RESS software for finding pre-foreclosures?

[Annchen Knodt]

Hi everyone,

I'm getting started in real estate investing and working very hard to not end up as one of those people who "give up, fail, or never get started" (love the BP podcast! ;-)

I'm partnering with my parents who live in Brenham, TX and we are working on starting in the nearby College Station market with SF rentals.

My parents have gotten involved in Legacy Education (the ones that draw you in with the free "Rich Dad" seminar), which seems to have really pushed them toward wanting to look for pre-foreclosures / notices of default. It comes with a trial of the "Real Estate Success Software" (RESS). Before they spend money to continue to be able to use this software, I'm wondering if anyone has actually found it of value (they suspect that many of the listings are out of date, etc).

I've also heard about realtytrac.com on BP, which seems similar and perhaps better, so I'm also wondering if folks have had success finding pre-foreclosures with that. As I understand it, you probably do better getting the information by going straight to the source, e.g. courthouse if you can.  Or perhaps we should re-think the pre-foreclosure strategy altogether.

Any advice is appreciated, thanks! And thanks Bigger Pockets for being such a great resource!!

Annchen

[Jim Cummings]

@Annchen Knodt. I'm not familiar with the software you mentioned. The strategy of pursuing sellers who have received a Notice Of Default (NOD) is a viable strategy.

However, in present market conditions, it going to take lots of effort in the Brazos County, Texas area, due to the limited number of NODs being processed.  In September there were approximately 10 properties (Homes, Mobile Homes, Land, etc) that received NODs. Of those NODs delivered, some manage to bring their loans current, and escape foreclosure for the immediate term.  So, the pie gets really small. 

You might create viable opportunities by taking the properties posted - but not foreclosed - and create a mailing list. Again, probably lots of effort for minimal return. But certainly, if you acquire 1-2 annually, the return would be worth the effort. 

You can go here to look at the NOD / Foreclosures for 2018 (by month) for Brazos County, and what is currently posted for October. http://www.brazoscountytx.gov/index.aspx?NID=481 .