All Forum Posts by: Samuel Ksiazkieicz

haha Steve you are like keeping me in line arent you. Ha, I created this thread at the same time as the other one, I meant for this one to be more focused on determining props that were good sub2s or older mortgages that had more equity.
haha, yes the shortsales question has been covered now, very well in the other post. Sorry

Well Dave, to be totally honest, I am pretty new at rei over all. I have never done a full on thousand letter mass mailing or yellowletters or anything like that. I mail out my own preforeclosure letters and will get a few calls from that. Reason I like door knocking is that apparently I come off as a nice, respectable, trust-worthy young guy to most people lol and so I am able to make a personal connection with them.

Not to mention we live in the U.S.A., dont get me wrong I love America, I have sworn to serve and protect it, but not everyone here is, how do you say...... smart? Ha and so lot of people that get a letter, no matter how well it explains the process, just will not understand it, think its a scam, throw it away or not read it because it is cutting into their American Idol time.

Then again, door knocking can get pretty expensive when you are driving all over town, half the people dont answer their door, the other half is at work and the third half thinks you are trying to do a home invasion lol.

hmmm, interesting, thanks for the input. I havent used title companies like this before, a good idea. Just to clarify, they will be giving me the same info I would get if I were to go to the court house myself right, but it is going to save me a good amount of time. How much do they charge to do something like this?

I have been contemplating the 30 60 90, think I will probably try one out in the near future. I like to do my own door knocking instead of mailings, so see what kind of response I get from them

Rob, I am interested in the service you use, if you dont mind sharing. I have been doing it the old fashioned way for too long lol

Frank, I am reallly interested lol to see how yours turn out! If you are buying leads with 50% equity for 30cents and they are good, let me know, shoot Ill pay a dollar for them.
But seriously, let me know and if you dont mind, share your source.

ha, no problem. About your method, I have attempted it before on our county clerks site, which is kind of a tricky site and to view the documents you have to pay$5 a piece.

So for example, I put in the legal description for a property I know has 2 different liens, one I just wholesaled actually.

That brings up a window with 9 different documents, 4 are listed as equity security instruments w 4 different companies, 3 are affidavits, 1 is a homestead and 1 is an agreement. How do I know which is a lien, whether it is current etc?

Crosswind. Thanks, thats pretty much what I do, but it takes a long time to look up each individual home up and then go through the liens. I was wondering if there is a more efficient, less time consuming way.

Scott - When you say notice of default, do you mean they give you info on homeowners as soon as they miss one payment? Or are they notice that they are about to foreclose, i.e. the last month, just like the list at the courthouse?

ha sorry about that guys, sure let me explain. Where I live, Corpus Christi, we dont have that many underwater loans, even if the homes were purchased just a few years ago, they still usually have some small amount of equity in them.

Ill give a general example of what Im looking for
House is worth 100k
First loan is 80 k
Second loan is 20k
Homeowner is 4 months behind (here in TX, 4mos, can be foreclosed upon)
Get thirdparty authorization, negotiate w 2nd loan, advise that home is about to be foreclosed and they wiped. Pay minimal amount for 2nd, 2k etc, then yes, catch first loan up, flip, sub 2, lease option whatever.

But again, I have not found an efficient way to find homes that have 2 loans.
Any advice?

I obviously like preforeclosures with 2 loans, to be able to short the second one and create more equity, but havent found a solid method to find homes that have 2 loans. Right now I am just relying on luck from people bringing me their pre-foreclosures, that some have 2 loans.
Does anyone have a good method to find out how many loans are on a house?

Dan
Would you expound a little on how you determine which homes have most equity? Obv for short sales I like to have a home w 2 mortgages but havent found a way to go through and find these without expending tons of time.
Do you focus on older loans that have more equity etc?
Thanks

I have been working with pre-foreclosures for a little while now and have come to the realization that my process (bandit signs, ads, knocking on doors etc) is very inefficient. As we all know, its a numbers game, few contacts we make will actually pan out and be profitable. And with pre-foreclosures, which are those? At least for me they are the homes which have 2 mortgages which make them profitable short sale candidates, homes with low payments which make them viable subject 2 candidates or homes with older loans which mean they have decent equity.

I have been looking into different ways to find these specific types of homes, mainly spending time at the courthouse etc.

Does anyone have an easy way to determine if a house has more than one mortgage? I know you can go through public records and look for liens but that can be pretty time consuming for the amount of houses you need to go through.

Any ideas on these cherry picking strategies or thoughts on how to make our preforeclosure searches more efficient?