All Forum Posts by: Sharon Thorson

Thank you @johnathansafa.  It was a wonderful experience and we fell in love with Scottsdale in the process! 

Hi Timothy,

  Yes I did, I ended up buying a gutted home in Scottsdale from another investor.  I rehabbed and flipped it in 8 months.  You can read my blog about it.

Thanks for asking!

Hi, I recently got a HML for a property in AZ. The loan is a 12 month interest only at 13% APR, with 60k available towards construction. The construction loan amount is available in up to 5 draws with a minimum of 10k at a time. I have to submit invoices and have the job inspected before the lender will pay out to the vendor. They want to insure the job is done to their satisfaction. It's a little risky because they could deny a payment, but I'm hoping that doesn't happen. I would recommend asking specifically what each lenders terms are in writing before signing any papers. I have to negotiate with my vendors to let them know I will not be able to pay them until the job is complete. Luckily in AZ, my vendors have been really understanding and willing to work with me. Each vendor also has to sign a waiver that they will not put a mechanics lien against the property for any work completed or in process. Good luck to you!

@Chris Grenier, thank you so much for the tip!  I will look into those sources.  Thanks!

@Gail Greenberg Hi, I have a private $ lender and a few hard $ lenders in place for any potential properties. I am looking to Flip in general or BRRRR, if the opportunity is a better fit. Thanks for your inquiry!

Thank you everyone for your awesome replies to my post!  I am definitely going to take all your advice to heart and continue to work the process!  Keep posted!

  Hi All, 

  I just finished responding to a post by another BP member about contacting the owners of Foreclosure properties.  I thought I would post my response here as well in order to share my journey thus far as a newbie investor: (I revised my response because I forgot a few things!)

   I live in Temecula, CA (Near San Diego County) and I'm currently in the process of locating Foreclosed properties slated for Auction. My daily routine (in no particular order) is:

1. Driving for Dollars - This is really putting your finger on the pulse, and a great way to get to know the neighborhoods you want to invest in (or finding out the ones you really, really don't!)

2. Searching the MLS (I have access since I'm an Agent) - Unfortunately, there are very few Foreclosures in my area that are listed on the MLS, and if they are, they generally or not very good deals, which I find out by analyzing the properties using the BP tools and my own Excel Spreadsheet I created.

3. Searching Craigslist for FSBO's, - Again, very few ads even come up for these and they are spotty as far as locations I am interested in.  I'm finding that most ads are being placed there by Agents, so not off market like we are all looking for, but this could be different in other parts of the state and country.

4.  Checking Auction sites - If I find the property to be of interest, I will drive over there and check it out.  Then, research the owner and try to contact them.  So far I have been able to speak with neighbors and left notes on doors, and even had one neighbor offer to contact the owner and give them my information.

5.  Search the Title Company site that a Rep gave me access to- I can search for Foreclosures in specific areas and create a list, then pay 0.06 cents per record. The next step is to send the owners a postcard.  I will also be attempting to obtain phone numbers, but haven't got that far yet. 

6.  Place an ad on Craigslist offering to Buy Homes for Cash - So far no responses, but I continue to renew my ad and change it up each time.  In my area there are literally hundreds of similar ads posted, as this is a highly competitive market!

7. Analyzing deals - I am continuously analyzing deals using the BP tools and my own Excel Spreadsheet.  At first it was VERY time consuming, but the more I do it, the faster I get!

  All this while being a single Mom to 3 kids, (my youngest has been pulling on my arm the entire time I am writing this post because she wants me to watch YouTube Videos with her, but I have to tell her Mommy is working, just give me 15 minutes which could be a topic for a whole other post!)

  I've been at this pretty much daily for about 3 weeks now, but haven't received any solid responses...YET.. I'm NOT GIVING UP!

  I have some friends who are successful Investors and they have told me in my market I will get about a 1/2 percent response rate to any DM, and that's just people contacting me, then I will still need to vet those calls and try to secure a deal. One of my friends sends out 5000 postcards per month! Unfortunately, I don't have the budget for that now, so it's all on me to do as much of the grind as I can.

  Everyone wants the easy, simple answer to how they get Foreclosed properties, but the truth is, it takes time, energy, research, networking, studying, money for advertising/gas/marketing materials, etc., and most importantly, persistence!

  In the next few weeks, I have no doubt that I will be posting on BP that I have secured my first property, because I am willing to do whatever it takes to get the job done!

