Wholesaling pre-forclosure properties

[Adrian Reyes]

Hey everybody,

I've done research, I've read books, and I've dabbled in the forums quite a bit here on biggerpockets.com and one niche that always stands out to me is well you can take a wild guess, Wholesaling! The reasons why I like the idea of wholesaling is the analytical side of it, analyzing properties, market value, comps, rehab costs, ROI, etc. I can analyze properties all day. Not only that but it seems to be the best niche for me right now just to get my foot in the door and start negotiating deals (plus my income isn't large enough to be flipping houses...just yet)

So getting to the point of this topic I just recently got a hold of a foreclosure list sent to me via e-mail every week or so (or depending on how many properties were filed that month). Now you can kind of see where this is going. I would like to start searching for the motivated sellers and start negotiating some deals and possibly gain a return in the process after selling to a motivated buyer of course. I want to keep my numbers as accurate as possible and I want to keep my buyers coming back for more. I would like to hear from an experienced wholesaler how the process overall looks like, also how the title companies go about handling this sort of transaction? Also how and were do you calculate your numbers? (if there is a specific place you go). I'm literally sitting here thinking of what I've missed......Oh yes how do you know where to find the motivated sellers? What do you look for? 

That's pretty much all I can think of right now if there is anything I missed please feel free to add on.

Thank you 

[Curt Smith]

@Elizabeth Wilson a local old timer in Atlanta makes his living door knocking pre foreclosure, same results as you, unmotivated, but the deals come from door knocking/driving the blocks around each pre foreclosure house.  Just use the pre forclosure house as a map point to work a block or so around those houses.   The houses you find this way have no one else working them, the hidden market.