All Forum Posts by: Gregory Green

Hey BPers, I'm piggy-backing off of a thread I started in the Real Estate Marketing Forum: http://www.biggerpockets.com/forums/87/topics/113063-pre-foreclosure-foreclosure-leads-in-a-judicial-foreclosure-state

A quick summary for those not interested in reading that thread, foreclosure processes in judicial states are handled within the court system and as a result there are no public notices required like in non-judicial foreclosure states. So the common list providers like listsource only provides information on pending auctions (which does require public notices).

So who are you marketing to if property owners facing foreclosure are not an option? In the thread Jerry Kisasonak mentioned some of his grassroots tactics for connecting with property owners which was helpful. So who are you targeting? Solely absentee owners? Probate? Tax liens? Auctions? What tactics are you using? Direct mail? Bandit signs? Anything unique? Also, how are you gauging motivation without the need to unload the property looming?

@Bill Gulley thank you! That's a great little nugget. Do you think it's "worth it" to try and engage homeowners in the midst of the foreclosure process or perhaps just target the homes when they go to auction?

@Jerry Kisasonak

Thanks for your response and the suggestions. I'm learning that marketing and locating deals, particularly those in foreclosure, is going to have to be a little more grassroots. Have you received calls from your flyers or do most of your deals originate from the door knocking?

When you used listsource to pull a list from the last 30 days, are you selecting pre/auction?

I'm interested to hear how others obtain leads in judicial states.

Hi everyone, I have a question regarding locating/purchasing data.

I live in Pennsylvania and when I research foreclosures and pre-foreclosures in PA I am unable to generate any leads. One site (either listsource or listability) advised that when searching in PA you have to search for properties that are up for auction. Well by that point, you've more than likely missed the window of opportunity to interact with a motivated seller. I'm sure it's not impossible but it's well beyond the 60-90-120 day range where you have a greater chance to purchase the house. Moreover, how motivated can a seller be when they know they have plenty of time (upwards of ten months) before they lose the property?

I read Steve Cook's article on judicial foreclosures: foreclosure-update-happier-days-on-the-way-for-judicial-states/ and in that article he indicates how long the foreclosure process is in judicial states and the impact it has on investors by reducing the number of houses available.

All of this brings me to my question, which has two parts:

1) is there a viable way to obtain a list of homes in the pre-foreclosure/foreclosure process in judicial states where no public notice of impending foreclosure is required?;

2) I noticed on RealtyTrac that they actually list homes in pre-foreclosure/foreclosure process, yet I've seen in some threads that RealtyTrac can be unreliable and out of date sometimes. Is RealtyTrac's information legit and if so, what price ranges has some people seen when using it (some quick criteria for the sake of the question: 3 bedroom sfh, 1000+ sq. ft; 50% or less LTV)?

I am seeking these properties for the purpose of wholesaling. I have cash buyers lined up but I need to locate the properties. I am now preparing my yellow letter campaign and I will more than likely use one of the marketing companies I've seen on the site (www.yellowletters.com). I have a list for absentee owners but I would really like one for foreclosures if possible.

If there are any details I've left out, please let me know, I'm happy to include them.

Dev Horn and Derek Carroll thank you both very much that explanation, it helps me a lot. This has been "explained" before but without an example and numbers to bring it home for me. I'm now trying to navigate list source companies and knowing the criteria and why should help. A friend of mine suggested listability so I'm investigating that now. Thank you gentlemen. I'm open to any additional explanations as well.

Greetings all,

I apologize if the answers to this are buried in the forum and I haven't located it but I'm hoping some folks won't mind explaining direct mail list criteria. I know it may seem like a very foolish question, however, I'm one of those "for dummies" type of people who not only want to know what, but also why. I read the Atrocious Results direct mail thread and I saw where Dev Horn listed his filters (location, value range, equity, etc.) and I want to know if anyone has or would list their criteria and explain why it's a part of their criteria?

So for example if 40% is the minimum equity criteria, what is the thinking behind that? Again, I know it's a basic question that may even cause some eye rolling and questions about my seriousness but still, I'm asking. For me it's the equivalent of telling someone that they should buy a computer with 8GB of memory and them asking, why that amount of memory and what are the benefits of it? I hope that makes sense. Thanks in advance everyone.

Greg

A friend of mine who is a relatively new real estate investor is the person who got me interested in giving it a shot. He's a buy-and-hold to rent guy as well as flipping properties for profit. As I said in my initial introduction, he and I discussed a good entry strategy and settled on wholesaling. I've read some books, listened to many podcasts, read posts, etc. but now I'm just like, and?

My friend asked me to put him on my buyers list which of course I'm happy and grateful to do. And by chance I met another older gentleman who has been renting a 22 unit complex for over 30 years and he told me he is looking to get into flipping properties. So essentially these guys are cash buyers who I can present deals to, yet, I'm still suffering from analysis paralysis. I certainly don't want my hand held but I am struggling to figure out, what are my next steps? I know that's a vague question because I do have an idea (assembling a team, direct mail marketing, etc.) but still it's very theoretical. I'm concerned about execution. So to any wholesalers out there willing to share, what are the steps you took to put together a good distribution list? How did you determine your criteria? What makes for a good list as far as potential motivated sellers beyond the stuff on the mls? With the level of competition, is there a saturation point where new players in the game such as myself might struggle to get in? Where did you learn which language you should use for your marketing efforts?

To any rehabbers, what has been your positive experience with wholesalers and what made them such? How did you find them, or how did they find you? I am sure networking is the direct answer but what set one person you met apart from countless others? What do you look for from any deal to determine if it's worth your time?

I still plan to do my due diligence to learn and answer/understand as many of these questions myself as I can, still, I figured it couldn't hurt to ask. The forums are so vast it adds to the deer in the headlights syndrome as I go through the posts so I apologize if these questions are redundant, as I'm sure they must be. Still, I'm all eyes and ears.

Thanks everyone for the welcomes, I really appreciate it. I've been doing a lot of reading, a lot of podcast listening but not enough interacting so thank you for taking the time to welcome me.

Real Estate investing as a whole can be quite daunting, especially to someone brand new like myself. In regards to wholesaling, I was not enticed to try it by a guru, but rather by a friend who is an investor who buy and flips and rents properties. I've never paid any attention to a program/commercial/pitch that touted getting rich in real estate so I didn't even know that what many of these "gurus" were pushing was the wholesaling concept. I have many of the same questions/reservations mentioned in Rob K's thread. Still, I'm keeping an open mind and trudging ahead.

When my friend suggested I get into real estate investing, we mulled over the different niches and strategies for getting into REI and settled on wholesaling because it would provide an education as well as opportunity to gain some traction. He was the first person to say, put me on your buyers list. What that said to me was he wanted to help me, he had faith in me, and if I could help him, even better. Win/win.

One of the most difficult aspects of wholesaling I've noticed thus far, in addition to trying to wrap my head around it, is the somewhat "negative" association with wholesalers. Since it seems to be a starting place for newbies such as myself, it seems like a quick way to not make connections rather than the opposite. Sort of like "wannabe's wholesale, "real" investors buy and hold/flip." Is this the case? Is wholesaling a trap as the title of this thread states?

Thank you Paul! Thank you Angela!

I joined bigger pockets a few weeks ago and I love the resources they provide. I would definitely point anyone else in this direction if they want to get started.