Hiya Bodi,

I live in Temecula, CA (Near San Diego County) and I'm currently in the process of locating Foreclosed properties slated for Auction. My daily routine is: Driving for Dollars, Searching the MLS (I have access since I'm an Agent), checking Craigslist for FSBO's, checking Auction sites, and searching on the Title Company site that a rep gave me access to. I can search for Foreclosures in specific areas and create a list, then pay 0.06 cents per record. The next step is to send the owner a postcard and/or place a hand written letter on the door if you are out and about. I will also be attempting to obtain phone numbers, but haven't got that far yet. I speak with neighbors and ask questions about the properties, and even had one neighbor offer to pass my information on to the owner who he has contact with. I've also placed ad's on Craigslist offering to Buy Homes for Cash. All this while being a single Mom to 3 kids, (which is really difficult because I am constantly being pulled in different directions!)., almost NO capital, and A LOT of sweat equity. I've been at this pretty much daily for about 3 weeks now, but haven't received any solid responses...YET.. I'm NOT GIVING UP!

  I have some friends who are successful Investors and they have told me in my market I will get about a 1/2 percent response rate to any DM, and that's just people contacting me, then I will still need to vet those calls and try to secure a deal. One of my friends sends out 5000 postcards per month!  Unfortunately, I don't have the budget for that now, so it's all on me to do as much of the grind as I can.

  Everyone want's the easy, simple answer to how they get Foreclosed properties, but the truth is, it takes time, energy, research, networking, studying, money for advertising/gas/marketing materials, etc., and most importantly, persistence!

  In the next few weeks, I have no doubt that I will be posting on BP that I have secured my first property, because I am willing to do whatever it takes to get the job done!

   Good luck to you, and feel free to ask me any questions as we are all in this together, and I love that there is a Community in place here on BP, which I check in on constantly throughout the day (and night), and listen to Podcasts religiously.  It really helps to know you are not alone! 

Hi Again, I posted this message a few days ago, but only got a few responses so I re-titled the post:

Good Morning All!

I am a Real Estate Agent in So. Cal and I am just starting out in RE Investing. I have a private money lender and hard money lenders ready for me to find deals! The search for properties that will work with the numbers has so far been the most challenging aspect of the process. I have listened to numerous podcasts, read blogs, attended REI meetings, spoke with my mentor and will continue to do so, as I believe Education is the key to success. In the search for properties where the numbers will work, I have narrowed it down to a few options:

1) Search the MLS- Since I am a RE Agent I have direct access. This is the quickest way to search for properties, but there are very few "deals" in my area to be found. The best use of this for me so far has been to get the information on properties and analyse them.

2) Driving for Dollars-  I have no problem doing this, in fact I find it to be the best way to actually see what's available in the area I'm looking to invest and get to know the neighborhoods.  Once I find a property, I can look up the owners information on a Title Rep site, leave a note on the door, send a postcard, speak with the neighbors, and maybe even get the phone number to call the owner directly.  

3) Direct Mail Leads- Through the Title Rep Company, I can enter parameters such as properties in foreclosure, REO's, Absentee owners, etc. and generate lists for target areas. Each record costs .08 cents which I feel is a fair price for these leads. Next would be to find a company like yellowletters.com that will generate and mail out the postcards to the addresses on my list.

Here are my questions:  What software would you guys recommend for organizing my leads?   The lists I get from the Title Rep Co. are able to be exported to an Excel Worksheet and there is also a way to export them https://www.corefact.com/c.  Has anyone used this company for marketing materials?  Postcards run about 0.69 cents ea. 

Any recommendations would be greatly appreciated!

Good Morning All!

I am a Real Estate Agent in So. Cal and I am just starting out in RE Investing. I have a private money lender and hard money lenders ready for me to find deals! The search for properties that will work with the numbers has so far been the most challenging aspect of the process. I have listened to numerous podcasts, read blogs, attended REI meetings, spoke with my mentor and will continue to do so, as I believe Education is the key to success. In the search for properties where the numbers will work, I have narrowed it down to a few options:

1) Search the MLS- Since I am a RE Agent I have direct access. This is the quickest way to search for properties, but there are very few "deals" in my area to be found. The best use of this for me so far has been to get the information on properties and analyse them.

2) Driving for Dollars-  I have no problem doing this, in fact I find it to be the best way to actually see what's available in the area I'm looking to invest and get to know the neighborhoods.  Once I find a property, I can look up the owners information on a Title Rep site, leave a note on the door, send a postcard, speak with the neighbors, and maybe even get the phone number to call the owner directly.  

3) Direct Mail Leads- Through the Title Rep Company, I can enter parameters such as properties in foreclosure, REO's, Absentee owners, etc. and generate lists for target areas. Each record costs .08 cents which I feel is a fair price for these leads. Next would be to find a company like yellowletters.com that will generate and mail out the postcards to the addresses on my list.

Here are my questions:  What software would you guys recommend for organizing my leads?   The lists I get from the Title Rep Co. are able to be exported to an Excel Worksheet and there is also a way to export them to Corefact?  has anyone used this company for marketing materials?  Postcards run about 0.69 cents ea. 

Any recommendations would be greatly appreciated!