Preforclosure strategy? Or is this not working "smart"?

[Kevin Cardinale]

How to find preforeclosure homes?

So according to quite a few gurus, I should go down to the clerk and look at those properties that have had a letter sent to them, but the foreclosure proceeding has not finished yet.

However, I see online that you can pay to join some website's list and get a nice little list all by yourself from the comfort of your pajamas. Yes you have to pay but they promise preforeclosure lists.

2nd part
Either way, once I have this list then I start my yellow letter campaign? Right? Saying I want to buy their house? And, lately I'm reading a book that is stressing on assumable fha / va loans, should i include that language as an aside, like in a P.S.?

All of this is for potential wholesaling, at the end of the day. Since everyone has said so far, wholesale first, invest later.

My local REI, or at least the one I found that actually meets, only meets once a month. I have yet to go. It is here I would hope to get investors that I could flip TO. :mrgreen:

[Scott Hubbard]

Originally posted by Kevin Cardinale:

How to find preforeclosure homes?

So according to quite a few gurus, I should go down to the clerk and look at those properties that have had a letter sent to them, but the foreclosure proceeding has not finished yet.

However, I see online that you can pay to join some website's list and get a nice little list all by yourself from the comfort of your pajamas. Yes you have to pay but they promise preforeclosure lists.

You should be able to receive the lis pendens list for free. Check with your local First American Title Insurance office to see if they have a e-mail list you can join. If not, perhaps another title company will have one.

Also, as a wholesaler, you will want to avoid sending letters to short sale candidates because most will not be able to be assigned. As a result, your going to need to screen against those and pick ones that have equity.

Originally posted by Kevin Cardinale:

2nd part
Either way, once I have this list then I start my yellow letter campaign? Right? Saying I want to buy their house? And, lately I'm reading a book that is stressing on assumable fha / va loans, should i include that language as an aside, like in a P.S.?

You should check the publication date on the book your reading as there are very few residential loans that are assumable without some qualifying on the part of the buyer. Back in the day, say 15 or 20 years ago, there were assumable loans available but that pool is now so small it is not worth attention.

Good Luck!