Door Knocking Pre-Foreclosures and Cash Offers (Oregon)

[Hanna Brown]

Hello All! I am interested in acquiring pre foreclosures to buy and hold as rental properties. I am not a licensed RE agent or attorney, just an investor looking to increase my portfolio holdings. My original plan was to door-knock at potential homes that have received NODs and make cash offers to the owners.

After reviewing some previous BP threads, it seems this is rather tricky legally, since I am not a Foreclosure Consultant. Is there a way for a person like me to legally acquire property in this manner? I would plan to hold the properties longer than 24 months, so as to avoid the 80% equity share. I would avoid renting to the owners in default, since I learned that is also legally fraught. What other considerations are there in this strategy? Is it potentially feasible?  Anybody successfully pulled this off? Would love to hear about your experiences and insights.

[John Slater]

Quote from @Hanna Brown:

Hello All! I am interested in acquiring pre foreclosures to buy and hold as rental properties. I am not a licensed RE agent or attorney, just an investor looking to increase my portfolio holdings. My original plan was to door-knock at potential homes that have received NODs and make cash offers to the owners.

After reviewing some previous BP threads, it seems this is rather tricky legally, since I am not a Foreclosure Consultant. Is there a way for a person like me to legally acquire property in this manner? I would plan to hold the properties longer than 24 months, so as to avoid the 80% equity share. I would avoid renting to the owners in default, since I learned that is also legally fraught. What other considerations are there in this strategy? Is it potentially feasible?  Anybody successfully pulled this off? Would love to hear about your experiences and insights.

Hi, you'll read and hear about homeowner's rights and protections, foreclosure consultants etc and equity skimming things and how you can be prosecuted etc etc.  That being said, I'm in california and have door-knocked for 10 years on pre-foreclosures.  Yes I know people who got in to trouble, but thats because the deal they put together took complete advantage of a homeowner, and an elderly one at that, so heck yeah they deserved to be prosecuted.  
That being said, I work as a realtor and investor to help people avoid foreclosure, of which selling is an option to avoid foreclosure, depending on their circumstances and their needs will depend on how to sell and at what price.  Someone who is 5 days away from losing everything at auction is different to someone who just entered the foreclosure process.