Rental Property Investor · Member since 2021 · 423 posts · 190 votes
I have 2 options that I’m looking at.
I heard that people in pre-foreclosure don’t pick up their phone.
So I started reverse driving for dollars. I found the extended adrenaline rush and process of constantly driving around to be exhausting and nauseating, but I can see why nobody does it. It’s so time consuming. Plus is it really worth the gas money driving around to all of these properties?
Cold calling is very comfortable. I can log miles on my exercise bike, browse the internet, and listen to YouTube at a low volume. I can see why people gravitate towards it. My issue is that I get through the list so fast.
The quicker I get through my lists, the more I have to do virtual deals which cuts down on my rate of success. Definitely would rather stay local and do belly to belly transactions.
Real Estate Investor and Instructor · Gilbert, AZ · Member since 2010 · 303 posts · 332 votes
3y
I have a four step plan for contacting sellers in foreclosure:
1. Drive by/door knock - as @Eliott Elias mentioned the best way to meet the homeowner where they are at and provide options is face to face - most won't answer the door so leave a heartfelt letter on the door
2. Text message - reverse look up their name/address and find all possible numbers then send a heartfelt text - the last 5-6 deals I've got were by making first contact by text message
3. Mail a heartfelt letter - put this in the mail and don't use fancy letterhead - handwritten and personal
4. Drive By/door knock 7 days, 3 days, 2 days and 1 day before the auction - at this point the homeowner is totally out of options and you're their only hope
You MUST at least drive by the house. If it's vacant then you can get to work on finding the owner and making a deal. I've found my most profitable deals this way.