First timer got great list over 200 NOD, what do I do next?

Question

Hi guys, many of you may have seen my introduction in the new member announcements.  Basically, I am a young entrepreneur who just got through allot of life changes, and I am trying to settle down and get into my first home.  I have an ambitious outlook on life.  So now it is time to focus on my next goal, homeownership.   I have do not have unlimited resources, my main problem is lack of credit, and limited down payment.  (just started a new line of work, and working on a new business)  So, it seemed to me I am a perfect match for trying to get in on a pre-foreclosure deal.  So I started doing my homework and finding out what is available, and I got started.

I am lucky enough to have a father that was the number 1 home inspector in the bay are the past few years (2 time in the US) so he is quite familiar with the RE business.  He was able through his company to get me an up-to-date list of NODs (I found out that title companies are some of the best sources for NOD info).  I can also tap into him, for a true expert opinion on the condition of the house.

No here is where I am at.  I am young, hard working, and I believe that will show.  This is also going to be my personal house.  I am hoping to find the classic “worst house in the best neighborhood.”  I think I can tap into the honest state, of not only not being an agent or working for a company, but actually being a young guy trying to get his first house.  I have a strong background in communication and marketing/relations, so I think I can do well with that.

Being my first time, I am not quite sure how to proceed.  Should I start with letters, or door to door?  Does anyone have any personal advice about how to approach people?  I understand that many of these people will be upset, and the best approach is you are there to help them.  I am hoping to take over their loan and using an “assign to” approach.  Has anyone else taken over a loan and deed?  Anyone know the process that goes into this?

Well, I would love a hand.  I hope to have a strong future in RE and would love to start networking young.  I don't know if there are many mentors out there that help people trying to get involved, or if there are people looking for young motivated people to work with them.

Well, after that short novel :D   I very much appreciate any help or recommendations.  Great to find a strong online community, and I look forward to working with you all!

-Best of luck to you all!

-Brier,  San Jose  CA

Tom Wood · Answer

I have heard of assigning a purchase contract, but not heard of "assign-2" to be the same as "subject-2".

Anyway, one site I've come across for learning subject-2 is www.sub2deals.com

Tom Wood · Answer

Agreed, you don't want to just take any forms that someone gives you.  How will you know how to fill them out?  Education is a very important part of the Real Estate business.  It's worth finding a good course & mentor.  Ask around to find out who the best authority and course on Subject-2 is.

N/A N/A · Answer

Thanks allot for the kind offer!!!  I am starting to see how much it really helps to have someone show you the ropes.  I take it you have done NOS deals many times?

I check and the market in LA is just as good, if not better then SJ.  Do you invest mostly in and around LA, or out of the area?

BTW do you happen to have a sample form, or what paperwork is needed to perform a subject-2 (if that is how you do it)

Well, thanks again, I think I found a rental, to give me a few months to focus on finding the right place and not in a rush.

- Look forward to hearing from you!

-Brier

-PS  I will beyound a doubt take you up on finding the Really good ones  :D

Calixto Urdiales · Answer

Well I have plenty of advice when it comes to finding and targeting the right NOS properties. Just let me know where it is you are looking to pick up these properties and I will help you out. I will also help you identify what is good and what is reall good (I don't bother with the bad when it comes to this LOL)! Well i do hopr to hear any more of those questions and I will speak to you soon enough!

N/A N/A · Answer

No thank you for your time!

I have been doing allot of reading, and working with a friendly agent to figure out more how this all works.

The NOS idea is a good one.  I am the type of person that is very good at "non-pressure" closing.  A tactic where you use the inverse of high pressure sales, and it appears to be a good one to use in this situation.  Sets you apart form all the rest.

So I guess I will get to test my "closer" skillz  :groovy:

Any further advice or reading material or research sources?  I am hoping to break into this area in the near future.  And SJ is hot for foreclosures.  Not only that, but as many of you may have read (or seen on yahoo main page) foreclosures on increasing even more!  So this field seems to have HUGE opportunity.

thanks again for the advice, I will come back with more detailed questions no doubt  :mrgreen:

Calixto Urdiales · Answer

Hello there Raze-

Nod's might not be your best bet due to the fact that 90% of them don't want to deal with you and they cure the situation! You might want to try going to NOS properties and I know your dad can get you an up to date listing of NOS properties. Now the reason being is they only have a limited amount of time to make a decision and this is where you come in. Now Raze are you a closer or are you a closer? This is where you come in and let the home owner know why you are the best route to take and not elsewhere. But be very careful for the pre-foreclosure business is a very sticky situation that should only be dabbled in when you know what you are doing! Thanks for your time and have a nice day.....

N/A N/A · Answer

Do you happen to know where you can find samples of subject-2 forms?  I have been doing allot of reading today, and it seems that there is some good info out there, but not allot of "technical" details to get the job done.

Thanks for the help, it was amazing how much more you can find searching for the proper word  :mrgreen:

N/A N/A · Answer

Do you happen to know where I can get more information on the "subject-2" forms.  I have heard it called assign-2 are they different forms?

Do you happen to know a web site or book that could explain more?

thanks for the reply!

Tom Wood · Answer

Brier,

Marketing is important and you can do door knocking or letters or both.  The main thing you want to do is learn the "subject-2" method of purchasing property.

You want to find a property and take over payments vs. getting a loan in your name.  You need to know the paperwork and process involved to do that in your area.