like most of the time, these potential sellers as posted all through out this website "think that something will come along at the last minute, and they do not have to sell their house, because they aren't really going to lose their house"...But in some cases I can see how if you had a steady source of these, you would do rather well wholesaling.
Tired Land Lords...this is one that I think I am going to shoot for to concentrate my marketing, I do not have too many ideas yet, other than newspaper ads. I do have a website to generate leads for myself, that I'll include in the ad.
Lower end properties...this is the one I want, but in all honesty I don't know what Im looking for in these areas. Are these primarily land lords looking to sell? I wouldn't imagine this a market for foreclsure sellers (but I may be wrong), when it comes to lower end properties what are some reasons these owners want to sell?
Well if you've read this far...I appreciate it, and if you have any insight to any of my questions, or can add any info, I'd greatly appreciate it.
JB
On abandoned properties check with your local code department and environmental court. The tax assessors office may sell you a list of the absentee owners. Check with local insurance adjusters if they know of any burn outs. With pre-foreclosures you face a 50/50 proposition. But quoting Ron LeGrand "some will,some won't,so what who's next". Don't waste your time on the unmotivated.
Well at least you have listed all the targets of the TCI investors. Oh yes you did miss one. But it also is a headache but you meet some very interesting people.
Read the newspapers, I mean the local newspapers. Divorces, Legal Actions of various and sundry types. Get the names and call. Hand them your card, inform them that you are there to help and do so. Yes you will/can make money by doing so.
The lady who's husband just belted her and went to jail. Scared the kids and frightened the dog. Buy her Quit Claim Deed, be sure to take a Statement of Identity. Be sure to get it notarized. You can give her some money now and a note for the balance payable over a period of time. She just wants to get the hell out of there and back to her parents, prior husband, old girl friend, whatever.
When the hubby comes out of jail, he also will need a few bucks. My god he has to have a drink or two and then he will go looking for her. Try to get his Quit Claim Deed. please get it notarized and do it quickly because he will probably be in jail or dead some time in the near future. See you did a goody for both bought the property way under market. Take advantage of the fact that you bought it without title insurance or an escrow or a closing or paying off a mortgage. The fun thing about buying undivided half interests is the math. You take off full closing and fees and Broker commissions but you do it twice, not just once. Sneeky but people really do not think too well when they are starting to run for their life. I assume you did all the research prior to the offers?
Ok thats one. After you run a few of those I will give you some covert ones that nobody runs on. It takes an ingrating personality so learn to rub your hands together like Mr. Meeks in Dickens. Say nice things to everybody and always pet the dogs. Not the cats, they are really picky.
The Meth lab deals are also very good. The landlords really wish to dump one after a small fire or a shooting among the operators. You come in make a really low offer. Be suprised how some greedy landlord who really knew what was going on but for a big rent looked the other way. Now he wants out. Cause the whole community is looking at him.
OK That should keep you running. Contact TCI and tell us how you are doing.
Cheers Lucius
Thank you both, I'll keep you updated as to how it all works for me here.
JB
[addsig]
The best way that I find Vacant properties is to talk to Cable, Satellite, phone installers even the mailman. they cover great distances each and everyday and I get leads from them almost daily. It took me a while to find workers in the field, but it has already paid off. I host a seminar every month and I call the Cable company, the Satellite company....etc. and ask If I can put up a flier in the break room that says "earn extra money while working, Investor's will pay for leads on vacant houses"